While we understand your predicament, we find that open communication usually works best. Find out whether your children want to run your business once you step down. If they do, make sure you bring them onboard early so that they have received the proper on-the-job training, experience, and know-how to run your company. Doing this will help you to rest assured that you are leaving your business in good hands. When your children have the right experience and knowledge, the employees remaining at your company likely will naturally respect them.
The earlier you get your children involved in the company, the better. It will help make sense to the other employees that you want to give your business to your children when you step down. If your children don’t know anything about what you do or how to go about doing it, then the transition will not go as smoothly as you would like. Plus, you risk offending knowledgeable employees at your company.
Let your key employees know how much you value them and that you want your business to stay in the family, but that you would like it if they would stay on. You also can decide if you want to make that one key employee second or third in command and request that your children follow your wishes.
By making sure your children understand your values, goals, and objectives and know how to handle things in your absence, the transition will go more smoothly. For more advice about business succession planning in Texas, please call an Austin small business law firm, the Posey Law Firm, toll-free at 888.269.1962 or locally at 512-646-0828 today.