Must a business person handover his business to this child?

[Niyi Briggs]

Even as an entrepreneur, you get to the point where you can physically not cope with the day to day demand of your business. At that point, you have to handover the business to someone to run it. Most people handover their businesses to their children. Is it the right thing to do?

 

[cherry123]

Why not if you want to. Why would you trust an outsider more than your own child to run your business. I will hand over my business to my child unless he is not fit

 

[astutimeliana723]

There's nothing wrong with leaving the business to our children, unless they don't want to take care of it then we can offer someone else, or pay someone to work for us and take care of it. If there is no other solution, then the final solution is to sell your business to someone else.

 

[cherry123]

I totally agree with you, There's nothing wrong with leaving the business to our children, This is why it is good to reach them so that they will do a good job after handing over

 

[Niyi Briggs]

I totally agree with you, There's nothing wrong with leaving the business to our children, This is why it is good to reach them so that they will do a good job after handing over

With this, it is important to carry your children along in your business from an early age. So that at least, one of them can develop interest in the business.

 

[IB D]

With this, it is important to carry your children along in your business from an early age. So that at least, one of them can develop interest in the business.

The challenge is in all of your children not having interest in the business. What would you do. It is best to sell off the business at this point.

 

[Heatman]

Even as an entrepreneur, you get to the point where you can physically not cope with the day to day demand of your business. At that point, you have to handover the business to someone to run it. Most people handover their businesses to their children. Is it the right thing to do?

If your child is very interested in your business management and how everything is going, then it's the right thing to do when it comes to handing over the business to your kid.

 

[eldavis]

No it is not a must, there have been situations where most business owners usually hand over the business to either a friend or a committed worker in the company. Most persons prefer giving it out to their children to prevent their family being kicked out after they pass on.

 

[IB D]

I think I would handover my business to my child. In that way, I give my family financial Security. They can be taking care of themselves from the business.

 

[uptrendfinancialsignal]

If the child is not competent then it would be a mistake to handover the company to him or her

 

[Springtime]

That depends on whether your child is interested in running your business. If s(he) has other interests to pursue, there's no point forcing him/her to run the business. In such case, you may either hire a professional manager to do the job or sell your business.

 

[Magnus2022]

It depends on the the type of business and the character of the son. If the son have shown interest in the business and very eager to tow the line, why not? Most times, children use to define their own paths and give no heed to the parents business.

 

[Etini Willie]

I don't see why someone would suffer for years to build a business and hand it over to a stranger to manage when his family is there. I am so giving my own to my child.

 

[Heatman]

If the child is not competent then it would be a mistake to handover the company to him or her

This is something that must be considered very well in any business because it is not because the person is your blood that you are going to leave your business in a vulnerable and incompetent hand.

 

[IB D]

This is something that must be considered very well in any business because it is not because the person is your blood that you are going to leave your business in a vulnerable and incompetent hand.

That is why you must make sure you raise one competent child among your children if you have a thriving business so you can handover the business to.

 

[Reedex]

It is possible for the owner of a business to hand over the business to his child.