If your children commence working in the family business you are then firmly in succession territory.
No matter whether you asked, they invited themselves or somehow magically appeared on the payroll, if your children are working in the business you will need to address sooner or later succession questions. And sooner is the better option.
However they got there, the children’s careers and financial futures are now tied into the business. You can’t just sell the business out from under them and they likely have an expectation that they will someday (much sooner than you expect) want to step into management and then ownership. And don’t forget this will include son-in-laws and daughter-in-laws if they are working in the business as well (with today’s blended families there are many combinations to which this may apply).
Message – if you have children (or in-laws etc.) in the business, or intend to, have an active succession discussion before they commence, so there are no misunderstandings.
Active Knowledge Question:
Have you as a family unit sat down and discussed quite openly everyone’s expectations about the future ownership and control of your business? If not, gather your thoughts, seek advice and only then schedule a family meeting.
Searching for the world’s best succession solutions? Buy Transition – Orienteering The Five Lands of Succession.
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All the best in the success of your business,
Richard Shrapnel
