Plenty of company owners expect to keep the business in the family, but that is not always possible. For many reasons, your children might be unwilling or unable to take on that responsibility.
If you own a business, it is natural to want to know what happens to that company after you pass away or choose to exit the business. Unfortunately, however, there are many situations in which your children may not be interested, willing or able to take on that legacy. It is often a default for many business owners to assume that someone in their family or some combination of their adult children will take things over. However, not every child wants to succeed with an established business.
In some cases, they may lack business acumen, be uninterested in the industry or the business itself, or simply want to forge their own path. This requires advanced and comprehensive business succession planning. The support of a business succession planning attorney can be helpful for supporting you through this process to answer the right questions, to determine which talent you already have on your bench and which people you would need to recruit and train in the coming years, and how to involve your children, if at all, in the transfer of your business ownership.
Many people assume they will stay in their business for many years. but a sudden disability, divorce or other change in your life might prompt you to rethink your business goals. Make sure you have an established business succession plan to help you document how that transition takes place and what to expect.