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Passing the business on to children


General Business Discussions

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Old 10-24-2007, 03:52 PM
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Do you ever wonder if you would like to pass your business on to your children?

What's your view on this?

The lessons of succession - After spending more than 30 years building Wright Lawn Care and Landscaping Services Ltd., John and Ruth Wright were trying to wind down.

The year was 2000. The Bloomingdale business, which employs 25 people in the peak season, had been put up for sale. The Wrights had cut down on expenditures and paid down debt, aiming toward retirement.

But despite "a few nibbles," a buyer never materialized and John began to wonder if the couple's retirement dream would happen.

Then, out of the blue, the Wrights got a call in 2001 from their son, Dave, a landscape designer in Vancouver.


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Old 10-24-2007, 08:52 PM
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I have 3 kids, so I have a good chance of passing it on. maybe it will be a bit bigger by then too. I have kept it fairly small until I figure out exactly which direction I want to take it. Hopefully one or all of them will take an interest in running it when Im to old and wobbly!
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Old 10-24-2007, 09:06 PM
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How do you suggest people introduce their children into the business when are they old enough to take part?
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Old 10-25-2007, 12:00 AM
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I think my oldest son (he's 11 right now) will want to join the business when he can... and most likely want to take it over when I'm old and gray... He's already talking about when he works for us... lol

The one thing I would say is that I will make sure he takes a couple of business courses and some horticulture classes as well... it'll strengthen his grip on the business.
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Old 10-29-2007, 10:41 PM
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For me, my dad started when I was 11 or 12, so I was always around it, he got me passing out flyers when I was that young, me and my friends would be out roaming the neighborhood anyway. We thought it was fun.

Then eventually I wanted my own money but was too young to actually get a job, so he let me go to work with him a few times.

He took me to events/expos where you could try out the new equiptment. He was always excited about it all.

So years later I found myself down on luck with getting a job, and even if I did I'd be working at least 50 hours a week plus drive time, so no time for the kids, so it just made sense for me to follow into what I already know.

So if you want to pass it on, just keep the kids involved.
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Old 10-30-2007, 05:46 AM
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That's a great post! If you can take a moment to reflect on your experiences, do you have any suggestions as to what you wish you would have gotten more or less from your dad when it comes to business?

Would you have liked more business advice or less?

What kind of help could you have used more of and what could you have used less of?
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