Create a business to pass down
Did you know that around 90% of all business enterprises in North America are family firms, according to the US Census Bureau? It’s natural for families to want to pass down the business they’ve probably put more than a little elbow grease behind to their children.
70% of families want to pass down their business. But only 30% of those are successful. Why? Because the person who’s going to take over needs to understand the industry and be willing to invest not just time but other resources into the business in order to keep it afloat.
So, before you pass your business down, make sure you teach your family the ropes. It’s not enough for them to see long-term profits, they also need to know what to do in order to maintain them.