Should children be expected to carry on the family business?
- Thread starter Katrina
- Start date
Uncrowned Guard
Resident
For me, the biggest mistake most small businesses make is forcing their children to take it over. The drive, passion, and often expertise needed to run the business does not simply transfer due to your family name. Sure, there are many cases of kids working with their parents and becoming experts in the business and taking it over, but that is a two-way system and both sides need to be fully evolved.
I do find it proper for business owners who are doing well (well, really any successful parent) to direct and guide their children into what got them there, but forcing it is never a good idea.
I do find it proper for business owners who are doing well (well, really any successful parent) to direct and guide their children into what got them there, but forcing it is never a good idea.
I think not. @Uncrowned Guard pretty much sums it up for me. In addition my daughter is a fully qualified actuary, I doubt she would give that up for anything I could offer!
The Raven92
Up-and-Coming Sensation
A bit hard question. No, they shouldn't. But they should use the money from that private business to open their own. Not just close the family business and waste money..
No, not at all. Parents should never expect their kids to take over the family business. If they don’t have a plan made up if the kids don’t want it, they could always sell to another business or create some other plan of action, but never expect their kids to take it.
No, unless they want to take over the business. I don't think they should be forced to take over the business if they don't want to.
No it shouldn’t be forced on them. If they genuinely want to and have the same passion for it then by all means, awesome. If they have other interests and don’t particularly care for the business, don’t force them. You’ll only ruin your relationship with them as a result.
Demon_skeith
Paragon
No child should be born expected to carry on something, they should be allowed to do what they want with their life.
Expecting your children to carry on with your business is something that you can consider but something else to also consider is whether they have the skills or even the interest to be able to take over the business when the time comes.
In some cases, your children may not have the knowledge or interest to take over a business and therefore it would be better for you to look at other options for someone to take over when it is needed.
In some cases, your children may not have the knowledge or interest to take over a business and therefore it would be better for you to look at other options for someone to take over when it is needed.
Children should run their family business out of their own will not because they were forced or mandated to do so.
There is something with passion. When people work out of passion,you will know because the way they do it tells so.
Let me use myself as an example. I've always had this dream to be able to create something. I started making beads right from when I was tender,started making bags with wools and lots of creative things you can think of and I'm currently into baking and cooking and it's because it's my passion. I derive joy doing them.
What I'm saying in essence is that,if the kids love the family business and have passion for it,then,they should carry on.
There is something with passion. When people work out of passion,you will know because the way they do it tells so.
Let me use myself as an example. I've always had this dream to be able to create something. I started making beads right from when I was tender,started making bags with wools and lots of creative things you can think of and I'm currently into baking and cooking and it's because it's my passion. I derive joy doing them.
What I'm saying in essence is that,if the kids love the family business and have passion for it,then,they should carry on.
I don't mind leaving inheritances. However, kids need to learn the value of hard work and also a lot of them want to make it in their own right. It's like Hank Williams Jr and his dad or George Bush and George W..
UniqueGrace
Reputable
This is my exact thought. Expecting children to carry on family business can be an easy or complex issue depending if they have the interest or not. The reason why children are expected to carry on their family business is just because of legacy or maintaining family's heritage.
I am against forcing a child to carry on with their family business. Sometimes, their interest, skills, goals are different from the family business. Children needs to take ownership of their decisions and choices and have this sense of ownership in their own business.
The only thing that parents can do is to support their children in their decisions and guide them. The family business can still stand if there are faithful managers and CEOs.
It definitely shouldn't be forced. If they're genuinely interested in doing it and genuinely have the passion for it, then by all means, let them. But if they're being forced into it, then more than likely, it won't work out. If they don't have the interest in it, they're not going to care as much, and it could be detrimental to the business.
The downside is, if the children aren't interested in running it for whatever reason, the business could end up closing if there's not a suitable candidate to take things over, and it can be disappointing for those who regularly visit the place of business. I've heard about many places around here that have shut down over the years because no one in the family has wanted to take over and there's been no other suitable candidates. It sucks, and I always see regulars commenting that they'll miss the place, but at the end of the day, it's in the best interest of the business.
The downside is, if the children aren't interested in running it for whatever reason, the business could end up closing if there's not a suitable candidate to take things over, and it can be disappointing for those who regularly visit the place of business. I've heard about many places around here that have shut down over the years because no one in the family has wanted to take over and there's been no other suitable candidates. It sucks, and I always see regulars commenting that they'll miss the place, but at the end of the day, it's in the best interest of the business.
Min George
Familiar Face
It is expected that children should carry on with the family business, but it is not mandatory. It is nice and noble if a child does that. But no child is under any obligation to carry on with the family business. They can decide to walk another path.
I would seriously love to see my children carry on my business. One of the reasons that I am running my business and working so hard to improve it is so that my kids can have a career to kick-start their financial lives.
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