A Reddit user asked the community if he was in the wrong for leaving his business to his hired employee instead of giving it to his children.
He’s Ready to Retire
The Original Poster (OP) is a 58-year-old man who has two children, John (32M) and Susan (29F). He started a business in his late twenties, shortly after his children were born, and has been growing it for almost three decades.
Recently, OP and his wife decided that they have accumulated enough wealth for him to retire, and so he is retiring.
With this story there is more than meets the eye though, there is an interesting backstory involving his two children, and his protégé, Sam (32M).
They Started Working for Him in High School
When John was in high school, OP offered him a job at his business and, shortly thereafter, John asked if his friend Sam could also join the company.
Although John eventually quit after only four months, Sam stayed and continued working throughout college. He even pursued the same field as OP and eventually earned a promotion. OP considers Sam to be like a second son to him.
In the meantime, John pursued finance and worked at other companies before eventually asking OP for a job. OP happily obliged and was pleased to discover that John excelled at his work. OP was delighted to have the opportunity to work with both John and Sam.
He Shared His Retirement Plans
OP recently gathered his wife, children, and protégé, Sam, for dinner to inform them of his retirement plan. The plan was for Sam to take over OP’s role and own 60% of the company, while John and Susan would each receive 20%.
However, John was livid and questioned how OP could choose Sam over him, his own son. John argued that he studied running businesses and should be in charge.
OP explained that Sam had been working for him for 15 years, knew all the clients, products, and production team, and had earned their respect.
On the other hand, John had only worked for OP for a few years and had quit once before. OP made it clear that John was still the best at what he does, but that did not necessarily make him the best fit for the role of boss.
Despite attempts by OP’s wife and Susan to defuse the situation, John stormed out in a huff and has been only speaking to Susan since.
His Son Felt Betrayed
OP is facing a difficult situation with his son John, who is hurt and angry about the decision to pass the business on to Sam instead of him. Despite OP’s attempts to explain his reasoning and apologize, John is still refusing to speak to him.
OP believes that Sam is the better choice for the role due to his extensive experience working under OP and his deep knowledge of the company’s inner workings.
While OP is sympathetic to John’s feelings, he is confident that his decision was based on what is best for the business.
Susan recently came to OP’s house to have a discussion about the situation.
She revealed that John feels as though OP is telling him that Sam is his true son. While Susan does not share the same sentiment, she understands how it looks from John’s perspective.
OP asked Susan for her opinion on what he should do, and she suggested that he lower her share and give it to John instead. She believes that John would prefer to receive the money rather than feel left out of the family.
Additionally, OP asked Susan if John had ever expressed interest in running the business, and as far as she knew, he had not.
Susan was surprised by John’s strong reaction to the news. Before she left, OP asked Susan to try and talk to John about the situation, but she warned that it may not happen soon.
He Justified His Decision
In regards to John, OP explained that he had returned to work for the company after being laid off and struggling to find other employment.
While John had not expressed interest in running the business, OP wanted to ensure that he had financial security while also ensuring that Sam was the best fit to take over as the new boss.
OP explained that nothing has been signed yet and that he remains in charge of the business.
What Redditors Said
Reddit users have expressed mixed opinions on the situation.
Some argue that while OP is not being a jerk, he lacks emotional intelligence and should have had individual conversations with each of his children over a longer period of time to gauge their feedback before announcing his decision.
They suggest that a better solution would have been to sell the business to the three of them at a below-market value, with each child receiving a share based on their input.
Others argue that OP is entitled to make the decision that he believes is best for his business and his life’s work. They believe that John has no right to feel entitled to the business just because he is OP’s son and that Sam is the better fit to take over.
Some suggest that OP could have given John a smaller stake in the business and pay him a fair salary for his expertise, or that John could have left the company to start a rival business.
Ultimately, opinions are divided on whether OP made the right decision, and some argue that he should have done things differently.
What do you think of OP’s decision?
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The post When It Came to Handing Over His Business, He Chose His Protégé Over His Children first appeared on Wealthy Living
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Source: Reddit