how do you take over a family business?

Question

I am working at my family's business, and have been told that in the next few years I will assume the position as the leader/owner, and am looking for advice on how to create a plan for succession.

Answer 1

Make sure you learn all aspects of the business, this includes:
- Know how everything works or how it is made or grown,
- Where & what are your all your sources of materials & supplies,
- You need to know where and who your customers are and how to contact them,
- Know how your goods are or services are delivered to your customers,
- Know how to get new customers or how to expand the operations,
- And most important you must know how to keep tract of your accounts, cash, inventory control, accounts receivable etc. Your employees will steal from you, but if you are careful & wise, stealing will be manageable.

Depending on the type of business, you can change everything into your name. But you should have your accountant help with this. He should tell you if you need legal advise.

Is this a Corporation or an individual Proprietorship? A corporation may require an amendment.

And don't forget about marriage, if you get divorced you need to make legal decisions and make proper legal documents so that he doesn't take the family business away from you.

You are very lucky to have your parents.

Answer 2

1. Carry out a survey/review of the business culture within the organization in the past three years.

2. identify if such cultures run in sync with the objectives of the business

3. Study if business partner conforms with market trends

4. Have a new goal to make the above work and give a tim frame for achieving it.

5. Always have this in mind that you can do it and others believe in you so you must believe in yourself

Answer 3

I agree with what others has already mentioned. However, there is one important area that need to be emphasized - nurturing relationships with customers, business partners and vendors.

People generally don't like changes, and chances are your customers, business partners and vendors wouldn't either. Remember how kids treat their substitute teachers or we stop going to our favorite restaurant because it is under new management.

You have to make sure you don't loose customers during the transition. Your business partners treat you with the same respect. And your vendors will trust the new owner and willing to sell you goods on the same or better terms.

Best wishes.

Answer 4

You will know once you are there. In the meantime I suggest you learned all you can while working there. eventually you will see what is working for the business and what isn't working. I am not sure what kind of business your family have so it's hard to give suggestion.

Answer 5

murder the current owner. ( just kidding!)

Observe and work with the current owner as much as possible. Work now to gain the respect of your workers, even the lowest one on the pole.