Getting your children interested in the family business may be on your mind these days. The pandemic has many people thinking about the future. The desire to get an estate plan created is strong. And for the business owner, each day is a constant struggle. Once those struggles are over, what will your business look like? The pandemic has wreaked havoc on businesses in all facets. I’ve been forced to change around some office operations. But at the same time, it’s been a good chance to streamline business procedures as well. If you’re running a business and have children, now is also a good time to think about getting them involved in the business. This week’s Wall Street Journal had a good article on How to Get Children Interested in the Family Business.
Getting the Children Interested
During the pandemic, Ms. Winokur Munk has had some very interesting articles in both the business and planning fields. For this article, her tips include:
- DO: Involve children in the business as they grow up.
- DON’T: Let the family business dictate your young child’s life.
- DO: Make joining the business optional.
- DON’T: Put your children in roles they aren’t well-suited for.
- DO: Let your children help determine what roles might be right for them.
Running a business, it’s a fun way to get the children interested by involving them when you can. My kids are still young enough that most of the legal work is beyond them. But when I need to shred documents or get things collated, it can be a fun project. They usually love to go to my office (back when they could) to raid my snack drawer. But at least they have positive associations with my business.
It is my hope that I don’t allow my business to dictate our children’s lives. The line between home and office has blurred over the last 8 weeks. But before then, it seemed as though it was the kid’s lives, not my business, that dictated things around the house. However you find that balance, making sure that there is some attempt at balance is key to keeping your family and business lives in sync.
I know a few attorneys who practice law with their children. Are my children interested in practicing with me? I have no idea. Thankfully, that decision is a long way off. But I am looking forward to that day when it may be a possibility…