Issue link: https://read.dmtmag.com/i/459961
February 2015 | Boating Industry | 23 [ All in the family ] www.BoatingIndustry.com "It is a great way to leave behind a business that can operate without incredible debt hang- ing over its head," said Spiker. "I know ... how difficult it is for anything to really be passed from one generation to another if they haven't already become an owner of the company." Not every boat dealer has a law degree in his or her resume, so Spiker recommends talking to an attorney and a certified accountant, preferably someone who is both. The guidance Russo Marine received was crucial and allowed the family to work through succession without being threatening or doubted. Russo would even go so far as to call the transi- tion "seamless." "I was so impressed that they were think- ing ahead for me as well as themselves," said Russo. "It never became an issue. It just became something else we do to protect and advance our business." At one point, Poole was uncertain of what her transition into the business looked like before her father was sick. She was also unsure if she wanted to be in business with her uncle, as she wasn't aware of his position on transferring out of the business. Poole works with David Spader as a third party source and he suggested she answer a few questions to herself. Those questions include these key points: Would you be comfortable doing the same job you're doing now if the business was no longer owned by your family? Would you do the job that you are doing – or any job – at another dealership in the same in- dustry? Are passionate about the industry or is it just about this business? Questions like these are important for the next generation to consider because they can drastically change the outlook of a family busi- ness's succession plan. "In my case, I would 100 percent … still want to work in the industry because I am very pas- sionate about it," said Poole. "[These questions] help sort of fish out what your motivation is." If you are of the younger generation and you do want to own the business, getting involved in the industry is a huge component, said Vallely. The younger generation needs to step outside their dealership to understand the industry from a broader viewpoint. Vallely's involvement with the Marine Retailers Association of the Ameri- cas, the Young Leaders Advisory Council (of which Vallely is chairman), Vallely Marine's 20 groups and other industry associations have helped Vallely throughout his transition. "Be passionate about the business you want to get into. The marine industry is a hard busi- ness," said Vallely. "Without passion for the in- dustry, carrying on the family marine business will be difficult." In running a family business, that first word is critical: family. It must always be the number one priority. Russo says the sooner owners can come to grips with succession, the better, and that it's important to be sure the children are ready and able. "When you know they're worthy, that's the time to act. Don't wait until it's too late," said Russo. "It's really the cool part of family busi- ness succession when you have a business that's worth passing on to the next generation. That's what you do it for, right?"