Getting your kids involved with the family business - Top Tips
When you think about what kind of legacy you want to leave for your kids, why not an established business with a good stream of income. Business has risks, but if you’ve taken most of them already, passing your business on to your children is a great idea.
I worked for my Dad after I left high school, just helping out in the workshop, and driving doing deliveries. While reading through my emails, I happened upon this article from the Sloan brothers on their site startupnation.com. It describes the Ponzi family, who run a winery in the North West.
They offer some great advice on how to get you kids interested in the business in the first place;
Soft Sell. When it comes to getting your children interested in the business, a soft sell is better than a hard sell. Though the Ponzi children worked in the vineyards growing up, they did it by their own choosing. While Dick and Nancy knew their true hope was that the children would one day carry on the legacy she and her husband had created, they stuck to their strategy. “The children had to decide for themselves that they wanted to be a part of it,� Nancy told us. “In our early years, we made some bad agricultural choices, but one thing we did right was giving the kids the choice to do whatever they wanted with their lives. We didn’t force them into the business. There were no expectations.�
You can find the article here.
May 21st, 2007 at 7:02 pm
I think that is an awesome idea! I don’t think its good for everyone though because a lot of times people kind of force their kids into their business and you don’t want to do that. You want your kids to do something they have a passion for in life!
Victoria
http://www.about-sandiegoca.com/