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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?

 

[Wisdom01]

I think the most important thing is picking someone who is truly qualified and committed to taking the business to new heights, whether that's a family member or loyal staff. Line of succession shouldn't just be about legacy, it's about ensuring long-term success.

i think most critical factor in line of succession is identifying a qualified and devoted individual who can lead the business successfully. In addition, the idea of legacy should not be the only determining factor since long-term progress and growth must be the top priority.

 

[holie]

I think the most important thing is picking someone who is truly qualified and committed to taking the business to new heights, whether that's a family member or loyal staff. Line of succession shouldn't just be about legacy, it's about ensuring long-term success.

Most people can not be trusted even if they are qualified senior members of staffs. Many of them are very selfish and are only after what they can get from the business without minding if the company survive or not. They can walk out when the company collapse..

 

[Wisdom01]

Most people can not be trusted even if they are qualified senior members of staffs. Many of them are very selfish and are only after what they can get from the business without minding if the company survive or not. They can walk out when the company collapse..

i think is important for companies to have systems in place to prevent such behavior and create a culture of accountability and loyalty among their employees. Trust is important in any organization, and it is the responsibility of both management and staff to prioritize the success of the company above personal gain.

 

[Deyiang]

The fact is that I can not handle my business to a senior staff no matter how knowledgeable he may be.
Once I know that my child or my children are up to age of reasoning I will always go with he or she at least one of my child should be able to show interest on my business.

 

[magnus2022]

I will definitely hand over my business to my children except if the business is a partnership where i don't have full ownership. If i hand over my business to my offspring and they mismanage the business, that should be their problem. But is very important that you train your children in such a way that they have knowledge about your business. The business i am doing now, i learn it from my father.

 

[holie]

Almost every business executives and owners of multinational corporation are grooming their children and offspring to takeover the business when they retire. They feel more comfortable and relax with their children handling the business they built..

 

[Daniel084]

Almost every business executives and owners of multinational corporation are grooming their children and offspring to takeover the business when they retire. They feel more comfortable and relax with their children handling the business they built..

Passing a business to the next generation can help preserve a family legacy. But not all children may have the passion or skills required no matter how much grooming. Forcing a child into it could damage the business and family relations. The children's genuine interests should be considered too.

 

[holie]

Every one would like to handover their business to the family or an offspring. The reason can be that they have been there for him even before he started the business. He still the continuity of the business to go on within the family space..

 

[Zikonano]

Whether to hand over a business to an offspring or a senior staff member depends on factors like capability, commitment, and vision alignment. Both options offer advantages and challenges. Assessing qualifications, leadership skills, and long-term goals is crucial for a successful transition.

 

[Daniel084]

A business isn't something that can be handed over as a birthright without ensuring the one taking over has the desire, skills and commitment needed to lead it successfully. Sure, wanting to keep it in the family is understandable - the founder has put their heart and sweat into building it up. But the responsibility is to find the most qualified leader, even if that means going outside the family.

 

[holie]

If the offspring or the children of the owner is qualified to manage a s run the business, it should be handled over to them as they are one that can drive the business more than a senior member of the company. It is most likely that they have the same vision as the owner..

 

[Ofonime]

Business should be handed to offspring and not any other person because they are the person that will take charge of those businesses soon or later I'd your offspring manage your business very well definitely they will take good care of your business and their own property while a senior staff may not really go to that length

 

[holie]

If it is a family business, a member of the family should be trained to take over the business at the retirement of the business owner. But if it incorporated with board members in place the most qualified senior member should be appointed to take over..

 

[kayode10]

I will say that your business should be handed over to someone who is competent it can be your senior staff and it can be your offspring. If you are going to a in and over the business to your house make sure that they have been part of the business right from a long time ago so that they will understand nitty gritt of the business.

 

[holie]

It is of my own opinion that members of your family should have a stake in your business more than a third party. Many family business empires are being handed over to offspring and other family members because they can protect the family interest in the business..

 

[kayode10]

If it happens that your offsprings are still in the school you don't have any other option that hand over the control of the business to the senior stars is more competent among the rest. It is very good to have your offspring working with the tradition of the business for future takeover.

 

[holie]

As long as the offsprings are competent and reliable to run a business, they should be trusted with the business. But when the offspring are still young and unable to manage a business. A senor manager should be engaged pending when the offspring has come of age..

 

[Wisdom01]

As long as the offsprings are competent and reliable to run a business, they should be trusted with the business. But when the offspring are still young and unable to manage a business. A senor manager should be engaged pending when the offspring has come of age..

i believe that if the offspring is still young and incapable of managing the business, it would be wise to engage a senior manager, preferably someone with experience, to oversee the business until the offspring becomes capable of running it.

 

[Daniel084]

If it happens that your offsprings are still in the school you don't have any other option that hand over the control of the business to the senior stars is more competent among the rest. It is very good to have your offspring working with the tradition of the business for future takeover.

You are right, there is time for everything and if your child is still busy with studies, rushing into handing over full control of the family business doesn't seem like the best idea. The children are still learning and focusing on their education, which should be the priority at this stage of their lives. Later on, once their schooling is complete, they can be gradually introduced to the family business and given opportunities to gain experience working there.

 

[Wisdom01]

yeah Allowing them to focus on their studies during this important phase of their lives is essential for their personal and professional growth. Once they are ready to enter the family business, it's important to provide them with opportunities to learn and gain experience gradually