Building a legacy is crucial, but you need to keep it alive. Passing your business to your kids is one of the ways you can create a lasting legacy. However, you need to take certain steps to ensure this happens. For starters, you need to prepare your children.
But how can you do this? Here are two tips to help you:
Have open communication
It’s vital to talk to your kids about your business from an early age. Let them know what your work entails and have them visit the business often. However, once they are old enough, you should have an honest conversation with them.
Inform them about your intentions and expectations of the business – they should know you wish to pass the business to them, your long-term goals for the company and so on.
Additionally, listen to your children’s views carefully. For example, one of them may not want to inherit the business, perhaps they aspire to follow another passion, or one may be willing to take over the company but has different goals. Taking their concerns and aspirations into account is fundamental to making informed decisions.
An open conversation can help your business last for generations.
Sharpen their skills
When your kids are informed about your wish and one or all are willing to take over the business, you need to assess and sharpen their skills, knowledge and experience. Essentially, you need to ensure they are ready to run the business.
Preparing your kids to run the family business is vital. The above two tips can help you get off on the right foot. You should also consider legal guidance to handle matters related to the business and succession.
