Stephen Manicek sat quietly and stared out the window of his car as it sat parked in the parking lot of Mayfaire Business Park. Until a few minutes ago, he had been president of his distribution company, one of the country’s largest telecommunications parts distributors. Now he was out of a job and felt he was a victim. Naturally, his first thought was to sue those responsible for his misfortune. The targets of his wrath were his younger sister and his mother. They had forced him out of the business. What should he do next? What could he do next?
After his father’s death, Stephen had received 49 percent of the stock in the family business. Another 49 percent share went to his sister. The remaining two percent – the swing vote – was held by their mother.
Stephen’s father had brought him into the business early and taught him well. After the founder’s death, Stephen assumed all responsibilities for sales and became the key man in the business.
His sister, Clara, handled the bookkeeping and other administrative matters. Her husband managed the warehouse employees.
Despite ups and downs in the economy, the business thrived under Stephen’s stewardship. It had a long-standing tradition of excellent customer service and a good reputation because the elder Manicek had pioneered automation and distribution efficiency and tracking processes in the industry.
Because of his dedication to the business, Stephen had not spent much time nurturing family relationships. His relationship with his mother was not as close as that of his sister. As their mother aged, she became increasingly susceptible to the influences of her daughter. Family friction developed. A confrontation was inevitable.
Stephen had always assumed that his superior abilities and position as president and board chairman would enable him to prevail in any family dispute about the business. He was wrong. After many months of conflict over company strategy and financial performance, Stephen’s sister called a special meeting of the board of directors. Stephen was removed from his posts, fired as an employee, and given three months of severance pay after 20 years in the business.
Stephen naturally felt victimized ... but not so much by his sister and mother as by his deceased father. By failing in the most important remaining task in his life – to plan his estate – the elder Manicek made his son an unintended victim.
Stephen sat in his car and tried to understand where things had gone so terribly wrong.
The unfavorable business transition experiences described above may have been avoided had Stephen’s father asked – and answered with the help of an experienced business adviser – six critical questions.
Avelo Plans New Florida Nonstops Out Of ILM
Miriah Hamrick - Mar 30, 2023
Wawa Gas Station Proposal On City Planning Agenda
Staff Reports - Mar 30, 2023
Despite Banking Headwinds, NCino Reports Steady Growth In Sales
Jenny Callison - Mar 29, 2023
Riverfront Farmers’ Market Returns To Dock Street For 20th Season
Miriah Hamrick - Mar 29, 2023
Tech Roundup: New Software Platforms, STEM-ILM Event And Tech Awards Deadline
Johanna Cano - Mar 29, 2023
Areas throughout southern Brunswick County are seeing an increase in residents and development, leaving municipalities looking at how to pla...
Cameron Lee sees a lot of parallels between golf and life: You have to make good decisions, evaluate risk versus reward, be smart and be hon...
Doug Hamerski is a nephrologist who likes to spend his free time on other sciences, from circuity to radio. This pastime has now grown to a...
The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.