If you’ve been working for your family business for most of your life, you understand that family and business are often inseparable. That’s why it can be so important for the owner, whether your parent, grandparent, aunt, or uncle, that the business stays in the family for future generations. If presented with the opportunity, should you take over your family business? While you undoubtedly value your family business, take some time for reflection before answering.
Should You Take Over Your Family Business?
The short answer is: it depends. The long answer, however, begins with your relationships. If you’ve been asked to run your family business, pause and take a moment to assess your relationships. Which ones matter the most to you, and how will taking over the business change them? Maybe by becoming the owner you’ll be busier at work and have less time to spend with your family. Maybe you and the former owner will grow closer by working on the future of the company together.
Do you want to take over the family business, or do you just feel obligated to? No one can answer this question but you. Write down your goals to identify if you love what your family business does. If you’re not passionate and all-in for the family business, then this might not be the right fit for you. If you are going to take over the family business, you need to be sure that this is something you will enjoy doing. You also want to assess how it will affect your most important relationships. If you don’t absolutely love the family business but feel obligated to take it over after your parent retires, ask yourself why. Is it because you believe in the mission and vision of the company and are dedicated to see it through? Or is it because you’re the only family member left who could lead the business, forcing you to do it even though you don’t want to? Remember: both you and the owner want a good, prosperous life for the business after the owner retires.
Advisors for Taking Over the Family Business
For over 20 years, the Transition Strategists have helped families pass down their business to the next generation. If you’re asking yourself, should you take over your family business, reach out to start a conversation. Not only can we help you with that decision, but we can also help your family business carry on the legacy. If you’re unsure about whether it’s the right idea or how it will work, contact the Transition Strategists today for a free consultation.