Family businesses are often about legacy and continuing after the passing of the current generation and the next generation taking the helm.
We know that it is not easy but as much as it is about the next generation stepping up, there is a lot that needs to be sorted in order for the incumbent generation to step down.
Simple questions need to be address honestly like:
- Are you ready? (applies to both generations)
- Are you empowered? (applies to both generations)
- Are you able? (next generation)
- Do you want the transition to REALLY happen? (applies to both generations)
- Are you financially able to take the next steps? (applies to both generations)
This article provides a good insight into some of the steps to take in order for a legacy to be continued.
Some entrepreneurs dream of one day selling their business for many millions to a trade buyer like Google so they can spend their latter years on sandy shores with a cocktail in hand. But others are more concerned about creating a company that will stand the test of time and perhaps handing it over to the next generation of their family. If you’re in the latter category then there are several things you need to do if you want to make sure your business will keep going long after you’re gone.