What a cracker of an either-or close! Could a real estate salesperson father be any prouder?!
So of course I imagined a day she’d take my seat as principal of our inner-Brisbane agency. She’d grow that natural sales talent and thrive in real estate. Run a team of high volume agents and a booming rent roll. I’d be the old guy who wanders in to share some war stories and wisdom of the ages, the business founder who chats with a few long term landlords, then shuffles off to leave her to run the place.
The succession plan could have been easy, with a steady, slow transition of leadership. And we all know real estate agencies where this seems to have worked beautifully. Two generations working alongside each other in harmony (or at least they make it look that way…) There’s even examples where third generations join and even some rare successes with a fourth like the White family and Raine and Horne. Brisbane’s Blocksidge family has a fifth.
My daughter Sophie did her share of letter-box dropping, putting up sold stickers and open homes with me. (No one refuses to give their email address to a smiley 9 year old!) But she had other aspirations and loves the successful career she’s now built outside property. And I’m incredibly proud of her for pursuing what she wanted, and not simply following me into real estate because it was my career.
It might have been an easier path to join the family business for a secure job with a supportive dad boss. And for me, I could have permanently avoided the decision to sell. A decision that, when I finally stopped procrastinating and made it, was actually a really positive step for me personally.
So I sometimes wonder: Are family businesses always a win-win or sometimes an uncomfortable compromise for one or both generations?
In some real estate agencies family members are actually the weakest performers. They might share a surname with the principal but they aren’t engaged or excited about the future. Deep down the parent leader knows the rest of the team see their adult child as a weak link. And if they are just a nepotistic choice are they actually adding any value to the business? Filling a role and a desk until the parent retires? Then what?!
And maybe they’re not engaged in their work because this is just a fallback career. They’ve not been able to explore what they really want to do because mum or dad made the decision for them. Maybe they haven’t been (gently) pushed out into the world to find out for themselves what they’re good at and could enjoy away from real estate.
There are plenty of great exceptions to this, where I see productive family agencies with parents and kids really building on each other’s success. Families whose efforts grow strong reputations that last far longer than one working life. These are the true win-wins and are exciting real estate succession stories.
It wasn’t the outcome for me and my agency and I’m completely at peace with that. I enjoyed agency leadership until it was time to sell. Then I was able to focus on sales – the best decision I’ve made. And my daughter Sophie got to explore her career options and choose a path that best suited her.
And yes, she still puts a close on me to take her for icecream!
PS: the photo is my two beautiful daughters, Sophie and Amelie, circa 2011 . They really loved the sold stickers!
If you would like to chat confidentially about your succession plans for your rent roll or agency, please call me on 0423 332 022.