Are you objective when analyzying your children’s skills. Are they able to run the business or do they just follow your instructions? How long have they worked in the business? Do they know all aspects or do they need more training? Do you need a third party assessment of their capability to see if they are ready today or in the future if they need more training. Remember, the first generation often can be successful, the second generation are ok, some make the company more successful then their parents. Unfortunately, there are many companies who do not survive the third generation, even fewer the fourth generation.
This article are provided for information purposes only, and are not intended as legal advice.
- Succession – how do you know your kids will do well in your business?
- Succession of a business owner
- Succession planning – how do you know if your kids are qualified to take over the business?
- Succession – did I make the right plan?
- Succession – are you afraid to plan when you are not here?
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