Differences In Age and Stage Can Assist Partnership Relationships
James Dicke Biography
Chairman and CEO, Crown Equipment Corporation
James Dicke - Lecture - Crown Equipment Corporation
September 20, 2006     1 min. 46 sec.     Dicke09_partnershipTwist    
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Transcript
Let me speak for just a moment about my brother in law who did something very similar with the business but with a twist that probably made all of the difference for he and his two partners. What my brother in law Jack decided to do was to get involved in a business with two partners but purposely they spaced their ages ten years apart. So of the three partners there was always one who was in his 60s who was getting ready to retire and be bought out. There was always one in his 50s, who was assuming the operating head status of the business and there was one in his 40s who was the junior partner and the three of them collectively were grooming to find someone in their 30s who could be buying the interests of the guy who was retiring who was in his 60s. It's actually something that Jack and his business partners have found, it worked really well for them over an extended period of time and just thinking through the purposeful need for that age breadth probably made all the difference in how Jack's business situation worked smoothly and how grandpa Webster's situation where all three of them were the same age, always seemed to grandpa Webster, if it didn't operate all that smoothly.

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