What to do when your children don't want to run your family business?

Dueño de una empresa familiar pensando

For many family business founders, the idea of ​​running the business not being left in the hands of a family member can be emotionally challenging and difficult to accept. The vision of one of their children continuing with the company that they worked so hard to build is a natural aspiration. After all, those who have invested their entire lives in building a business often see it not only as a source of income, but as a family legacy that they want to see prosper in future generations.

However, the reality is that, although many parents dream of one of their children assuming leadership of the company, this is not always possible, and in some cases, it may not be the best for the business. There are several reasons why a family succession does not materialize, with the lack of interest or lack of preparation on the part of the children being one of the main ones.

The fact that heirs do not share the same passion or aptitude for the business can create complex situations. By forcing children to take the reins, negative consequences can occur such as poor decision-making, poor management and even emotional problems such as anxiety or depression, caused by the pressure of assuming a responsibility for which they do not feel prepared. nor interested.

Additionally, family dynamics may be affected. On many occasions, when one of the children assumes management due to family obligation or pressure, relationships between parents and children become strained, which can generate conflicts not only within the company, but also within the family. On the other hand, if there is more than one heir, unwanted competition may arise, where siblings dispute control of the company, negatively affecting both the work and family environment.

The importance of professionalization in the family business

As the business grows, founders can recognize that, beyond the hope of their children running the company, the most important thing is that the business continues to be successful. In many cases, the company reaches a level of growth and complexity that requires the participation of a leader with experience, capacity and strategic vision to continue advancing in the market.

This is where the professionalization of the business becomes key. Sometimes an external leader with the ability to address industry challenges may be the most sensible choice. This leader can bring a fresh and objective perspective, in addition to having the necessary skills to manage the company in times of accelerated growth or crisis.

Choosing an external professional does not mean that the family legacy is left aside, but rather that the success and survival of the company in the long term is being prioritized. In fact, having a leader who does not belong to the family can open new opportunities for growth and diversification, since he or she provides a different perspective, free of the emotional ties that can sometimes cloud judgment in decision-making.

Plan the generational transition ahead of time

To avoid problems in succession, it is essential that the generational transition is planned in advance. Failure to do so can result in internal struggles within the family, where personal or emotional interests take precedence over the strategic decisions necessary for the business. In the worst cases, poor planning can lead to a crisis in the company, which could even lead to its demise.

Additionally, preparing for succession early allows founders to train potential successors, whether they are family members or outside professionals. In this way, continuity in leadership is ensured and the impact that the change of command could have on the company's operation is reduced.

The success of a legacy beyond the family

At the end of the day, the true success of a family business is not measured by whether the children run it, but by their ability to maintain the legacy and make it thrive over time. If the children are capable and willing to take charge, it is ideal. However, if this is not possible, the option of leaving leadership in the hands of a professional with the appropriate skills may be the best decision to ensure the future of the business.

Remember: “The greatness of a legacy does not lie in who directs it, but in whether it continues to grow beyond its founders, for the well-being of all those who depend on it.”