Your successful business is one of the most significant parts of the legacy you leave to your children. Not only this, but business ownership will allow your children to utilize their talents and sustain the wealth of your family. Here’s how to foster those talents and prepare for succession.
As with most aspects of estate planning, preparing children for the potential role of business owner demands that you be proactive. For instance, it’s important that your children are able to develop a positive outlook on the family business as early on in life as possible, including a curiosity regarding its inner workings and a desire to learn more about it. Facilitating this can be a highly subtle process. One major factor to bear in mind is the overall identity of the company as family owned and operated. Never underestimate the effect that a healthy corporate culture can have on your child’s desire to become a key part of it.
A Genuine Role
When it comes time to make your child an active member of the team, one common mistake is to generate a less-than-essential role in the company specifically for this purpose. This will likely backfire and send the message that it’s your child’s last name that earns them their position, rather than their abilities. Instead, develop a sharp awareness of each child’s strengths and individual attributes, not to mention their level of interest in playing a long-term role in the business. This will allow you to be discerning about what position will foster their talents and give them the experience and skills they need to pick things up where you leave off.
Don’t Go It Alone
Family business succession is a long and often nerve-wracking process. It’s natural to feel a bit overwhelmed by the task of ensuring that your child or children are prepared to take the wheel of your company. However, every step of the way, one of the most important things to bear in mind is that you’re not alone in making this happen. The company you’ve worked hard to build is undoubtedly made up of an excellent team who can help your child develop into the kind of employee that will continue to foster growth for the family business. Not only this, but a strong estate planning firm can assist you through this process on multiple levels.
MacMillan Estate Planning is committed to safeguarding the current and future security of your assets. You and your family deserve not only this, but an elite and considerate experience every step of the way. Call us at 1-833-266-6464 or download our free self-planning checklist today.