It’s another great weekend, though it is fast moving to a close.
Before we kick off with another busy week let us consider a few tips on how to successfully hand over a family business. The majority of businesses globally are family businesses and this is why the succession element is critical, otherwise decades of hard work by the founders or parents could end up in the drains due to poor handover of the business to the next generation. Family business succession or transitioning a family business to the next generation is not a small thing and should not be treated lightly as many people do.
In Part 1 of my article, I intend to basically address key considerations that an entrepreneur should take into account way before even starting the handover or transition process. I will do another blog on issues to consider during the transition. The long time before that handover requires many considerations, and these are the issues for my blog (rather our blog) today as I believe you are a critical part of this whole blog idea on this site. The focus is you my dear entrepreneur.
In my opinion, an entrepreneur needs to consider the below issues several years before he or she begins thinking of his or her final exit.
Ok. I will have another swift landing today, due to the fact that I have written so much. I need you to continue coming back to this blog, so I will be wise enough not to bore you with extra-long blogs!
The Wise Entrepreneur