This article are provided for information purposes only, and are not intended as legal advice.

Child in training

November 2nd, 2008

If a child works for the family business, are they being treated differently than the rest of the staff or do they have to earn their respect? Do they know their career path in the beginning. Are you getting them to know all aspects of the firm including doing the lowest job in the business? Or do you bring them in as management therefore they will never really understand the operations of the business.

How much training does the child need. Do you train all your children and see which one performs the best? Many a family business are broken up by succession planning. If two brothers own a business for 50 years, whose child will succeed? Will the one who succeed be the most experienced and knowledgeable? Will they get it because their parents have more shares than the brother’s family?

Filed under: Buy a business — Gary Landa @ 12:37 pm

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