There’s probably no prouder moment that when an offspring takes over, hopefully successfully, from the parent(s).
However, getting to this point can be fraught with peril for both sides….offspring and parents.
Parents don’t do the handoff well, and the offspring in many cases aren’t ready to take over.
The bottom line is that both sides should take our family business course (S06) to gain a better understanding of how the process should go.
Ideally, parents should prepare and understand each other, in a business-like manner, writing understanding and agreements down. Offspring should be treated like free agents, not vassals, and parents should be treated with respect, not doddering idiots in need of a brain transplant.
And, I write this in view of the fact that working for, and later buying, my family business, started me in my entrepreneurial journey.
So, let’s get out there and do it right, family units!
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