Getting back into the family business after years in public service hasn’t been a simple transition for Paul Martin.
Martin shared his experiences with Business Families Centre Director Dave Simpson at the 10th Annual Business Family Day Celebration, at the London Hilton.
Known primarily for his political career, highlighted by his years as Canada’s 21st Prime Minister, Martin has close ties to family business. He started out in business, working with one of Canada’s great business leaders Paul Desmarais in the Power Corporation. Later, Martin became president and owner of Canada Steamship Lines Group before launching into his political career.
Upon his retirement from politics, his transition back into business was a challenge. Two of Martin’s sons, who had taken leadership roles in the business, took him aside to explain they were quite comfortable with the way the organization was being managed without their father’s help.
“I did not receive the overwhelming joy from my sons that I thought I was going to receive,” he said, noting that at some point in a family business, one must hand over the reins to the next generation.
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For Martin, the special opportunity that sets family business apart is the inherent mentorship. Mothers and fathers naturally want to teach their sons and daughters, nieces and nephews – and the family business is a natural place to do it.
“Senior people are able to take younger people and teach them the skills of management,” he said.
He stressed that getting outside experience is extremely important for the success of business families. He encouraged his sons to work at other organizations before coming to Canada Steamship Lines.
Martin said that family businesses have an upper hand when it comes to being sustainable enterprises because “these businesses are smaller and smarter.” Martin outlined that as leadership changes over time, family-run organizations have a unique opportunity because their core values align from generation to generation.
