Would you handover your business to your child or an employee?

[Ernestnari]

Having built a business for years and the business has become stable, and you have to retire because of age.
Would you handover the business to your child to continue running or would you hand it over to a loyal staff of the business?

 

[Kennysplash]

I first of all laughed at this question when I saw it. When I have a business I will make sure that I carry my children along and show them how it is run so that they can takeover.

 

[Laurentta]

I would handover my business to my child off course but not without proper training. I would make sure my child is very familiar with my business from a young age.

 

[eLdavis]

Definitely my child, these days you can't really trust others. I have seen cases where people take over companies and completely neglect the family of the original owner of the company. So to avoid unnecessary confrontation in the future, my children should be the ones to handle things.

 

[Mayorla]

I would the business over to my child definitely, before handing over to my child, I would make sure my child has been working for my business for quite a while before handing over. I trust my child to perform well.

 

[Trey]

That's why you need to train your children on the runnings of your business from a young age. It helps them to be able to step up and take responsibility when you are no longer strong. So for me, it is my children for sure.

 

[Ernestnari]

It is a natural inclination to want to handover your business to your child. The challenge is that when someone doesn't work for something, they always don't value it. We had a case in Nigeria of Diamond Bank that the father handed over to the children, it was a healthy business but as we speak now, the children had sold the bank.

 

[eenya00]

except in a situation where i have no option, that is when i would give my site for a child to handle, if that is not the case then i would not do such a thing as i might end up losing.

 

[Nomad]

If your child is an adult and has the required qualification, I do not see why you should not hand over your business to your child. Likewise, it is also safe to handover your business to an employer-provided you can trust

 

[Chibson]

I would hand over my business to my child. But before then I must have taught him or her the principles of how to become successful in the business world. And of course even the practical knowledge.

 

[Heatman]

Having built a business for years and the business has become stable, and you have to retire because of age.
Would you handover the business to your child to continue running or would you hand it over to a loyal staff of the business?

I believe that if you have a business and you know that it is time for you to retire, you would have been working on someone that will definitely take over the business management from you who is supposed to be trustworthy not to destroy the business.

 

[Ernestnari]

I believe that if you have a business and you know that it is time for you to retire, you would have been working on someone that will definitely take over the business management from you who is supposed to be trustworthy not to destroy the business.

That's what business owners fail to do. They don't plan for succession. And that's why so many businesses die with the owners. As a CEO of an organization, one thing you should aim at is building CEOs that can step in and run your business. For me, I would train my children to know my business even if they don't like it. They should just understand it so they can manage it when I am gone.

 

[Kennysplash]

Everybody wants their business to be passed down the family line. So that is why I will do my best to train my children in the business that I do so that they can take over eventually.

 

[Heatman]

That's what business owners fail to do. They don't plan for succession. And that's why so many businesses die with the owners. As a CEO of an organization, one thing you should aim at is building CEOs that can step in and run your business. For me, I would train my children to know my business even if they don't like it. They should just understand it so they can manage it when I am gone.

This is why proper management is required in any kind of business or company because it is the only thing that is going to prevent chaos from descending or breaking out in the company when the CEO dies all of a sudden without any plans of replacement.

 

[Ernestnari]

This is why proper management is required in any kind of business or company because it is the only thing that is going to prevent chaos from descending or breaking out in the company when the CEO dies all of a sudden without any plans of replacement.

It is even wrong for a CEO not to have a replacement that is working closely with him while he is still alive. It would just be for the person to assume the leadership. The longer time an organization stays without a leader, the bigger the cracks.

 

[Syldan]

Actually it will be a smart move and I believe there will be a high advantages to handled your business to your son if he will or is ready to takes responsibility of the business. I will prefer to hand it to my son.

 

[Robust]

This is really a smart question to ask, it really depends on the nature of the business, if it is an individual business you can handover to your child if and only if he or she is zealous about the business.

 

[Trey]

I would always want to hand over my business to a family member. If he runs it down, it is bearable. If it is an outsider that runs your business down, it could be very painful. If my child is not interested, then another family member.

 

[Jonaville]

Having built a business for years and the business has become stable, and you have to retire because of age.
Would you handover the business to your child to continue running or would you hand it over to a loyal staff of the business?

There is a saying that family comes first and I cannot leave my child to be jobless and give another person a job. It is not supposed to be so. I will give my child the job

 

[Ernestnari]

There is a saying that family comes first and I cannot leave my child to be jobless and give another person a job. It is not supposed to be so. I will give my child the job

There are situations where all your children are not interested in the business. What would you do in this kind of situation? They have different career paths that are not related to the business.