legacy

'Til death do us part

September 1, 2004

Choosing between legacy and liquidity

Peter Munro, CEO of Turner-Munro International, a large family-owned furniture manufacturer, finds himself at a crossroads shortly after the death of his long-time business partner. Should he sell the business or keep it in the family?

Peter, age 69, never imagined that he might consider selling the business that he and his partner Lawrence Turner founded nearly 40 years ago. Childhood friends, Peter and Lawrence became business partners in their late 20s. Together, they built a sizeable, profitable company, one of the largest furniture manufacturers in the region.

A generation apart

January 1, 2004

When their 45-year old father, Frank, founded his tool and die business he had hoped only for enough business to be able to provide for himself, his wife and their two boys, Roger and Alex.

When their 45-year old father, Frank, founded his tool and die business he had hoped only for enough business to be able to provide for himself, his wife and their two boys, Roger and Alex. Roger, the eldest, began working with his dad first and his high energy and natural sales skills helped grow the business beyond its humble entrepreneurial roots. As the spitting image of his father, Roger believed that he was the only choice to succeed his father, the founder, as the rightful leader of the company.