Working for your kids

More and more retirement-age executives are taking jobs at their children's companies - here's how three of them are managing.

Robert and Marissa Shipman
Robert Shipman often defers to Marissa.
The Balm
Robert and Marissa Shipman
Imagine you're the 64-year old retired CEO of a manufacturing company. Would you carry a pink business card with a tiny photo of a pug named Wheezie on it? What if your boss said you had to? What if, moreover, your boss was your 28-year-old daughter?

Robert Shipman carries that card. The pug in question is the mascot of a cosmetics company called the Balm that his daughter Marissa, now 33, started in 2003.

At first Shipman - who had sold his clothing manufacturing company that had $130 million in annual sales and retired in 1980 - balked at both the pink and the pug, but then he relented.

"We disagree on a lot of things, but I usually give in, because I'm amazed at her talent," he says of his elder child. (Her younger sister, Jordana, now works for the Balm too.) "She's created a product line with a national market. That isn't easy to do. I bow down to that."



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