Succession? Tips From The Kids.

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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 — a former music educator & retailer— is a Certified Wealth Strategist & Succession Planner. Jaimie helps business owners maximize the value of their company through education & coaching. He is a frequent speaker at the National Association of Music Merchants, (NAMM) Idea Center and has spoken at Yamaha’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.

His column is published in The Music & Sound Retailer and contributes to NAMM U online, as well as other industry trade magazines.

Jaimie is CEO of Jaimie Blackman & Company, President of BH Wealth Management, and Creator of MoneyCapsules® and the Sound of Money®.

To register for Jaimie’s live webinars, or to subscribe to his podcasts, visit jaimieblackman.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.

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