No One Ever Told Us That: Money and Life Lessons for Young Adults

CHAPTER EIGHTEEN

BLOOD AND WATER

If you work for a company where family is at the top, and you are not family, never think that you will ultimately move into the chief executive officer (CEO) slot. One of the largest mutual fund companies in the world is family controlled. I know three people who were presidents of the company over the years. All of them, it had been reported to me, felt confident that eventually the torch would be passed to them, and they would be the chosen CEO. Not one of them ever made it, and they all moved on to significant jobs in other places. Family businesses, large and small, can be nightmares. But they can be good, strong lessons for outsiders. If you work for a family in a small business and the owner is a benevolent dictator, it can be a great experience, with good pay and benefits and employees cared for and caring as well. Usually though, when the benevolent dictator dies, the inheriting family members can turn it all to dust, and everything can change for the worse.

If the family company is a large one, the dictator will have a court, just like ancient kings and emperors had a court. The courtiers typically are played off each other for the sport of the king, keeping them on edge and competitive. The courtiers tend to dislike each other strongly, jockeying for favor and elevation of their status. I would say working in a family business when you are not family would be a great opportunity to take notes or keep a journal on the experiences there. ...