Why running a family business is like building a cathedral - The Globe and Mail

In the Middle Ages, it took 600 years to build a cathedral. Not many founders got to see the finished cathedral,” says Patrick Bermingham, fourth-generation family business owner of Bermingham Foundation Solutions.

Mr. Bermingham, whose company is approaching its 120th anniversary, says his goal is to get his company to 200 years -- long past his time as owner. He believes that the ability to steer a business over the long term, past your time as founder, is necessary when running a family business.

When his father was 67 years old, an unforeseen financial crisis forced the succession. Patrick knew his father did not have the appetite to fight for the company’s survival; in one moment, his father shook his hand and Patrick was put in charge.

“My father was the supreme leader, but after that handshake, he never questioned my decision making.” Stepping into a precarious financial situation meant that Patrick had to make rapid decisions and get a plan for survival.

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