Your parents always assumed they would leave the family business to you. And, sure enough, you have spent the last ten years working there. But they don’t show any signs of retiring and you’re thinking about striking out on your own.
For young adults who have successful parents, this can be a challenging step to take. Your parents could accuse you of abandoning the family. They may not have any other business succession plan. You need to have some very careful and delicate conversations while you decide what you want for your future.
Things to consider when striking out on your own
As you talk to them about your plans, you may begin thinking about how you’re going to start your own company. Here are a few questions to ask:
- Will your parents help support the new business?
- Have you saved up the capital or do you need investors?
- Are you going to do something similar to what your parents are doing, meaning that you suddenly become their direct competition?
- How big do you want your company to be and how many people do you need to hire?
- What are the steps you need to take to officially register and open your business?
- What is your five-year plan? What is your ten-year plan?
These are absolutely not all of the questions you should ask yourself (or your parents), but they can get you started. It’s critical to take things slowly, consider all of your legal options, and make sure that you’re in a good position to succeed when you finally do open your doors. Striking out on your own and opening your own business is a big step, but it may be the most important thing you can do for your future.