How to Ensure Your Business Survives the Next Generation

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Handing down a family business is a dream of many entrepreneurs who want to see the business they started thrive in the hands of the next generation. But, statistics show that succession can be riddled with challenges.

Avoid holding the reins too tightly.

Founders have a tendency to hang on to control, not allowing kids to have enough say or enough investment in the business. “The entrepreneur typically does have a fairly strong control-oriented personality,” says Sage-Hayward. Entrepreneurial characteristics tend to be very independent, autocratic and wanting things to be done in a particular way. It can be difficult for entrepreneurs to let go of those tendencies, but Sage-Hayward says that’s exactly what needs to happen in order to have a successful succession.

Eliminate entitlement.

Just because your last name is “Jones”, doesn’t mean you should automatically get a seat at the Jones’ company’s boardroom table, says Sage-Hayward. She recommends entrepreneurs set expectations around how kids will get to participate in the family business. Often, kids will be encouraged to go outside the company for work experience and education so they can bring those experiences back into the family business.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0407) 764-261.

To your success,

Rohan