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Successful entrepreneurs share one very important thing – passion.
They have the drive to get up every morning and push their business to success.
Business owners who intend to hand their family business on to the next generation should consider that passion for your business isn’t something you can pass on when you give someone the keys.
Your children may have worked in your business since they were very young, but ask yourself this: if they could have chosen to do anything, would they choose to do this?
What happens when a family business is handed down to someone who either lacks the drive to be a successful entrepreneur or doesn’t really want the business they are given? The business takes a nose dive and dies. We’ve seen it happen many, many times.
Want a better outcome and future for both your business and your kids? First and foremost, ask your children about their own passions. If running your business for the rest of their working life doesn’t make the list – sell your business instead.
Selling means you can get a return on the personal investment you’ve made in your business. You can use that money to enjoy your retirement or perhaps to invest in a business that your children actually want. This way you can continue the entrepreneurial tradition of your family while preserving your children’s potential for success by allowing them to do something they really want to do.
Don’t let an unwilling heir run your business into the ground. Sell instead!
Are you worried that your children don’t have the drive to run your business once you retire? Would you like to know more about how to sell and then reinvest in a business where they could be successful? Feel free to contact us today.
Michael Monnot
941.518.7138
Mike@InfinityBusinessBrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907
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