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

[Chibson]

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.

I have seen a situation whereby all the children of businessman are not interested in taking over from their father. I think what the businessman did was to sell it off and share the money among the children.

 

[Danny4cash]

If you're a business owner running a perfect business, it's also important for you to be building your one or two of your children, so they can take over the business from you. Your focus as a business owner should not only be on your business. You must also create time to train your children about how to effectively run a business. Depending on the circumstances, you can also handover to your employees.

 

[Jonaville]

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.

It is true that not all your children will be interested in your business and that is why it is important for you to just find a job for them and ask them what exactly they are interested in

 

[Ernestnari]

If you're a business owner running a perfect business, it's also important for you to be building your one or two of your children, so they can take over the business from you. Your focus as a business owner should not only be on your business. You must also create time to train your children about how to effectively run a business. Depending on the circumstances, you can also handover to your employees.

A good leader builds succession. When once you have achieved some level of success especially in business, one of your major aims should be to build who would take over from you. I am not entirely of the idea that your child must take over from you. He or she must not. If he likes to take over, fine. If he doesn't, you build succession elsewhere.

 

[Ja Sa Bong]

My employee doesn't have the right to receive the transfer of my business ownership. Why would I consider leaving my business to my employee? If I have kids, they have the ownership of the business by right, if I don't have kids, I will hand over the business to charity.

 

[Heatman]

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.

Yeah, that's very correct. The CEO needs to groom his replacement for years before he or she is finally ready mentally, physically, emotionally and knowledge wise. When things are not done in this manner, the transfer of ownership will most likely see the business into the hands of who cannot manage it.

 

[Grant]

If I had a business myself, I would hand it down to my future children for sure. I don't think I'd give it to just anyone. Family would come first and maybe a spouse. It would need to be a close friend if I gave it to anyone else.

 

[Shortie]

If I had spent years and a lot of time building up a business, I would always want to be super careful and cautious about who I let take over it when I was ready to retire so to speak.

An employer would be an option if they were a long-standing employer and I knew I could trust them with the business I had built up.

As for a child, again it would be if I knew they understood the business and knew I could trust them with the business when the time came.

 

[Achawaskey]

I think that depends on the age of rhe child and his area of study. If the child is still schooling and has few years to graduate, you can postpone your retirement until he graduate, but if age is not on your side, you reduce your working hours while you let your loyal employee handle the bulk work. Handing over business to your loyal employee may not be good, because that employee may choose to be disloyal tomorrow.

 

[Ja Sa Bong]

If I had a business myself, I would hand it down to my future children for sure. I don't think I'd give it to just anyone. Family would come first and maybe a spouse. It would need to be a close friend if I gave it to anyone else.

My business is an investment which is meant to take care of my family. My wife and kids are my immediate priority in family. My parents are there too but they are secondary with my own kids and wife. They are the one's everything I have goes to when the time is right. I can't hustle for everything I own and give it away to someone who isn't my blood.

 

[Heatman]

I think that depends on the age of rhe child and his area of study. If the child is still schooling and has few years to graduate, you can postpone your retirement until he graduate, but if age is not on your side, you reduce your working hours while you let your loyal employee handle the bulk work. Handing over business to your loyal employee may not be good, because that employee may choose to be disloyal tomorrow.

There is no way you are expected to hand over a business to a child who is not intellectually ready to take over the business. This is the reason why I believe it is very necessary for you to bring the person into the business especially when they have graduated from the University because that is a time when they must be open to any kind of management roles.

 

[Debashis]

I don't have a business yet but if I have one someday, I would definitely hand it over to someone who would take care of it like me or even better than me. It not necessarily needs to be my child but someone else as well who is actually worthy of taking the responsibilities that come with owning my company.

 

[Good-Person]

My business is an investment which is meant to take care of my family. My wife and kids are my immediate priority in family. My parents are there too but they are secondary with my own kids and wife. They are the one's everything I have goes to when the time is right. I can't hustle for everything I own and give it away to someone who isn't my blood.

I am not a married person yet. However, I do plan to get married in the future. However, as of now, I am not running any kind of business right now. I may plan to start one in the future. Many people wish to start a business and handle over the business to their children but they are not able to do so. This is due to many factors such as inflation and a lack of business opportunities due to poor economy.

 

[Ja Sa Bong]

I don't have a business yet but if I have one someday, I would definitely hand it over to someone who would take care of it like me or even better than me. It not necessarily needs to be my child but someone else as well who is actually worthy of taking the responsibilities that come with owning my company.

If the person who's not my own kid have always been there with me together in the business working for years towards seeing the business become prosperous, I would consider handing over the business to him if I don't have any kids who's interested in taking over my business.

 

[Heatman]

I don't have a business yet but if I have one someday, I would definitely hand it over to someone who would take care of it like me or even better than me. It not necessarily needs to be my child but someone else as well who is actually worthy of taking the responsibilities that come with owning my company.

Even though it is not always advised for you to force your kids to choose the kind of profession that you want them to choose, it is still something I am going to find a way to do with my own kids when it comes to managing my own company because I wouldn't really be happy that I have kids and none of them would be interested in taking over my company which is something that is very profitable.

 

[Henrywrites]

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?

This is purely dependent on what is happening at a particular time of the business. For instance, if my child is not sell grounded on being able to handle the business, then I will definitely want to hand it to a trusted employee while my child learn the ropes of the business. There is no need trying to be emotional about the whole thing.

 

[Good-Person]

If the person who's not my own kid have always been there with me together in the business working for years towards seeing the business become prosperous, I would consider handing over the business to him if I don't have any kids who's interested in taking over my business.

There are many people who do not have offspring. Under such kind of circumstances, what do they do? I think that it might be possible that they may liquidate their business and sell their business assets. They usually survive on the rest of the money till the later stage of their lives.

 

[Ja Sa Bong]

This is purely dependent on what is happening at a particular time of the business. For instance, if my child is not sell grounded on being able to handle the business, then I will definitely want to hand it to a trusted employee while my child learn the ropes of the business. There is no need trying to be emotional about the whole thing.

I will put in every effort and work in making sure my kid develop interest in my business at a very young age. Starting this early will make it easy for the child to be familiar with the business before he becomes an adult. When he's ready to take over from me, it won't be so difficult.