mentness on Nostr: Make it easy to pass on I'd suggest, as many people do, to plan for the future as ...
Make it easy to pass on
I'd suggest, as many people do, to plan for the future as early as possible.
This includes involving your family in the business long before you are due to retire. That can either be as an employee or shareholder but passing down vital knowledge to the next generation is much easier if they are with you. Inevitably the depth of knowledge of the business in the next generation is much more superficial when this is not the case and the success of said generation will be limited.
Get your own personal finances in order so that if you need to pass the business on in a shorter time frame i.e. personal health, change of government etc. you will be secure. Things like life insurances are helpful/essential too.
I'd suggest, as many people do, to plan for the future as early as possible.
This includes involving your family in the business long before you are due to retire. That can either be as an employee or shareholder but passing down vital knowledge to the next generation is much easier if they are with you. Inevitably the depth of knowledge of the business in the next generation is much more superficial when this is not the case and the success of said generation will be limited.
Get your own personal finances in order so that if you need to pass the business on in a shorter time frame i.e. personal health, change of government etc. you will be secure. Things like life insurances are helpful/essential too.