What do you do when all your children are not interested in your business?

[King Belieal]

The ideal thing about building a business that would survive across generations would be that after you are weak, you handover the business to one of your children to manage and help the family.

But what do you do when all your children are not interested in your business and are in other career paths?;

 

[Fidelia]

It is not a must that your child must take over your business. Groom an outsider to take up the business and make him responsible to your family.

 

[Augusta]

This one is simple you just let them be and go for their passion and talent. You don't have to choke anyone with your idea of a business

 

[Tray59]

Then I will look and hire someone from outside to come and managed the business for me or put a lawyer which will take care of that you can also talk to one of your children to learn how to handle the business

 

[neku]

Business owners and professionals will shut down their business if the children are not interested or they do not have children, sell the assets and lead a retired life, though they may face harassment in their old age.

 

[King Belieal]

Hiring someone from outside to come manage the business seems like the best option in the circumstances. You might not get 100% loyalty from the person but you would get someone to hold the forte.

 

[Starmix]

The business owner must train one of his employees to act as the business manager. He'll just appoint a trusted employee or personnel.

 

[SHAHID987]

My children are not interested in my general store business, so what they just want to study and become Engineer. I given them full permission to do so.

 

[aninditasen]

The ideal thing about building a business that would survive across generations would be that after you are weak, you handover the business to one of your children to manage and help the family.

But what do you do when all your children are not interested in your business and are in other career paths?;

It happened with one of uncles. He had to run the business through his employees.

 

[eLdavis]

In a situation like that, I would get someone else to manage the business but at the same time get a lawyer to help me arrange things in a way that the business still belongs to my family, so the outsider cannot take it for themselves when am not around and certain persons percentage has to go to my family.

 

[Suba]

Everyone has different talents and abilities, if your child is not interested in your business, you can ask your child about their achievements at school, maybe they are interested in becoming a doctor or soldier, and you must support their dreams.

 

[Augusta]

Sometimes you might just have to speak to them to see the need why they should get involved but don't force it.

 

[freelancermaria]

If that is the case, I will go and find someone reliable, honest, and hardworking to help run the business. I will also employ the services of a lawyer to help with decision-making. If the kids are not interested in taking over the business, that is fine by me. I won't push them into something they do not want to do.

 

[Nomad]

If you have a sole ownership business and if your kids are not interested, you can sell it

 

[Augusta]

You can bring in others that are interested in the business to run it. it would be better than way

 

[Springtime]

Let the child do what s(he) is interested to do. You may promote someone or hire a professional to run your business.

 

[Fidelia]

Every business should prepare for a situation like this ahead of time. That's where systems and structures come into place. Every business should ensure that there is a system and structure from which leadership would emerge in the organisation.

 

[kerryjoy]

Business owners and professionals might opt to close their businesses if their children are disinterested or if they don't have children at all. They may then sell their assets and retire, even though they might encounter challenges in their old age.

 

[King Belieal]

Business owners and professionals might opt to close their businesses if their children are disinterested or if they don't have children at all. They may then sell their assets and retire, even though they might encounter challenges in their old age.

It doesn't make sense to close a business because you don't have a child to succeed you. That is short sightedness. You can still appoint someone after doing due diligence and have him run the business.

 

[Kross]

If it is a company, it would be easy. Or of it is just a sole proprietorship business, the owner can just incorporate and turn it into a company with shareholders and board of directors to manage.