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I am a parent and in freelance that means something you know i want to give my kids the best of the best or the best of what i could with what i got. And, my point is there is going to be some time in every parents life where they feel the need to pass down, should i say the family business , so how do i decide when my child's ready? Being raised around the business they are going to grow with an understanding of it early, but when is the right time too finally pass the torch? Does is fall on age, knowledge, or experience? i would love to hear your thoughts.
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TommyCarey
Figuring out when they're ready is difficult. If you give them a management role too early, you're business may get hurt due to the maturity level of your child. If you wait too long, your child may have their own career path and not want to work for the family business.
I think you would need to start them working as soon as possible and make them work their way up the rankings of the company. This will allow them to know every aspect of the business, even more so than yourself, and they will be able to manage better when they get older.
I would say that high school is too soon because not many kids are mature or responsible at that age. Sure their are some exceptions, but even then those kids might give away a lot of free food, drinks, etc. to their friends and it will hurt your profits in the end. Maturity level paired with the right age will determine when it's the right time to pass the torch. If your kid goes away to college and gets a bachelors in business administration just because they want to come home and push the business to an even higher success, it shows they are dedicated and deserve a high management position. The dedication will most likely get them the torch quicker than they think I've always wanted to start a bar and grill so that I could have a physical business. I've always had digital businesses where I help people with their websites and rankings, it would be nice to be able to have something at a physical address where my kids could work and maybe become owners down the line. Figuring out when they're ready is difficult. If you give them a management role too early, you're business may get hurt due to the maturity level of your child. If you wait too long, your child may have their own career path and not want to work for the family business. I think you would need to start them working as soon as possible and make them work their way up the rankings of the company. This will allow them to know every aspect of the business, even more so than yourself, and they will be able to manage better when they get older. I would say that high school is too soon because not many kids are mature or responsible at that age. Sure their are some exceptions, but even then those kids might give away a lot of free food, drinks, etc. to their friends and it will hurt your profits in the end. Maturity level paired with the right age will determine when it's the right time to pass the torch. If your kid goes away to college and gets a bachelors in business administration just because they want to come home and push the business to an even higher success, it shows they are dedicated and deserve a high management position. The dedication will most likely get them the torch quicker than they think :D
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