Ninety percent of third-generation businesses fail. It sounds like a doom-and-gloom stat, and it should. But Dan Garlock didn't treat it that way. When his dad said second-generation businesses fail at a super high rate, Dan heard it as a challenge. Now, as he prepares his two sons, Noah and Luke, to potentially take over Silver Lake Auto and Tire Centers, he's facing those same odds again. The difference is preparation. Not forcing kids into the business, not assuming they'll magically know what to do, and not waiting until you're ready to retire to start teaching them what you know. Dan is doing something most family business owners skip: he's exposing his kids to every angle of the operation while there's still time to learn.
In this episode of Maximum Octane, Kim Hickey and Jason Patel sit down with Dan Garlock and his sons, Noah and Luke, to talk about multi-generational family business succession. Dan walks through his family's three-generation journey, starting with his dad, Wally, opening a Shell gas station in 1973, through the pivots and challenges, to Dan and his brother Darren buying the business in 2015. He explains the decision to let his sons choose whether they want to be part of the family business rather than forcing them into it. Noah and Luke share their experiences working different roles in the shop, what they've learned, and where they want more exposure to understand the business better.
The conversation reveals why most families fail at succession and what Dan is doing differently. He emphasizes the importance of starting early, letting kids shadow different areas, and letting them work their way up instead of handing them the keys. Kim and Jason highlight the humility and willingness to learn that Noah and Luke bring to the table, which is the opposite of entitled kids who think the business owes them something. Dan talks about surrounding yourself with mentors who have successfully navigated multi-generational transitions.
Tune in to episode 139 of Maximum Octane if you're thinking about family business succession or you have kids who might join your company someday. Dan, Noah, and Luke show what preparation and intentionality look like when the stakes are this high and the odds are against you.
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