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Is it proper to handover business to the offspring?
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[QUOTE="Phantasm, post: 335577, member: 94599"] Commonly, a business can be handed over to the children and it has some advantages. This ensures continuousness as well as family legacy upkeep. Nonetheless, there are important things to consider before deciding on this. Initially, assess the preparedness of these heirs to run the company efficiently. Are they in possession of necessary skills and knowledge or drive? Involving them at an early stage in the business may help them know its operations and their responsibilities. In addition, examine how this will affect family dynamics. Will transferring the business cause any form of conflicts within the family? Therefore, open and transparent discussions are needed to address each other’s concerns or expectations. Also worth noting is that there could be financial implications associated with this transfer. Will their children have enough resources or support required to effectively manage and grow such businesses? So ensure smooth passage and legal or tax considerations by seeking professional advice. Basically, before making up your mind on whether you will pass on your enterprise to your kids, you must critically assess their whole readiness, competence as well as fitness generally. [/QUOTE]
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Is it proper to handover business to the offspring?
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