When you are the heir of a large family business, most would assume that it is your birthright to take on the task of running the company. However, this may not be true for everyone, depending on many factors — especially if it’s in conflict with your moral beliefs or sense of identity.
If you have been handed down an executive role at your family business and you feel like it is not the right path for you, you need to devise a good business exit strategy. Here are some signs you need to step down from the business:
You lack sufficient skills and knowledge in running a company
While you may be qualified to take on the job based on your bloodline, it doesn’t mean that you are automatically skilled enough to run the company. Even if your family business is not too complicated or large, there are still skills and knowledge that one must acquire in order to effectively run a business. To learn more about what these skills and knowledge are, you can conduct some research online or through books.
You find doing the job unfulfilling and unappealing
No matter how good of a deal it is to be handed down a company from your ancestors if you don’t feel connected to the work and if you lack interest in running the business, it’s time to step down.
You are too young compared to the minimum age requirement for the job
Although this is not always true, there are many companies that require an age limit for someone running their company. For example, if you just turned twenty-five years old, you may be too young to have the skills and knowledge needed to run a company.
You are not comfortable with having control over people’s livelihoods
When running a family business, it is likely that your decisions will directly impact other employees’ livelihoods. Such factors can cause you to feel some level of responsibility towards them, and if you are not comfortable with that, then step down from your family business.
You want to pursue other interests such as better education or travel instead of learning the ropes of the business
You don’t want to run the business because you are not interested in it — if all you care about is getting a huge paycheck, then this would be very easy for you to do since your family business likely has assets and resources that can provide such luxuries. On the other hand, if money is not your primary motivation, you may want to consider other career paths or venture into business on your own instead.
You want to live a more luxurious lifestyle compared to one provided by your family business
If you feel like you are not ready for the responsibility of running a company, it’s time to step down. You can always come back to managing your family business in the future when you grow older and have managed other companies in the past.
You feel like you lack the passion and zeal of your predecessors
If you do not have the same motivation as your predecessors, then it is likely that you will be a weak leader. When people look at their leaders, they want to know that they are equipped with the skills, knowledge, drive, and determination to lead them into success. If you do not feel like you can provide that, then consider stepping down and pursuing something else instead.
You lack the charisma of your predecessors
A strong leader should be able to motivate people to work together in harmony and harness their passion for a common goal. This requires charisma, which is difficult to learn on one’s own. If you aren’t able to display charisma, you will lack the leadership skills required to run a company effectively.
That’s why if you feel like you are not cut out for the job of running your family business, it may be time to step down and pass on control over the business to someone else in the family who feels more equipped to run the business.
There are other family members who are more interested in running your company
If you have several sons, daughters, or relatives who are more enthusiastic about taking over the reins of your family business, then it may be easier on everyone involved if you step down and let them run the company instead. They will also feel much more motivated to take over the business when they understand that it is their birthright, which means you won’t need to worry about them feeling like outsiders in your company.
If these signs sound familiar, consider stepping down from the family business and finding a role that is more suitable for your interests and core values. There are so many opportunities out there and you owe it to yourself to explore them,