ForConstructionPros.com

I am happy to report that the family owned and operated rental business is still alive and well. I've had the honor and privilege of advising a number of family rental businesses that have entered the fourth generation of owners. Congratulations to all of you.

Success in a family owned and operated equipment rental business didn't come easily for any of them. Even if you are the first generation in a relatively young rental business, you know that the people part of the business is often the most challenging.

So often the type-A personality drive of the entrepreneur that helped navigate the ship through rough waters in previous years sours the family crew members on wanting to take the helm when the captain wants to get off the ship.

Many rental business owners would secretly love to have their children take over the business. But there is often a major communication disconnect that makes this impossible. There are many ways to structure the organization and communication of the business to make this seemingly impossible scenario a successful reality. With the more than 1,000 family owned and operated rental businesses I’ve advised, I have found that each one is indeed unique and requires a different approach.

However, sometimes there are no offspring or they have completely different career interests. There are times that it just wasn't meant to be, and I recommend that the business be sold to others when the present owner wants out.