What to do when you need to leave your business for a long period?

Alexandoy

VIP Contributor
This is an actual case that happened to my niece. She has a small store at home to be occupied while waiting for a job call. Her store was earning a good profit that is equivalent to the minimum daily wage here when her job application saw fruition. The job was in a cruise ship with a high salary.

She didn’t want to close her small store because there is already a market base and captive customers. Her 3 siblings are all employed and her mother is also busy with another business. What she did was to request her aunt to handle the store. Now the store is still doing good and the aunt gets 50% of the profit. Do you think it is fair enough?
 

Good luck

Verified member
You need to make sure your business is in a safer hand.you need to employ a very good person to manage it for you.You need a good Manager that is capable since you will not be available for a long period of time.A lot of people have run bankrupt due to who is managing their business for them.You need to be wise
 

kayode10

VIP Contributor
To be very honest with you the 50% the auntie is receiving his fair enough for the job done because if the store is closed up he is going to receive nothing. the 50% she is receiving is like a passive income for her. this gives your sister opportunity to earn more without lifting a finger. She is earning from multiple streams of income in that way.
 
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btaliat

VIP Contributor
Just like the first commentator has said, the best thing to make sure is that the shop is in the safer hand. But to be frank, I don't like the idea of giving the business to the family member, I would have preferred the shop given to strangers that will be earning commission.
 

kayode10

VIP Contributor
@Alexandoy I know someone who left his business and travel on vacation to United kingdom. He was able to do so because he has good people to manage the business in his absence. And he also did good thing for them by giving them fair share in the profit made from the business.
 

Mika

VIP Contributor
I think that's a fair arrangement. However, I think a better approch is to choose one, instead of two. If you are happy with your business why should you leave for a job and if you are earning well with job why should you take pain of asking other people to manage it. Why not sell and invest in something better.
 

Chibson

VIP Contributor
I think there must be an agreement between you and the person handling your business and someone taking 50% of the profit is really not good for the growth of that business. But an advantage of handing the business over to another person is to keep customers active. Taking 20% of the profit may have been a fair offer.
 

kayode10

VIP Contributor
The first thing you need to do is to hire the service of reputable auditing firm that you check on the business from time to time. They are going to check in for financial is used that will be going on in the company and call bit faster before it crumbles the business. Bet you need to leave a good management behind that you look after the business.
 

Jonaville

Active member
Is it just me or does anyone else here thinks that 50% of the returns of the business given to the aunt is too large? Remember she's only managing the shop. Left to me I will make sure that I appoint a much younger person who already has experience in the business to come and take over.
 
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