You inherit a family-owned furniture business. Three generations, zero turnover, and everyone's been there 20 years. Some are clearly B-players. What do you do on day one?
You don't wait until day one — you start the keeper test conversations the day you sign the acquisition papers.
Here's what everyone gets wrong about family businesses: they think zero turnover is an asset when it's actually a liability. Three generations with no turnover doesn't mean you have loyal employees — it means you have accumulated B-players...