Why Children Should Start Learning About Your Business As Soon As Possible
Being the owner of a successful business and a proud father/mother is a matter of joy and delight. You can provide your children the finances they require during their growing years, including those that they require for their education. However, there is one point that most successful business persons, and in certain cases their kids, often tend to overlook. The former do not care to educate their kids about their business and the latter tend to spend more of their spare time playing instead of trying to learn a bit about their parent’s business.
The Real World
Competition is getting extremely tough and it is very difficult to establish a new business. Apart from that, it needs many years to make a business successful after starting it. Under such circumstances, inheriting an established business is a bonus indeed. However, it takes time to understand the intricacies of a business, learn how to run the show successfully, find out about potential risks, establish a relationship with existing clients, etc. It is keeping these factors in mind that your children should start learning about your business as soon as possible.
Life has no guarantee. You cannot be sure how long you will survive. A sudden accident or even a major illness might result in your demise. If your children do not learn about managing your business, what will happen to the same, once you are no more? In certain instances, family owned businesses become so controversial that a majority prefer to sell the same rather than deal with controversies amongst the family members. This is yet another major reason why you should groom your children about your business as soon as possible.
It is a wrong notion if you believe that you can groom your kids overnight and turn them into a leader who is strong enough to run your business. According to statistics, merely 30% of family-owned businesses successfully pass on to the next generation. This figure dwindles to 50% regarding businesses that successfully pass on to the 3rd generation. The main cause behind them is the reluctance of the kids to learn about their family business from a young age. Their parents are also to blame. They do not spare time to plan a successor for their business.
If you are the owner of a family run business, it is your bounden duty to plan the basics of teaching your kids about your business. You should begin grooming them from an early age and plan when you should hand over the management of the company to them. If you have more than one kid, then you should groom one of the older kids as a successor. It is a wise idea to ensure that other members of your family are present during the discussion stage.
Do not take age and gender bias to determine the best leader among your children. Rather, choose one who has the ability to run the business. You should also keep in mind that the chosen person would require time to gain sufficient experience to manage the business successfully.
Hence, the sooner they start learning about the family business, the better.