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[IB DD]

One of the challenging issues with businesses is succession planning and that is the point where some businesses get it all wrong and crumble. One question that has to do with building succession for business is if the helm of management succession should be bequeathed to the offspring of the business founder or to a staff in the business.

Some people would argue that it is just right for the management after the founder is gone to be given to the son or daughter of the business founder to sustain the founder's legacy in the business. Others argue that the task of managing a business after the founder is gone should be given to a loyal staff who has worked with the founder for a long time to know the nitty gritty of the business.

Which side of the divide do you stand on this?

 

[freelancermariagrace]

To be honest, it's a difficult decision, especially if your child doesn't know how to run a business. However, almost everything can be learned nowadays. So, I will teach my children how to handle the business from a young age. I will enroll him or her in an online course or even encourage him or her to take a business course in college, but the choice of course is entirely up to him or her. Or if he or she can't really handle it on his or her own, I will employ someone who can help him or her run the business.

 

[IB DD]

Before handing over your business to your child, you really have to be sure that you have truly assessed the character of that child even beyond business qualifications. Is that child persistent enough not to sell the business in times of challenges? You cannot hand over a business to a lily livered offspring no matter the qualifications.

 

[Flower]

It is important to decide whether to handover a business to an offsprings or a senior staff. The reason is that you need to hand over to someone who is competent. Although the decision is complex but you need to look at the vision and long-term goals of the company.

 

[Lens_]

Continuity will be achieved if you hand over your business to an offspring and it will be save the family legacy as well but it is essential to access their qualification, skills and commitment before this is done.

 

[Flower]

Choosing a senior staff member to take over the business would definitely bring a fresh perspective and there's going to be what is called industry expertise . Their would be proven track record of leadership which will drive growth.

 

[Lens_]

Consideration should be given to individual experiences and they should also take into account the dedication and the alignment with the company's values before they choose someone to take over the business.

 

[Flower]

An offsprings that has deeper emotion for investment especially in the business would bring the sense of responsibility and he is also going to uphold the family name which could be an advantage for the growth of the company.

 

[Lens_]

A senior staff may bring valuable insights and strategic thinking that he he has acquired for many years into the company because he has got industry experience and this will contribute to the long-term success of the company.

 

[Flower]

It is very important to access the compatibilities and readiness of the candidates that is to manage a business. It is crucial to consider factors like leadership skills, business acumen and and also ability to manage the stakeholders.

 

[Lens_]

Transferring ownership to the offspring can bring sense of continuity and stability and this is very important because it will be responsible for the growth of the business and it will create an intimate understanding.

 

[Flower]

Succession plan should be based on meritocracy and it should not be based on family ties because it's is important to put someone who is qualified to lead the business regardless of relationship with the person that own it.

 

[Lens_]

Injecting the rein to a senior staff member is wonderful because it will bring new ideas, it will inject vitality and Innovation into the business . It will also build on the existing strength.

 

[arunima25]

No matter how professional and pragmatic one might be, human beings can not get rid of emotions and feelings. And it does impact their decision in a big or small way.
So, this would be a tricky situation. If it's a family business, one always wants to pass it on to next generation. No one wants their blood and sweat to be inherited by someone out of their bloodlines. Most people do that. Very few go with what is good for the business.
Some take a mid way. They pass it on to the family but let the experienced employee enjoy a good position and power in the business and train and groom the new person. That's a tactful way to handle the situation.

 

[Ben Kempton]

Transferring ownership to the offspring can bring sense of continuity and stability and this is very important because it will be responsible for the growth of the business and it will create an intimate understanding.

I think that the business should be handed over to the offspring at the right time and in the right manner. It would be far much better to train them and make sure that they are prepared both mentally and physically to conduct the business. However, things could be pretty tough in case if they are not capable to do so. Entering the business world at a very young age is a great thing to do.

 

[Wisdom01]

I think decision of who should take over a business depends on various factors such as the individual's qualifications, skills, experience, interest, and ability to handle the responsibilities that come with running a business.

 

[kayode10]

One thing I am going to say is that you should hand over your business to the competent hand. The best thing you can do is to make your son the one of the largest shareholder in your company and use your senior staff who happens to be a competent and to head over the company.

 

[holie]

I think the business should be managed by the family members rather than an outsider outright. The owner or the founder of the business would like continuity of the business and family is the best to continue..

 

[Ben Kempton]

I think the business should be managed by the family members rather than an outsider outright. The owner or the founder of the business would like continuity of the business and family is the best to continue..

It may take a lot of time and effort to train your children. Children of businessmen may not be interested in taking over the business or handling it. This is why there are many people who always struggle. Under such kind of circumstances, you should make sure that your children are mature and capable enough of handling the business. This may require them to expose to the business environment at an early age.

 

[HussainSherazi]

It may take a lot of time and effort to train your children. Children of businessmen may not be interested in taking over the business or handling it. This is why there are many people who always struggle. Under such kind of circumstances, you should make sure that your children are mature and capable enough of handling the business. This may require them to expose to the business environment at an early age.

Every person should be rational about their offsprings.
In case children have spark, train them at an early age to manage the business.
In case children does not have spark or not interested, the business should be handed over to a senior officer. However, a proper legal mechansim should be set to give monetry benefits to the children.
This will ensure the business is not ruined but children are safe from the harshes of the world.