Succession? Tips From The Kids.

facebooktwitterlinkedinby feather

At NAMM U Jaimie presents his unique approach to succession planning.

When planning for the winter 2016 NAMM talk, I decided it would be more elegant for the audience to hear directly from the children who were the survivors of a family owned music store.

For 40 years Stan Jay was the beloved owner of Mandolin Brothers in New York City. His fans included  Paul McCartney, George Harrison, Bob Dylan, Joni Mitchell. In fact Paul was quoted as saying that his Hofner bass never played in tune, until he brought it to Mandolin Brothers for repair.

Throughout this video, the children and former managers, Alison and Eric were extremely generous with their desire to help share ideas to other family owned stores, on identifying what went wrong. It is their desire that others learn from their family’s mistake.

Mandolin Brothers Stan Jay

Stan Jay, Deceased owner of Mandolin Brothers

“If we can’t sell the company itself, we still have to sell the stuff that’s here,” says Eric, who lives in an apartment above the showroom. “We’ll be doing that for as long as it takes, essentially. It’s been a daunting thing to come to grips with, but we’ve dealt with the realities every single day for months now, over the whole last year. And if it doesn’t happen, we’ll shut the place down and go our merry way, and find some other line of work.”

Here’s what Alison Jay said when she saw this video.

Cool video!  I hope that we can help some people plan for a better future. 

Learn from us, kids!  🙂

 

Written by Jaimie Blackman

Jaimie Blackman

Jaimie Blackman has created Sound Financial Decisions ™ powered by MoneyCapsules®, to help guide business owners through the complexities of succession planning.

Jaimie writes “Smart Succession”, a monthly column in Music Inc., and also writes a bimonthly column for Canadian Music Trades magazine. He has spoken at NAMM U Idea Center, and at Yamah’s Succession Advantage.

As a financial literacy educator he has taught at New York University and has lectured at the 92nd Street Y, Marymount Manhattan College, and CUNY.

As President of BH Wealth Management, Jaimie also helps his clients implement investment and insurance solutions which are aligned to their personal values. Visit bhwealth.com to learn more.

To subscribe to Jaimie’s Succession Success: Insights for Music Retailers, visit moneycapsules.com.

The purpose of this post is to educate. Our content should not be construed as advice. If legal, tax or other advice is required by the readers, professional advice should be sought.

Submit a Comment

Your email address will not be published. Required fields are marked *