Who would you recommend to manage your business when you retire?

Starmix · Mar 15, 2024

Our age never stays the same, young forever. When the time comes you're already old and feel cannot anymore manage your business well who would you recommend to manage it when your wife is also old. The worst scenario is you don't have an heir

. Are you going to sell your business? The answer is yours.

Springtime · Mar 15, 2024

Here, some Chinese conglomerates are family business. When the owner retires, his sons/daughters will take over the business. For smaller Chinese companies, especially SMEs, if the next generation is not interested in running the business, the owner usually sells the business when s(he) retires.

Starmix · Mar 15, 2024

The issue is if there is no heir, or no child in their marriage, who will take over. I think it could be a close family sibling or much better to sell it to have peace of mind.

nomad · Mar 15, 2024

When I retire, I will probably pass my business to my kids. If they have no interest in running the business I own, I would probably sell it off to the right person.

Stardom22 · Mar 16, 2024

In my opinion on this kind of subject is that l have a feeling to start my dream business when l retire. That business is very simple to manage and l would comfortably be doing that for myself.

freelancermaria · Mar 16, 2024

If I ever have a business and it comes time for me to retire, donate the proceeds to animal shelters and charitable organizations. Since I don't plan on having children of my own, there won't be anyone to pass the business on to. Alternatively, I may choose to pass it on to my younger sister.

Starmix · Mar 16, 2024

nomad said:
When I retire, I will probably pass my business to my kids. If they have no interest in running the business I own, I would probably sell it off to the right person.

That's a good decision. You will also know if your kids have business inclination, if not it's a wise idea to sell your business and save the proceeds or distribute to your kids.

eldavis · Mar 16, 2024

Am not sure though, at the moment I don't have anyone I think I would leave the management of my business to. Maybe in the future, my child might do that, but till then.

Starmix · Mar 17, 2024

eldavis said:
Am not sure though, at the moment I don't have anyone I think I would leave the management of my business to. Maybe in the future, my child might do that, but till then.

You have to find a good girl for your life who will understand your business and your finances. This time, many fake people are pretending to love you but only to scam your wallet.

olaniyi · Mar 17, 2024

When the old age comes nd I cannot manage my business again if I could not get a worker that will manage it well then I can sell the business

Starmix · Mar 18, 2024

sell your business if there's no one interested to manage it Better enjoy the proceeds of the money. It's better that way than see it after some months on the verge of bankruptcy.

Nite · Mar 18, 2024

It's important to know when it's time to let go of a business if there is no one interested in managing it effectively. I agree, it's better to sell the business and enjoy the proceeds rather than watch it struggle and potentially face bankruptcy down the line.

Starmix · Mar 19, 2024

Nite said:
It's important to know when it's time to let go of a business if there is no one interested in managing it effectively. I agree, it's better to sell the business and enjoy the proceeds rather than watch it struggle and potentially face bankruptcy down the line.

That is the best answer. In case there's no one in the family qualified or interested to run the business if the owner is old, it is better to sell it and enjoy the proceeds than see it sink to the ground gradually.

Nite · Mar 20, 2024

Yeah, it would be a shame to see a business that has been built up over the years deteriorate due to lack of interest or expertise from family members. Selling the business and enjoying the proceeds could provide financial security for the owner in their later years, while also allowing the business to continue thriving under new ownership

Starmix · Mar 21, 2024

Nite said:
Yeah, it would be a shame to see a business that has been built up over the years deteriorate due to lack of interest or expertise from family members. Selling the business and enjoying the proceeds could provide financial security for the owner in their later years, while also allowing the business to continue thriving under new ownership

That could be possible that the next manager of the business might sell the business and the owner will never have a chance to taste the fruits of his labor. The real owner must not decide impulsively. He better sell while he still has the energy.

SHAHID987 · Mar 22, 2024

I prefer to sell my complete business and purchase a house with two floors. In one floor I will live with my family while the other one I will give on rent and I will take rent to meet our expenses.

Nite · Mar 22, 2024

Starmix said:
That could be possible that the next manager of the business might sell the business and the owner will never have a chance to taste the fruits of his labor. The real owner must not decide impulsively. He better sell while he still has the energy.

Right, the decisions to sell your business shouldn't be made impulsively. The owner should carefully weigh their options and think about the long-term implications before making such a big decision.

flower · Mar 22, 2024

I will only recommend someone that has business acumen and that is how I can be rest assured on the business and that is will be well managed after I'm gone.

Starmix · Mar 23, 2024

Nite said:
Right, the decisions to sell your business shouldn't be made impulsively. The owner should carefully weigh their options and think about the long-term implications before making such a big decision.

The owner better sells his business to enjoy the proceeds of his money. There's no assurance if the next owner has interest on it. Who knows if he plans to sell it without the knowledge of the real owner.

Ratine · Mar 24, 2024

For now l am not in the position to tell on who can succeed me on the operation of my business whenever l retire or something just happens a long the tunnel.

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