Can someone from your household manage your business?

[Lens1000]

Allowing someone from your household to manage your business is a very feasible option but it is critical to conduct thorough research because the individual most possess the necessary skills , experience and trustworthiness. It is also crucial to consider the qualification and capabilities of the person from your household that you want to choose before you could give them the responsibility of managing your business. If you have a family member to manage your business, it offer in great advantage because there would be understanding of family dynamics and it will also come with a low cost compared to hiring external professionals.

 

[Leah Kelvin]

Though it may be possible for a member of your household to run your business, certain aspects need to be thought over. One thing is this; their capabilities and competencies must be assessed critically before they begin, so as to confirm that they are well equipped with the required skills and knowledge. Moreover, you have to consider possibilities of conflicts of interest or prejudices at the time of making such decision to keep transparency and fairness in doing business. Ultimately, whether there is any need for adding a family member into the management team will depend on qualification criteria used when appointing them and how such decision can affect whole organization dynamics in future.

 

[Axis]

We all are familiar with the facts that a sole proprietorship business is a business managed and owned by one individual but that does not mean that such individual who manage and own is so proprietorship business should not think about his or her succession plan. What this means is that when he or she is no longer in the world that is dead, the business itself will need someone else to manage it and that can be someone from his or household or possibly a friend or colleague in which we or she trust.

Personally I would like someone from my household to management because I would not like the fact that when I'm gone that my business will also be gone but instead I would want my legacy to continue to go on and that is why it is important that we teach others the business that we do so that they can spread the knowledge when you are gone.