How do I know if my children are ready to step up?

It can be difficult to know when the next generation is ready to join the family business which is why we suggest looking at it from 3 different perspectives: the current generation, the next generation, and the shareholders. Parents may never really know if their child is ready to join the business, but if you can see from your child’s perspective that they are making the right decision for themselves, that should be an indication they are ready. From the next gen’s perspective, if they have answered appropriate questions about their motivations and goals for themselves about joining the business, that is another good indication. From the company or shareholders’ perspective, the right preparations and information must be shared about how it works for family members in the business.
“The truth is, as a parent, you probably never really know if your child’s ready to join the family business. It’s a difficult question, a complex question, and one that even the most experienced parents have a tough time dealing with. But if you move from a parent’s perspective to a child’s perspective, you can make sure they’re making the right decisions for themselves.”