My Own Story - I have lived through what I can help you with!

Posted on October 22, 2018 by Stefan Voswinkel, One of Thousands of Business Coaches on Noomii.

My Own Story – I have lived through what I can help you with:

Failed Family Business Succession (the long story is below)
I was raised to step into the shoes of my granddad – taking over the large business he had built. It all evaporated due to family strife, entitlement and bad management – as a 10 year-old I had no control. Even our historic family farm was fed into the abyss. One day I left it all behind: Stepped off my family’s stage and created my own success. Today, I help the Next Generation do just that!

My own Business Closure
My wife and I decided to close our tour and air charter business when the bottom dropped out of it post-9/11 (our pilot-clients shunning North America; insurance and regulation in commercial aviation becoming prohibitive). The flying business involves risks we were no longer willing to take. This was painful, but we learned and lived. Today I help fellow business owners to avoid pitfalls and move towards the light at the other side of the tunnel.

COO at a government-owned Corporation
I put all my heart in it, accomplished major transformation and helped my people to thrive. But when the bureaucrats gained the upper hand, my wife “fired” me for my own good. I was ready to help people who want to secure success and not just avoid risk; plus I wanted to work independently. Since then I do what I enjoy most: Helping others succeed.

For my complete expertise and experience, please check out my LinkedIn profile.

Failed Family Business Succession (the long story):
My grandpa was the oldest of 11 kids on a farm in Germany that was in our family for five generations. He bought his siblings out of the farm (one was killed by a falling barn door, two drowned in the manure pit), then started his own manufacturing business and grew it to 400 employees. He died in 1943 and my grandma took over by event. She managed to keep it until 1967.

Her three daughters – the youngest was my mom – were spoiled, entitled and no real help. Each sub-family insisted on having a driver and a Benz at their disposal. Every tree on the farm was fought over, and who could spend their holidays there.

My brother and I were the only male successors (which counted at the time), and my single mom took us around the factory floor on a regular basis. We were spoiled materially but had little emotional compass.

Sons in law entered the business by default, not merit. My dad refused – good for him. When the first post-war recession hit Germany and big conglomerates were automating, the company needed cash and the farm was sold to a large public company that had nothing better to do than holding their board meetings on the farm and leasing out the land. This happened when I was ten – I felt uprooted, powerless and cheated out of my future.

What happened to the business? They hired a non-family CEO who screwed up. One of my aunts insisted on cashing out so her husband could buy another business (which later failed). Two years after the farm the company was sold too. We had money, but the business legacy was gone, the family flew apart, prosperity was interrupted, and my own future uncertain.

It took me decades to overcome my grudge and step off the stage of my family’s dynamics. This was helped by visiting the farm’s now-owner, a very successful family entrepreneur: It’s in good hands again, the historic building of 1783 is in top shape, and we have become friends!

It’s all behind me now because I created my own future. Check out my LinkedIn profile to see what I am proud of. I am passionate about helping others to avoid similar pain and build their own futures, by sharing my lessons and building a supportive community for the Next Generation.

© All rights reserved, Stefan Voswinkel, President of YLynx Management Consulting, Inc.
Please state source if you quote me.

Stefan Voswinkel
The ChangeHound
Stefan@voswinkel.ca
Mobile: 001-867-335-5969