Is it proper to hand over a business to your offsprings?

[Reedex]

Absolutely there is nothing wrong in handing over a business to the offspring but a complex decision need to be taken because you need to consider some factors such as competency, Vision and the long-term goals of the person involved. Handing over a business to ones offsprings will definitely ensure continuity and it will also help to preserve the family legacy.

 

[cherry123]

I can because there's nothing wrong in handing over a business to the offspring but I would have to be sure the person is competent to handle such a role

 

[SHAHID987]

Here this practice is very common as people handover their business even I have seen some people that they handover their jobs ( by using some un ethical practice) to their offsprings.

 

[Reedex]

Here this practice is very common as people handover their business even I have seen some people that they handover their jobs ( by using some un ethical practice) to their offsprings.

Choosing a senior staff member to take over the business would definitely bring in a fresh perspective and industry expertise because such person has a proven track record of leadership which will help the business grow.

 

[uptrendfinancialsignal]

Consideration should be given to the individual experience and also the dedication because it is important to align with the company's values and cultures. That is how the business can grow.

 

[Reedex]

If the offspring have a deeper emotional investment in the business then it could be the right choice because it will bring a strong sense of responsibility to uphold the family name.

 

[uptrendfinancialsignal]

A senior staff member will bring valuable insight and that is why it is important to look into the years of industry experience and you must also look into the contribution that will be made to the business for the long term success.

 

[Reedex]

It is very important to look into the capabilities and readiness of the people involved because you must consider factor such as leadership skills , business acumen and the ability to manage the business.

 

[uptrendfinancialsignal]

There is nothing bad in transferring ownership to an offspring because I think that it will foster a sense of continuity and stability which is very instrumental to the growth of the business.

 

[Reedex]

The succession planning should always be based on my meritocracy and it should not be based on familial ties alone because it is important to ensure that qualified individuals are selected to manage the business.

 

[uptrendfinancialsignal]

Handing over the reins to a senior staff member could be a very good idea because it will bring fresh perspectives and new ideas . This will definitely inject vitality into the business.

 

[Reedex]

It is crucial to consider the long-term Vision and direction for the business before making this decision . It is crucial to prioritize individual who can best execute the company's growth plans.

 

[uptrendfinancialsignal]

Transparency and open communication should be very essential in the succession planning process because this will ensure that all stakeholders understand the reason for choosing the successor to lead the company.

 

[Reedex]

It is important to consider the candidates ability to build and maintain relationship with the client and also with the stakeholders because that is how to build a strong relationship that is vital for business growth.

 

[uptrendfinancialsignal]

Decision should be made based on the interest of the business because that should be taken into account and you should also put into consideration the leadership capabilities of the candidate.

 

[nomad]

In our country, offspring are natural owner of their parent's businesses. Offspring can of course inherit business form parents but parents also need to see if they are interested in it and if they have skills and knowledge to manage it.

 

[timewo]

It depends on how much money the business is making. In some countries the income of business owners is decreasing and salaried employees is increasing, so many young people prefer jobs to businesses.

 

[eldavis]

Personally I don't see anything wrong with this, infact it is part of their inheritance in the first place. The most important thing here is that they should be qualified for the task.

 

[Unyime]

There is nothing wrong with handing over your business to your kids if you know that they are responsible.

 

[Cam]

It is proper, but if you're someone who wishes to see the business continue, you should definitely make sure that your offspring is similarly passionate about it.