Do you know anyone that has a family business? What if no one in the family wants to take over the business when the older generation is ready to retire?

It is getting more popular that younger generation all have their own dreams or goal, they might not want to continue the family business. In this article, the Simpson family is going through the handover process of the business, and the father is planning to let the son who has more passion about doing business rather than passing it to the elder sister. In my opinion, this is a really reasonable decision unlike some of the traditional Chinese families just keep passing on their family business to their oldest son. I think the traditional Chinese way of passing the business on is not effective or it even lead to the decline of the business because the decision was irrational, not knowing what the children really want and blindly making him to take over the work.

In the article, it showed 33% of the family businesses don’t have a leadership succession plan, which may cause you a lot of trouble when the time comes. Because once the time has come, you will not have time to think through all the possibilities and who can be the one that you can trust and  pass the business on? “Do you want to run the process or do you want to be run by the process?” Hughes said in the article.

Source – http://www.canadianbusiness.com/insights/family-succession/