What are the ways of making a business live longer after the owner's death.

[btaliat]

While others were felecitating and making merry during my boss, an owner of a school, birthday, I was indifferent. I was busy staring at her head that have all covered with grey hair symbolizing old age.


I was not wondering about the old age but the school that she is running. No sign of preparedness for the continuty of the school. Her two children refused to work in school.

This has been the plight of many business owners. They don't really prepare for the future of the business especially after their demise.


Business owners should therefore try to make their children fall in love with the works they do. This will enhance the continuity of the business after the demise of the parents.


Another option to make a business lives longer even after the demise of the owner is to make it open to share holders. Shareholders can still continue to be running the business and the owner may be the chairman of the board.

Which other way you think can make a business love long even after the owner's death.

 

[Alexandoy]

In our culture it is normal for the children or the next generation (nephews or nieces) to be assisting in the business especially when those assistants can be hired with a good position and salary. In my first job, the owner was a family that the chairman was the patriarch and the president was the son. Other relatives are also occupying executive positions.

 

[btaliat]

In our culture it is normal for the children or the next generation (nephews or nieces) to be assisting in the business especially when those assistants can be hired with a good position and salary. In my first job, the owner was a family that the chairman was the patriarch and the president was the son. Other relatives are also occupying executive positions.

I followed up you post on family running a business that time you posted about it. But like I say in my one boss case, the children refused to be in the same business with their parents. And in my culture, extended family is fading. We don't even have anything to do with extended family when it comes to business. It is only during celebration or festives, not business.

 

[Mika]

If the business is a sole ownership business and if the owner does not have sons or daughters to look after the business, the business will probably die after the owner's death. However, for the business to survive, there must be someone to look after the business, it may be an heir or a partner. partnership enterprise and private companies can last long.

 

[SatoWay]

After all, the owner's children may not want to continue the business unless they are interested in a job or a profitable business. I would like to firmly manage the company that my parents established, but many people don't think that way.