How can family business owners prepare their children to manage the business?
What will be an ideal response?
Often, children raised in a small business become bored or uninterested, or simply lack the drive and desire to succeed that had motivated their parents. The two primary reasons children follow in their parents business are to make money and that they like the business. One way to prepare children to take over the family business is to let them work on simple jobs, or on a part-time basis, which provides insights that may influence them into-or away from-the company. Children can also prepare by working for another company in order to broaden their training. Such experience helps justify moving a family member into the family business at a higher level. It is not a good policy for a son or daughter to work in senior management until he or she has worked for someone else for at least two years. Children should be rotated in varying positions within the business. Finally, if the newcomer is ready to learn the business, true responsibility must be given.
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