CEO OFFERS SUCCESSION PLANNING TIPS FOR FAMILY-RUN BUSINESS
Troy Container Line CEO Discusses Hiring Family Members
RED BANK, NJ – For many entrepreneurs, running a small business is a round-the-clock job. Add family into the mix and it can make or break an enterprise. Michael Cadden Troy, CEO of Troy Container Line, one of the world’s largest American-owned NVOCCs, not only advocates for succession planning at every stage of business development, but stresses a thorough decision-making process when considering hiring a family member.
With nearly three decades of experience as a successful CEO, Michael Cadden Troy offers the following five tips to his fellow entrepreneurs:
1. Do your research! Before hiring a child or family member, research common problems that may arise while working with a loved one and consider the impact it will have on your relationship.
2. Be clear on what is expected from the new hire. Setting distinct boundaries and expectations helps eliminate future discrepancies.
3. Make sure your hiring schedule fits your retirement plans. Many people feel they can never stop working once they bring their child or family member into the business.
4. Don't force a child into the business. Instead, tell them the door is always open to earn a position after they have successfully finished whatever level of education they wish to achieve. It is best if they come on their own volition; forcing a child or any other family member to work for the family business will probably not end well.
5. Don't expect a child or family member to always agree with your way of doing things. This is especially true when discussing changing the business from a technology stand point. Try to learn from each other and understand what the other person is attempting to accomplish.
For more information about Troy Container Lines, please visit www.troylines.com.
Media Contact: Shannon Furey, Shannon@ShannonFureyPR.com, 732-995-1638
About Troy Container Line
Founded in 1984 as a Non-Vessel Operating Common Carrier, Troy has become one of the largest companies in its industry. From 20 strategically placed warehouses, Troy Container Line serves the needs of more than 2,000 customers with 700 destinations on six continents. Since inception, founder Michael Troy realized his NVOCC could provide individual shippers with better service than the standard steamship lines. For the past twenty-eight years, this has become the driving force behind every facet of Troy Container Line’s operations. This is exemplified in the company’s mission statement, which is to provide the ultimate in personalized customer service. Please visit www.TroyLines.com or call 1-800-331-0058 for additional information.
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