If you’ve been working for your family business, you understand that family and business are often inseparable. That’s why it can be so important to the owner, (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? Do you want to?
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 business, or do you just feel obligated to? No one can answer this question but you. Begin by writing down your goals to identify what you love about your family business and you potential role in it. If you’re not passionate and all-in, ownership might not be the right fit for you. If you are going to take over the family company, you want to enjoy the role as leader. 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 current owner want good, prosperous lives for each other and the business.
Advisors for Succession Planning
For over 20 years, The Transition Strategists have helped families pass their business to the next generation. Reach out to start a conversation. Not only can we help you make that decision, we can also help your family business continue its the legacy. If you’re unsure about whether transition to a family member is right for your family business or how it could work, contact The Transition Strategists today for a free consultation.
Read our book: It’s A Journey – The MUST-HAVE Roadmap for Successful Succession Planning. Contact us today for a complimentary consultation.
Elizabeth Ledoux is a co-author of the award-winning It’s A Journey: The MUST-HAVE Roadmap to Successful Succession Planning, as well as Accelerate Your Entrepreneurial Flight and Understanding the Growth of the Entrepreneur. She frequently speaks to organizations and business owners about challenges and opportunities in private and family business transitions, business and individual growth, and the business succession journey.
