Children to Run Business?

Will your kids be running the company in the future?

The Small Business Trends website has six tips for getting children involved with the business. One of the positive things about the list is that they say that you should be supporting your children no matter what they decide. Give them everything they need to be a success whether if it is your business or something they want to do.

One thing they suggest is that you don't plan your children in the business. If you plan is for them to succeed you and they decide to do something else are you going to be angry with them and what will you do instead?

You also want to look at education and insure your children get the best education that is possible. Don't influence them on what they study since that will cause long term resentment. I would also suggest that you encourage them to work during school not only to earn money for school but it will also allow them to "work for a living" and get a better idea on what life is like on the outside.

Another suggestion is to talk about what you do and tell stories. This not only gives them an idea of what you do it will give them perspective on how the money is made and what you had to do to build the business.

One thing that I would add to it, is make them work their way from the bottom. One of the things I have seen too often is that the children of the founders commonly end up coming out of school and into an important position. It does not give them a perspective on how things are in the trenches and creates resentment among the employees.

Just a few things to think about when planning succession. Posted by: John Dornoff    Source