7 Key Questions to Consider About Selling Or Transitioning The Company to Your Kids
Excerpt from my book 'Moving Forward'
The dream of many entrepreneurs and often times their spouse is to save the business for the kids. A few important questions first, before contemplating selling to your kids.
Answer All These Questions
Do they want to take over? Have you actually sat down with your children and asked?
Are they old enough right now to have the conversation?
Are they involved in the business today, either full or part time? Or even interested?
Are they qualified to run the business today? Working in the business is very different from working on the business. Are they even qualified to do the job they have now in the company?
Could they be qualified over time and with the right support? Can you afford to wait.
Can they afford to buy the business? The fastest way to kill a business is to give it to someone. You've heard the joke. How do you make a $1,000,000 business? Give your kid a $3,000,000 company. Sad but true.
What about the children who elect not to be involved? What do they get?
There are so many more questions you will need to ask them and yourself.
If you haven't had these conversations yet, you may be a little surprised and disturbed by the answers. On the other hand, this may free you up to make better decisions for the future of your family and the business.
If this email post resonates with you, there are 2 easy choices below. Pick one right now!
Cheers, Eric Gilboord
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