Wink’s Law: Blood is usually thicker than water, but, when money is in question, acute anemia is often the rule.

By Eric L. Weiner, MSW, Ph.D.

So, what does Carrie Snodgrass have to do with business succession planning?

I recall a film from the early 70’s entitled “My Foolish Heart.” This film starred a delightful young actress, Carrie Snodgrass. Ms. Snodgrass, talented and bright, rejected the Hollywood scene to return to the stage to pursue a brilliant career over the succeeding 30 years.

The plot centers around a young woman living in Venice Beach, California where she develops a friendship with a young man who runs a fish market on the pier with his father. As the story unfolds the young man tells her he really hates the fish business and would rather go to New York to find his fortune. But, “his father loves the business; it would kill him if he had to leave it; as a son, it’s his duty to keep it going for the old man.” The young man’s passion clearly had nothing to do with the fish business; possibly the girl, but not the fish!

As she grew closer to the young man and his father, she got to know the older man better. Finally, she asks the father how he feels about the business. He tells her, “really I am tired of the business, could have sold it many times to my competitor and retire to Florida but it would kill my son; he loves the business.”

The young woman develops a plan to bring the two men together and lay their cards on the table. The father sells the place to his competitor and retires to Florida. The son moves to New York to find his destiny and the young woman, seeing her work was finished, jogs off into the California sunset and all live happily ever after. This is only right, as the opening scene has her jogging into the California sunrise.

Imagine these two guys work together everyday but never entered into a meaningful discussion of what each really wanted to do with their lives. Imagine, they could have gone on for years spending a life of missed opportunities and unrealized dreams. Spend years, even decades at something neither wanted in the first place.

This is the purpose of good succession planning and effective communication. It avoids needless conflict, enhances the quality of our life’s pursuits and, just like the movies, everyone lives happily ever after.

Thanks to author Larry Winkelhake, CLU, for this contribution.

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Published in “Beyond the Numbers: Bridging the Gap between Money and Emotions,” (e-newsletter), July, 2007.