Taking over family business

[eLdavis]

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?

I believe this might help to some extent but in a situation where maybe you do not have a family member with this skills I think it would be best to sign a legal agreement with whoever you hire to run the business. In this way if anything goes wrong, the law is there to back you up.

 

[Adecyptii]

I believe this might help to some extent but in a situation where maybe you do not have a family member with this skills I think it would be best to sign a legal agreement with whoever you hire to run the business. In this way if anything goes wrong, the law is there to back you up.

Yes This is a very good idea,but I think it is also risky,when it happens to be that you totally don't have idea about the business, the person might hoodwink or cheat you.

 

[btaliat]

I don't see anything wrong in taking over family business but I will make sure I am qualified for it before I take over it. If I am less qualified or competent to run the business, I may give it for the next person in line to continue running the business.

 

[kayode10]

Taking over our family businesses are one of the ways to ensure that the business continue to survive. Why you are taking over the business it is good to also take care of children along and pass it on to the next generation.

 

[Godspower]

Taking over our family businesses are one of the ways to ensure that the business continue to survive. Why you are taking over the business it is good to also take care of children along and pass it on to the next generation.

Taking over family business will ensure continuous survival of the business. However, a business should only be handed over to someone who is passionate enough about it in order to ensure the same productivity.

 

[Alexandoy]

My wife's assistant in the office is still working in the bank. Their family business which has grown is managed by his parents. I guess when the parents die the son would handle the business. It is a canning factory of meat and fish that employs more than 100 workers. It is a big business in the province.

 

[Setho]

This is something that is inevitable and I am very sure that the relative gave me the business because he is sure that I might be able to manage it. I am not going to feel any kind of emotional whenever I am doing it.

 

[Hrtbeat]

If I'm well qualified and capable of such business, I will take over it. If otherwise, I employ a well qualified person to manage it.

 

[Mildred254]

I don't think that can ever happened where I come from. Usually your children take over your business and proper but it is not like we come from a family that own businesses. I would also not like the idea of running a new business especially if I wasn't even aware about it.

 

[Matan_z]

I think it depends on the business, after all I really don't want to work 24/7 for a company because then I won't have my own life and desires which I cannot give up on. I believe that I would let somebody else who knows how to be a good CEO to take care of things, because I am not the kind of a man to handle businesses/companies it doesn't fit me simple as that.
I will let somebody else to do the hard work and I will get paid because I will become the owner, but anyway I'm sure that none of us want such a day to come because we love our relatives .

 

[Shigobad20201]

If I'm well qualified and capable of such business, I will take over it. If otherwise, I employ a well qualified person to manage it.

Even if you are not qualified , I mean in the aspect of educational qualifications, you can still learn about the business within some period of time and take over the family business or rather get a professional assistance without sidelining yourself.

 

[Chibson]

I have seen a situation whereby people take over the business of their relatives and they end up making it successful.

There are also people that take charge of the business of their relatives who are no longer alive but they are not able to succeed. This is why it is always very important for you to try as much as possible to teach your children the kind of business you are doing because they may take over tomorrow and make it even more successful.

 

[Shigobad20201]

This is something that is inevitable and I am very sure that the relative gave me the business because he is sure that I might be able to manage it. I am not going to feel any kind of emotional whenever I am doing it.

The best thing to do when you knew you are the next in line of succession to the family business is to start learning everything concerning the business , so that you won't look like a Novice when the time comes to take over.

 

[Robust]

Taking over some family business is a very good thing and it is left for you to make such business to grow and profit should be coming by making a good and proper business plan.

 

[Popular]

There are many people in my country that usually take over there family businesses and are trying there best to improve the business to a greater high. most of them need a very good business plan to start.

 

[Kelly5]

A relative who puts your name as his inheritor knows you deserve such that's why he named you before his or her death to take over business affairs. So you have to do honor to that relative of yours and step to stay running things wether you choose to take bereavement break or not.

 

[Shigobad20201]

When you are taking over any family business , you must be serious , hard-working and consistence because their are some family members that will says you are there to embezzled money.

 

[Good-Person]

I am not running any kind of family business right now and I do not plan to take over my family business in the future either because I would like to start my own business. Having said that, right now, my family does not own any business at all.

 

[Shigobad20201]

You are right, my family doesn't have any business thatbi can talk over currently and moreover , I don't like running a family business because it won't give you enough time to run your own .

I am not running any kind of family business right now and I do not plan to take over my family business in the future either because I would like to start my own business. Having said that, right now, my family does not own any business at all.

 

[Kane]

It is easy to continue an established business rather than start a new venture. If your family business is functional and if you have an interest in running a business, you should continue with your family business. However, if you are no longer interested in running a business and do not have interest in your family business niche, you should avopid doing it. If you do something you are not interested in, you cannot become successful