Episode 41 – How to take over the family business with Crawford Bay’s Gina Medhurst of Kootenay Forge
The family business. It’s a noble tradition with deep roots. For millennia parents have handed over the reins of the farm, the shop, and the company, whatever it may be. Yes your real training and education growing up was the first decade or two of your life living within it. Wisdom passed down through the generations was your real university degree. As transportation and career options increased over the years the family business has been in decline. But why?
If you take the family out of the name, it’s really a way to buy in either at a discount or free to an already established business. It’s a turnkey operation that you’ve been studying for your whole life. Who wouldn’t want that?
Gina Medhurst didn’t know she wanted it, but in her late teens she felt the calling home from the City. Shortly thereafter the actual call home from her parents came, asking if she and her then boyfriend wanted to move home from the City and take over the Kootenay Forge Blacksmith shop in Crawford Bay.
The transition turned out successful, but it was not without a lot of hard work, unexpected difficult challenges, and a wise guiding hand in her father.