Do you think you can actually hand it over to someone else and it would still run smoothly? For example, if you have sons/daughters, if you decided to retire one day and pass it on to them, do you think it will be easy for them to pick it up and continue the business and perhaps even pass it down the line?
My main offline business has been in the family for more than 150 years. I can assure you that even the most stable of businesses can be threatened by many possible changes. And you can never be sure for how long the family will want to carry on with the business.
I wish. I don't see a reason why it will not happen . As long as you make sure you teach them the right things.
It's hard to pass on this online business thing, but no other choice beside shutting down whole business.
i hope it would still continue its success...i know it is not that easy but i know through process they would also succeed...
It would be hard to give it to a stranger, but I could give it to my son because I would have a lot of time with him to teach him about the business. I think that most of time (not always) closest family are the people you can trust to put as much heart into your business as you did.
It depends on what kind of person you are... I never fancied myself a "controlling person" or "micro manager"; however, I have recently give away some big responsibilities in my companies. I had to do this to make time for other things. It was a big step for me. Initially I was checking on things every 30 mins, and still wanting to do some of the stuff myself. It was too much! If you have GOOD people that you can trust (and you should be able to since you CHOSE them) - than it will behoove you to just teach them and let them run with it. Of course you need to follow up, but trying to split total control never works out well. My opinion, for what its worth.
It also depends on the business. Some businesses are easier to run than others and require less creative genius so to speak. However a business that attributes its successes to the entrepreneurial vision of a few (such as apple) will require specific individuals to take cover and not just anyone including son/daughter.
For me, I incorporate the company, so basically we have a few directors, when I retired, it was more of handing over to one of the other directors. But of course before this, you need months and months of preparation and having him understudy for quite a while. One thing about running a business is, make sure that no one is indispensable. This is the only way by which a business or company can survive long term.
Li, this is what every parent (with its own successful business) has in mind. Parents will always try to give "free money" to their kids. Why start their own business that will take years? The business can run smoothly when their kids have the same passion and knowledge like their parents. They need to have the same relationship their parents had. If they think that they will just sit around and do not care about their customer the business will definitely fail. If I pass my business to my kids? Well, I do not have kids yet, so I will have to reply on this thread in at least...20 years!
I wouldn't worry coz there is a team of professional helper who are my trustable helper will be assist my son when i retire.