Taking over family business

[Kane]

Sorry , maybe when you took over the business you were naive and you didn't have much understanding about how business is being done, this mostly happened to a lot of people even matured people that have a good understanding or business.

Some business are deemed to fall because it is their fate. The business failed not because I was naive, it failed because it was started with the wrong idea in the wrong time.

 

[Sotherefore]

Some business are deemed to fall because it is their fate. The business failed not because I was naive, it failed because it was started with the wrong idea in the wrong time.

You should have learnt how the business is being managed from people who manage the business previously maybe with this you could have gained a better understanding of things you could have done to revive the business. Not all business are meant to fail.

 

[Kane]

If you look in the market, you will see a lot of businesses are failing. More business fail compared to the businesses that succeed. Sometimes business fail even when you have skills and knowledge to manage it.

 

[Immilash1]

if I am the one I will take good care of the business,but to take the business one has to be rezeelient,you need to put more efforts, without your efforts the business might collapse easily.

 

[Kingstone]

This has now become a family business. If it isn't automatically willed to me, I will have to consider those that are capable of handling it. The business needs to keep running after the demise of the owner.

 

[kayode10]

It will be easier for you to take over a family business if you have been part of the business for a long time. You would have been familiarised with some of the operations and all things is being done in the company.

 

[Syldan]

Seriously taking over family business, is not an easy thing or task to manage, but it becomes necessary to bear the burden. I have been a victim of such situation which I lacks option to answer myself certain questions. Most especially when you are not familiar with the business and how it goes on.

 

[Thinker009]

The best thing would be to hold on for a while and still make the person second in charge to be in charge first , because the person needs to respect the dead and take decision wisely

 

[Stnicholaz]

it can be very hard for someone to take over a family business that has board of director behind it. It is the board of directors that will decide the person that will take over the business. But the case can be quite different with small-scale business.

You are spot on. Business that has shareholder and stakeholders that make up a board but your family is majority shareholder, don't really guarantee you to take over the business.

 

[kinqzbitz]

Well taking over family business is not always very easy because you have to try and keep up with the already laid down standards of the company so that is it is

 

[Toyoabasi]

Taking over a family business is more like a generational or hereditary ownership. It's a good thing because such a business can never be left vacant or not operating because most families wouldn't lack a capable hand to run the business when the older ones can no longer run it.

It has to be a business type I have devoted time to learning. If I am to take over the business, I have to undergo training on that business to avoid failures in the future.

 

[Adecyptii]

Taking over family business is not bad,I will take over the business if I have the necessary qualification and knowledge about the business, and if it requires more skill,I will make sure I go for training about the nature of it.

 

[eLdavis]

Taking over family business is not bad,I will take over the business if I have the necessary qualification and knowledge about the business, and if it requires more skill,I will make sure I go for training about the nature of it.

What about a situation where maybe the family business is not something you are interested in doing, would you still take time to study about it to take over the business or would you let it go.

 

[Heatman]

It's always nice to taking over family business when you have the support of the family and also you are innovative and you know how to handle the business because family business can be stressful everybody will want to know what you are doing and want you to be successful

Once your family have already groomed you to take active part in the family's business, it's all about getting committed to the business and taking the opportunity with both hands.

 

[Adecyptii]

What about a situation where maybe the family business is not something you are interested in doing, would you still take time to study about it to take over the business or would you let it go.

No only if I have interest and idea about the business,but if it happens to be that I don't know the skills and idea about the business, all I have to do is to bring someone that have idea about the business, someone that can run the business appropriately.

 

[eLdavis]

No only if I have interest and idea about the business,but if it happens to be that I don't know the skills and idea about the business, all I have to do is to bring someone that have idea about the business, someone that can run the business appropriately.

Though this is the logical thing to do but it still has it's risks I was once a news with an issue similar to this, they brought in someone to manage the business and the person tried to take over completely. What do you think can be done to reduce such risk?

 

[Shigobad20201]

Everybody must die in life, so if a family business is handed over to me , and i believe I have the capability of taking over the business , then I will gladly take over the business.

 

[greenie]

if he left me a successful business and trusted me to inherit it, why not take it? I would make every effort to take the business name further as long as he trusted me to leave the business in my hands, it means that I am trustworthy and that I can do more.

 

[Godspower]

Everybody must die in life, so if a family business is handed over to me , and i believe I have the capability of taking over the business , then I will gladly take over the business.

What if it's a line of business that you are not passionate about, would you still accept to do it or will you pass over the responsibility to another person?

 

[Adecyptii]

Though this is the logical thing to do but it still has it's risks I was once a news with an issue similar to this, they brought in someone to manage the business and the person tried to take over completely. What do you think can be done to reduce such risk?

Yes it seems to be risky,I think the only way out here is just to bring someone you trust, either friend or family member that can do everything appropriately, is there any way out?