Whether your business started with success or it took years to refine your brand, your company has been an essential part of providing for you and your family. As you began to build your success, you may have thought about your children being able to continue your legacy and your business.
Finding out your children are not interested in taking over your company can be difficult. Suddenly you need to reevaluate your succession plan and the future of your business.
Here are a few options for your succession plan when your children do not want to inherit your company.
Giving them an alternate role
Your children likely watched you put in long hours building your business. The hours are paying off now, but they may remember the effort it took to get there and want a different path.
Rather than an all-or-nothing approach, your children may be interested in a role where they have influence but not direct oversight. This can relieve some of the perceived pressure while leaving your company in the hands of someone excited to fill the role.
Selling to a partner or coworker
During your years in business, you may have hired on a few people who have the potential to fill your shoes when you are ready to retire. As you start thinking about your succession plan, you may want to talk to them about options for purchasing the business.
On the other hand, if you already have a business partner, they may be interested in buying your share of the company and taking over when you are ready to retire.
In either scenario, you may need to consider financing options for someone who is interested but might not have the cash available when you want to sell.
Considering an outside party
During your time in business, you have likely gotten to know others in the same or similar industries. If you have a positive relationship with one of these companies, you may want to consider approaching them to see if they would be interested in a merger.
Often, a merger can benefit both parties since they have experience doing business with you, and you can know your company is going into good hands.
Creating a business succession plan that supports you and your company can take a lot of planning and coordination. It is essential to talk to a skilled professional about your options.