Hardware Retailing

JUN 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: https://hardwareretailing.epubxp.com/i/985610

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Page 59 of 82

June 2018 | HARDWARE RETAILING 55 that wasn't his expectation. "Like most retailers, I bought this business for myself, for my future," he says. "I didn't expect my children to be a part of it. I never wanted to lay that burden of expectation on them, as that could have prompted resentment." Not every child wants to run their parent's business, or they just don't have the personality or skills to do it. Rather than projecting your own dreams for what you want them to be, says George, it's important to honestly ask, "Will this really be a good fit for my kid?" George doesn't want the pressures of business or his own expectations to damage his relationship with his children. When he exits the business, George plans to cut all financial ties so the success, or failure, of his store will not affect his own retirement "I don't want to be in a position where I need anything from the store and won't be a burden to them or foster any resentment," he says. George, of course, is proud of Barry's decision. "I could have just slapped a price tag on the store and walked away when I was done," George says. "Exiting gradually might take more work, but it gives me a huge satisfaction that my kids and maybe even grandkids will be a part of this." Barry Hill (left) and his father George co-own Hills Hardware Hank. The plan is for Barry to eventually buy his father's half of the business.

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