Is it a good idea for a coin firm to have a family-succession plan in place to ensure longevity?

Longacre

I was looking at the recent Coin World, and I see that a relative of Dr. Kagin, Jerimiah Kagin, has joined the firm as a numismatist. From what I understand, Dr. Kagin was brought up through the family business by his father, Art. So it looks like the Kagins want to keep the firm in the family and train the next great generation of blood relatives to take over the business eventually.

I see the same thing at Stack's. There are several Stack names listed in the catalog as employees, and there is probably a family succession plan in place. I also see that QDB's son, Andrew, is probably being groomed within the firm to step into QDB's shoes if he ever retires , and Melissa Karstedt is most likely being groomed to take over the presidency of Stack's once her mother retires.

I am thinking of becoming adopted by either CCU or Dave W. at CoinRaritiesOnline so I can eventually take over their firm when they retire. Absent that, do you think it is a good idea for coin firms to have a family succession plan in place to "keep things in the family" and ensure the longevity of their firms? Sometimes, the best run businesses are family businesses, rather than the large corporate conglomerates. What do you think?

MrEureka

I think it depends on the family.

Julian

Obviously the children must have an interest in numismatics. Unfortunately, my kids do not, but many of my colleagues do have children that are interested.

As for a succession plan, that is what the high priced lawyers are for. They can come up with proper documentation and a long term plan for corporate entities.

If it is just a father and child, then the documents are less important, as long as the other members of the family are so apprised and are comfortable with it.

claychaser

Sorry to let you in on this Mr. Longacre, but I think Airplanenut is the #1 son for C-R-O. He has written a Road Report, and I see none authored by you!

Longacre

<< <i>Sorry to let you in on this Mr. Longacre, but I think Airplanenut is the #1 son for C-R-O. He has written a Road Report, and I see none authored by you! >>




Ahhhhh, Mr. Claychaser. I would not be so quick to say that Longacre never ghost-wrote anything for CRO.

ricko

Depends on the family.... and the interests... Cheers, RickO

claychaser

Ahhhhh, Mr. Claychaser. I would not be so quick to say that Longacre never ghost-wrote anything for CRO.

DAVE, CALLING DAVE WNUCK TO THE AUTHOR'S DESK! Say it ain't so!

BuffQuarter

Catching up on some of these posts after getting back from vacation is tiresome but this one caught my eye.

Sure, I would think there is a great positive to have the family involved with the family business and to pass it on through the generations. What a joy it would be to pass my business on to my children and to teach them the ropes.

But, something else is that Master Longacre, you contradicted yourself a bit.

Yes, I do see several Stack names on the Stack's website. But how many of them is the business able to be passed onto?

You mentioned that Andrew Bowers is being groomed to step in to Mr. Bowers shoes but with Bowers and Merena being sold off many years ago to Collectors Universe(?) didn't Mr. Bowers sell off his son's legacy? I'm not sure but Stack and Bowers seem to be different family names. I would think the same goes for the succession of Melissa Karstedt into her Mother's shoes as Karstedt and Stack are again, two different families.

It seems what you're describing in the middle of your post is nepotism, not grooming.

I too wish to be adopted by Dave W. at Coinraritiesonline. This way I can just pick my SLQ's out of inventory instead of buying them.

roadrunner

I wonder what Robert Hughes' succession plan is?

roadrunner

Lakesammman

I wonder what Robert Hughes' succession plan is?

notwilight

My father refused to teach me to lay bricks because he wanted to ensure I never ended up a bricklayer. I think I'll do the same with my son and the coin business.