In today’s world, the number of business transitions taking place, and about to take place, is staggering across North America.

If you are a business owner thinking of moving on, Rachael Fisher-Doak has one simple piece of advice: Don’t forget the family.

“I’ve done this talk (on business transition) a few times now and the one thing that seems to really, really resonate with people is they assume that their children are not interested in entering the business if they don’t already work within the business,” said Fisher-Doak, Chief Operations Officer, Lead Stylist & Buyer for Hangar9 Studio.

“So one of the things I really encourage and I have to say was a big pivotal thing for us, and continues to be as we have this third generation join our business, is really invite the family to the table and really make sure you’re including them in that conversation. You’re not sort of projecting what you maybe want or you maybe think is best for the other individuals in the family but really invite them to the table to make that decision.”

Hangar9 is celebrating its 40th year in business this summer. It was founded by Fisher-Doak’s mother Jo-Ann in London, Ontario. It started as a retail store helping her friends dress smartly. Her mother developed a formula at the time when the retailer was called Fisher & Company. It rebranded in 2015 to Hangar9. The formula basically was a well curated nine pieces of clothing can equal up to 36 different looks.

“And that has been her mantra from the beginning,” said Fisher-Doak.

“We really focus on all the fashion services to help women develop a wardrobe that is best suited for them and their lifestyles.”

The brand has two stores - the original in London, Ontario and one at First Canadian Place in Toronto.

Fisher-Doak was a panelist at the Toronto Business Transitions Forum in May. She spoke on the topic: You Gotta Let Me Know: Should I sell or should I grow?

“I’m second generation running this business. We transitioned the business. When I say we, I’m one of four girls, and three of us own this business and then my other sister works sort of indirectly in the industry,” said Fisher-Doak.

“We have transitioned the business once from my mother to us in 2015 and then we have actually a third generation who has joined in our business. The unique thing about our situation is my sisters who are my partners are 25 and 27 years my elder.

The first transition of the company began in 2015 and it was fully transitioned by 2018.

“We did a family business enterprise exercise which was incredibly helpful and why it was incredibly helpful was because they surveyed all of us individually but they also surveyed other key members of our family. So our spouses, our adult children, our key management employees and really sort of heard it all from us individually and then we all met collectively to discuss it and what we discovered in that was not at all what we thought we were going to,” said Fisher-Doak.

“It was unexpected results that we got from all that. But all very positive. And that was the big thing that a lot of people came up to me at the Forum and even said ‘oh my gosh, I’m doing that, I’m assuming my son doesn’t want to be a part of this but I don’t actually know that’.”

All three sisters, currently owning the company, joined at different times. Fisher-Doak basically grew up in the business and the original store. One sister Lisa who is the middle one has worked in the business about 35 of the 40 years. The other sister Denise joined as CFO about 2012. Fisher-Doak joined fresh out of university in 2010.