Family businesses are nice. I have a small taste of it when I use my family to help with my business, from time to time. One of the recent episodes of CNBS’s The Profit with Marcus Lemonis is about how a father had to let go and give his son room to grow into running the family business.
One of the challenges of running a family business is what to do when your children (or other family members) are no longer interested in managing the family business.
You might have to look to selling it to those who are not int the family – ending the “family business”
The Wall Street Journal writes:
Mr. Morgan said he and Pac Paper’s longtime co-owners agreed to a sale after realizing the next generation wasn’t likely to take over the company—and that good offers may not stay on the table forever. A sale “was the best way to keep family unity,” in the future, he said.
Long before you enter retirement years in your family business be sure to have a succession plan and/or know if your up and coming family want to take over the family business.