Curious on everyones take on passing the torch?

CryptoGuru Level X³

July 15, 2016, 6:58 pm

9

Write the reason you're deleting this FAQ

Curious on everyones take on passing the torch?

I am a parent and in freelance that means something you know i want to give my kids the best of the best or the best of what i could with what i got. And, my point is there is going to be some time in every parents life where they feel the need to pass down, should i say the family business , so how do i decide when my child's ready? Being raised around the business they are going to grow with an understanding of it early, but when is the right time too finally pass the torch? Does is fall on age, knowledge, or experience? i would love to hear your thoughts.

Comments

Please login or sign up to leave a comment

Join

TommyCarey

TommyCarey

I've always wanted to start a bar and grill so that I could have a physical business. I've always had digital businesses where I help people with their websites and rankings, it would be nice to be able to have something at a physical address where my kids could work and maybe become owners down the line.

Figuring out when they're ready is difficult. If you give them a management role too early, you're business may get hurt due to the maturity level of your child. If you wait too long, your child may have their own career path and not want to work for the family business.

I think you would need to start them working as soon as possible and make them work their way up the rankings of the company. This will allow them to know every aspect of the business, even more so than yourself, and they will be able to manage better when they get older.

I would say that high school is too soon because not many kids are mature or responsible at that age. Sure their are some exceptions, but even then those kids might give away a lot of free food, drinks, etc. to their friends and it will hurt your profits in the end. Maturity level paired with the right age will determine when it's the right time to pass the torch. If your kid goes away to college and gets a bachelors in business administration just because they want to come home and push the business to an even higher success, it shows they are dedicated and deserve a high management position. The dedication will most likely get them the torch quicker than they think

8 years ago

Are you sure you want to delete this post?

CryptoGuru

CryptoGuru

valid points man some valid points indeed , i am going to say i have to agree with you, that is probably the best way to make it happen , starting your child off as an employee and teaching them to work there way up, i can fully understand where you come from on this, you know you got to teach your child the discipline of working in a business and how to take things serious and that could be hard if you just up and give them a high role on your team , in order for everything to run smooth they have to grow with it learn too take it serious.

8 years ago

Are you sure you want to delete this post?

EliteWriter

EliteWriter

That's interesting. I was actually talking about this to my older child who is very interested in what I do. I guess it all depends on age, as well as the amount of interest your kid demonstrates. I strongly believe that parents should never force their business onto their children because they might not be that interested in that line of business. But as long as they show some interest, I guess that when they are say 15 years of age, they may be able to start getting some training and start off slowly. It would be great to assign some of my articles to my kids in the future, as long as they do a god job

8 years ago

Are you sure you want to delete this post?

CryptoGuru

CryptoGuru

yea i strongly believe that you should not force anything on your child , especially work . it is common knowledge that most people who are forced into a situation wont be happy with the position there in. so you do have a point , and yea age plays a factor you know your child has to be old enough to understand and comprehend the business so that they can work and help out effectively and not just waist time, we all want to see our kids do good and i think you have some valid points on how to get into the swing of things

8 years ago

Are you sure you want to delete this post?

ajlancer

ajlancer

Hi jkeyz2 thanks for your nice question. I always expect my son will do more best rather than me. I never expect he will does such thing, I mean freelancing. It is completely up to him. If he wants he can but he may do by his own way. But, I should try to make him as proper human to stand himself. And I always give priority what he think the best, it is freedom of his life. My child still very early age. And I hope he will does something special for his career, without following me. But if he curious regarding my profession. I should say him welcome to join with me.

Regards by Ajlancer

8 years ago

Are you sure you want to delete this post?

CryptoGuru

CryptoGuru

i like that man freedom of choice you know in life the biggest role model to a child is there parent , your the support system the back bone the discipline you are there whole life wrapped in one, and as parents you always wish and encourage the best for your children at all times so i can respect your views and what your saying about how you want your child to do better then you , nothing but the best, i respect it cause your not really ruling passing things on out, you just want to make sure your child knows that this world is full of options and that is great

8 years ago

Are you sure you want to delete this post?

Lynne

Lynne

I think it would all depend on the type of business, the age of the child, the maturity of the child and oh so many other factors.

I have seen on so many ocassions when a young, wet behind the ears and completely incompetent idiot is handed the reigns to a family business... the results can be horrendous. This young person can have no experience, hardly any knowledge or anything yet they are put in charge.

My family has a family business and I've seen lots of interesting things. I have no interest anymore in being a part of that business. I was there on and off for years.

I think if you want your child to be part of a family business they can certainly get involved young... but at the bottom and learn all about the business by working in it.

Let the experienced staff members and family teach them all about the business. Where it goes depends entirely on your situation.

I would love to teach my kids what I do and show them how to make a living without having to get a job and rely on anyone else. Imagine how awesome that would be? But of course I need to remember that they might not want to do what I do, they very likely will have very different ideas for a career.

8 years ago

Are you sure you want to delete this post?

CryptoGuru

CryptoGuru

yea from what it sounds like it honestly depends on the child , not saying that my girls are going to go into freelance but if the day ever comes were they want too learn i will most definitely take the time to teach them everything i know.

8 years ago

Are you sure you want to delete this post?

Corzhens

Corzhens

My career spans only 2 banks for my employers. The first bank is owned by a rich family and the chairman was a former senate president of the country. Before he died, he had appointed his son as president. And when the son died, the grandson inherited the presidency. Clearly, that’s a family corporation and it was expected for the patriarch to pass on the torch. At present, I am still employed with the second bank which is owned by the richest man in our country. The chairman is his daughter and probably she will be succeeded by her child. The passing of the torch is common here and I’d say I am also willing to pass the torch to my family’s next generation if needed.

7 years ago

Are you sure you want to delete this post?