The New York
Times chronicled the story of Larry and Helene Donley under the banner, When Mom and Pop Can’t Sell the Farm (Or in
This Case, the Theme Park).
According to the NYT, 43 years ago, Larry and Helene Donley began
running what has now become a wild west theme park outside of Chicago. Now in their eighties, Larry and Helene
might be ready to retire. But,
neither of their two sons, who are both in their sixties and have helped manage
the business over the years, are interested in taking over, and their
grandchildren are off doing other things with no interest in the family theme
park. Meanwhile, markets are
changing: kids are more attracted to virtual reality and video games than
old-time theme parks; vacation habits of American families are changing; kids
and families are busier with organized sports and activities. The list of challenges for a small
theme park goes on.
The real estate
where the theme park sits, however, may hold significant value to a
developer. The business also comes
with a restaurant and a liquor license that could be extremely valuable for
other commercial uses. But, there
is a hitch: Larry and Helene want whoever takes over the
business to continue operating the theme park exactly as they have, down to
some of the smallest details. It’s
more than just a business to Larry and Helene. It is who they have been for many years. The kids say it taps into Larry’s inner
child. They refuse to cash out to
the highest bidder, knowing that bidder will likely knock down the park for new
commercial use.
What is a family
to do? How does a family business
owner avoid being eighty-plus years old and working as hard as they did for the
past 43 years with no plan for transition or letting the business innovate as the
world changes? It starts with the three
basic questions: where are we now, where are we going, and how do we get
there. As owners of a business,
families need to chart out their plan for success and be willing to adapt as
they go.
First, the
family needs a vision. What will
success look like for the business?
What does success look like for the family? Are family members willing to let go and let new people
innovate to keep maximizing the use of the family’s resources? Part of this includes talking about who
you are. Your identity and core
values are bigger than the business and bigger than its success or failure.
Second, the
family needs to work through how each family member wants to be involved (or
not) in accomplishing that vision.
Is anyone in the family interested in the business? Are the interested family members
qualified for the roles they want?
What other strengths do family members bring to the table to help
maximize and manage the family’s resources?
Finally, as you
go out and pursue that vision, remember to be flexible. Part of what makes a business
successful is executing a plan but staying flexible to adapt as you go.
Define what
success looks like and begin charting a path to get there.