Help Your Children Shape Their Destinies

Among the most profound and petrifying choices that an entrepreneur can make is deciding whether to turn an enterprise into a family business by bringing one's children into ownership or management. While the specifics of each situation vary, there are 3 principles that apply in all cases: 1. Do not rush your children to make a commitment. 2. Do not procrastinate about communicating decisions - even if those decisions cause disappointment. 3. Empower your children to accept substantial responsibility for defining the future for themselves. The greatest obstacle to the success of this process is the natural instinct of parents to make or heavily influence decisions, especially those affecting the family or the business they built.