JANUARY/FEBRUARY 2019 • FOGHORN 35 BUSINESSMATTERS We Keep Workboats Working 311 East Boston Post Road | Mamaroneck, NY 10543 | 914.698.5020 | www.derecktor.com When your boat is your business, if it’s down, you’re out. At Derecktor, we know this only too well. We not only build and fix commercial vessels, but have operated them as well. So we understand how important it is to get your vessel back on the water quickly. That’s why we do whatever it takes to make that happen: emergency haul-outs, 24/7 repair capability, we can even coordinate local towing. Combine that with our legendary workmanship, fabrication skills and in-house engineering. Throw in a location convenient to NY Harbor and Long Island Sound. The result is an operator’s dream: workboats that actually work. Contact us anytime - and make that happen for you and your fleet. call to mind examples of the best and the worst. Some were thriving, multi- generational businesses, world-class in customer service, crew morale and culture, and enjoyed superior profit- ability and cash flow. And some sadly experienced great anguish and even tragedy. I frequently write about the impor- tance of developing your farm team of future leaders. This entails at least five to seven years of hard work before you reap the benefits of your investment. Transitioning ownership to your family is the ultimate farm team program and merits a careful set of principles to optimize. Here are some thoughts to lay that foundation. 10 Thoughts for Joining a Family Business Start young and do it all: wash dishes, haul trash, clean restrooms and bilges, valet cars, bus tables and bars, check in customers and work the ticket booth, etc. Do every hard job with a smile. Start as a youngster on weekends or special events and be full-time in the summer at age 14. You’ll demon- strate passion, work ethic, discipline, technical expertise and knowledge to be successful. Often those who join after school in their early 20s don’t have the same passion for the business and don’t endure, particularly compared to those who started young. Rotate between departments; don’t just be a vessel operations or galley or sales team person. Learn the other functional areas and become uniquely ambidextrous in as many areas as possible. Get technical knowledge; a four-year college degree is a wonderful foundation, but passionate experi- ence in a technical school for cooking, engine maintenance, U.S. Coast Guard license, art, coding, social media or a dozen other fields will have practical application in the business. Show your ability to achieve a goal and then uniquely contribute to the business. Work somewhere else: learn that the grass is not always greener. See the good points and bad points in another business. Get promoted on your own merit without the presumed nepotism boost. Ideally, work in another geo- graphic area to further round out your experience. Get great advisors and mentors early on. Find and meet regularly with a trusted lawyer, tax advisor, community mentor, outside board members or informal advisors. Get this exposure in your 20s that many others don’t get until their 40s. This early