Many Family Business Founders won’t Pass Over
The following is a list of reasons why founders won’t let go:
- “I don’t want to choose which of my kids will be the successor I name.”
The best way to resolve this is to have a meeting and get an indication from the children who would like to be involved in the business. A full discussion should be carried out and the person named to succeed should be the most qualified in terms of experience, education and desire.
- Too many people have died soon after they retire.
There is no clear correlation between mortality and retirement, but it is a good idea to develop interests outside the business once you retire. Many business founders’ health deteriorates because they have been used to being busy and having a purpose.
- “Without me the business would be nothing.”
It may be true that you are the person who has built the business and knows everything there is to know about it, but you will find that other properly trained people can also do as good a...
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