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David Haycock’s grandfather founded a machinery business in Alabama.
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His father told him not to work in the family business, so he became a businessman.
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He changed the company’s core business and increased its revenue.
It is based on a conversation with said essay David HaycockCEO of Buy a filter. It has been edited for length and clarity.
I swore I would never go into the family business. My grandfather founded a machinery company in Talladega, Alabama and the business was successful locally, employing about 150 people. Growing up, our family was a big fish in a small pond.
Behind the scenes, there was friction within the business. My grandfather stepped down, leaving my father, uncle and aunt to run the company. Since each person had a minority share, there was much bickering over decisions. Even when the two agreed, the other often felt unhappy.
This affected everything from investing in new machines to the cars that company owners drove. There was never a distraction, but the tension ebbed and flowed. My grandfather’s presence ultimately held the business and the family together—no one wanted to let him down.
My father encouraged me to work outside the family business. After college, I landed my dream job at Goldman Sachs. I was making $55,000 at the time, and budgeting every penny—down to the nickel I’d donate to a panhandler. It drove my now-wife crazy, but it meant I could still save money while living in New York.
At the end of my first year, I received a bonus: $70,000. I was totally shocked. It was a real amount. I saved it and allowed myself to be a little less strict with my budget.
Within about six years, I was running a business desk in New York, making $2 million a year in salary. It was an incredible amount for my parents and me.
However, I started questioning the work. I realized I was just a bookie for a hedge fund. I thought automation would take over. When I was 29, I asked myself if I wanted to do this when I was 40. The answer was absolutely no, so I left.
At that time my father, uncle and aunt were ready to retire. They were in talks with a private equity firm to buy the business, but my grandfather was not happy about it. He wanted the company to stay in the family.
My grandfather wanted me to buy a business, and I was looking for something different from a business. I wasn’t sure what I would do with the business, but I agreed to buy it for about $2 million.
