The heirlooms that pass from one generation to the next vary greatly between families. One family may cherish a clock, some china, and a set of silver while another may have an antique dining room set and some framed portraits that have been handed down over the years. Some families pass an even more complex legacy on to their children – a family business.
Family businesses can be a wonderful asset to present and future generations. They can also be the source of much distress, if no one in the family seems interested in continuing the business or of there are squabbles among siblings as to who will lead when the reins are handed to the next generation of owners. Careful planning can help to ensure that the business that your family worked so hard to build over the years remains intact and successful for years to come.
While it can be fairly easy to see which family members are interested in participating in the family business, it can be more difficult to decide whether all of those who appear to be interested should eventually become part of the business. For example, parents should be very careful not to push or pressure their child to become a part of the business if he or she is not interested. People who say “yes” to anything, including a role in a business organization, in order to please someone else usually do not succeed because it is not something that they truly want to do. This can be disappointing, but acknowledging and respecting your children’s feelings about being involved in the business will help to keep family relationships positive and the business headed in the right direction.
Sometimes, there may be more than one child who is interested in having a hand in the family business. In order to avoid a fight over who will lead the business, begin by assessing each child’s talents and interests well in advance of a succession in leadership. Often, you will be able to find a unique role for each person who wants to be a part of the business and who is willing to get the education and training that such a role would require. Of course, by having these discussions early you can dispel any notions that a role in the family business is something that a potential heir is entitled to. It is perfectly appropriate to make it perfectly clear that being able to participate in the family business is something that must be earned. After all, the very fact that a successful family business exists is a testament to the hard work of past and present generations.
Photo by mohunsi on morguefile.com.