Valuable Lessons > Family Succession
There’s no doubt that many business owners may want to exit their business to their children one day, however, what we’ve noticed at Buy and Sell a Business (especially in the micro market - businesses with a valuation of less than $5mm) is that most children don’t want to carry on the family business. After investing time, money and sweat equity into the business, many business owners are surprised to learn this.
Regardless of your plans, your children may have different ideas when it comes to the future of your business in relation to their life. Even though family succession may not be an option, it doesn’t mean that you can’t pass on other valuable lessons you’ve learned while building your business to your children.
How I Built This - a podcast about innovators, entrepreneurs, idealist, and the movements they built, asked this question on Twitter:
“If you are (or want to be) a parent, what’s one piece of advice you’re definitely giving your kids?”
The answers were great, here are a few:
“Hard things are important things. Challenge yourself.”
“Hot pans look like cold pans.”
“Get involved.”
“You’re in charge of two things: your attitude and your effort.”
“Take advice with a grain of salt. Experience life for yourself and learn.”
“Keep moving forward.”
Our CEO, Nunzio Presta, tweeted this:
“One is hard, I have three:
1. Kindness > Clever
2. Live with grit
3. Know when to walk away or try harder”
At the end of the day, whether you’re exiting a business to family or selling to a 3rd party, the most important thing to do is document everything you’ve learned so that you can leave a blueprint and build a legacy. This comes in the form of passing on values and learnings - the things that will last longer than the business itself, as well as have more of an impact to shape and move someone’s life.
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