Bringing Children Into The Family Business episode artwork

EPISODE · Sep 16, 2009 · 2 MIN

Bringing Children Into The Family Business

from Financial DNA - Discovering Your Unique Financial Personality for a Quality Life! · host financialdna

In my work with entrepreneurs and family business owners there are quite divergent views about whether to bring children into the family business when they are young adults, or even at any stage. Some say never and others have a desire to perpetuate the family association with the business. There are cases for both. Of course, rationality plays into it and the family legacy. In my own case, I had to work through many of the issues because our family had a pastoral (cattle ranching) business which I eventually managed for a number of years. I enjoyed it from a business perspective but ultimately did not have the passion to make it a life long endeavor. My brother was not interested at all. The big issue is, do the children want to be involved in the business? Then importantly, what is their passion for the business?

In my work with entrepreneurs and family business owners there are quite divergent views about whether to bring children into the family business when they are young adults, or even at any stage. Some say never and others have a desire to perpetuate the family association with the business. There are cases for both. Of course, rationality plays into it and the family legacy. In my own case, I had to work through many of the issues because our family had a pastoral (cattle ranching) business which I eventually managed for a number of years. I enjoyed it from a business perspective but ultimately did not have the passion to make it a life long endeavor. My brother was not interested at all. The big issue is, do the children want to be involved in the business? Then importantly, what is their passion for the business?

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Bringing Children Into The Family Business

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This episode was published on September 16, 2009.

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In my work with entrepreneurs and family business owners there are quite divergent views about whether to bring children into the family business when they are young adults, or even at any stage. Some say never and others have a desire to perpetuate...

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