GENERATIONAL GOLD Bringing Your Children Into Your Business
Passing on your franchise business to the next generation can be a rewarding experience for a business owner. Handing off a successful franchise operation with a proven business model and a strong brand is a great
Europe, with its rich tapestry of cultures, history, and landscapes, offers many different experiences for travelers. From the cobblestone streets of quaint villages to the bustling avenues of cities, the continent beckons with a blend of the old and new. Places like London, Paris, and Berlin are all hugely popular, but these four hidden gems deserve recognition despite being often overshadowed by their more famous counterparts. GHENT, BELGIUM This medieval city is a treasure trove of history, with its well- preserved architecture and charming canals. The Gravensteen Castle, a stone sentinel standing since the Middle Ages, offers a glimpse into Ghent’s storied past. Art lovers can appreciate the Adoration of the Mystic Lamb, an iconic piece of religious art housed in St. Bavo’s Cathedral. PORTO, PORTUGAL Known for its port wine and stunning Douro River views, Porto captivates with its colorful buildings and intricate azulejos (ceramic tiles). The Livraria Lello bookstore, with its spiraling staircase and ornate woodwork, seems straight out of a fairy tale and is a must-visit for bibliophiles. LJUBLJANA, SLOVENIA This small but vibrant city is a blend of Baroque and Art Nouveau styles with a touch of modernity. The Ljubljana Castle, perched on a hilltop, offers panoramic views of the city, and Tivoli Park is a green oasis perfect for a leisurely stroll or a picnic. RHODES, GREECE One of the most southern islands of Greece, Rhodes is home to fascinating history and picturesque beaches. The Old Town is a one-of-a-kind blend of Hellenic Greece and the knights and castles of the Middle Ages. To make sure you don’t miss any of the stunning beach views, you can hire a skipper from Mandraki Port to take you around the entire island. Europe’s lesser-known sites offer a unique blend of charm, history, and culture. Each place, with its own distinct personality, tells a story that enriches the tapestry of European heritage. So, the next time you plan a European adventure, consider veering off the beaten path to explore one of these hidden wonders. Europe’s Most Exclusive Escapes DISCOVERING EUROPE’S OVERLOOKED BEAUTIES
way to prepare your children for the future and a valuable legacy for your family. Many successful restaurant chains, auto and truck dealerships, fitness centers, and other businesses are family-owned franchises. As disaster tales such as the HBO TV series “Succession” demonstrate, however, passing a family business on to the next generation requires thoughtful planning well in advance. GROOM YOUR POTENTIAL SUCCESSORS. Bringing your sons or daughters into the company to work in a variety of positions can be great training for leadership. If they understand the jobs employees must do, they will be better managers in the future. Many business owners also have their children work elsewhere for a year or more to broaden their business knowledge. PASS ON YOUR VALUES. Think early about instilling in your successors the values and mission you hold for the business, such as supporting the communities where you operate or providing employee training and advancement opportunities. Involve your heirs in these morale-building activities. LET THE FRANCHISOR KNOW YOUR PLAN. Make sure you understand any requirements or criteria the franchisor has for succession planning. Some companies actually take steps to support ongoing multigenerational franchise ownership. CONSIDER A NEW OWNERSHIP STRUCTURE. Consider changing your business to a partnership as your children move into management positions. Involving multiple partners can aid shared decision-making and governance. DEVELOP A ROAD MAP. Work with your successors to create operating, financial, and strategic plans for the business, including financial projections, operating goals, marketing strategy, and expansion plans. Embarking on an intentional, well-planned path will increase your successors’ chances of success. Many young adults today would like to own their own businesses but lack the necessary capital, expertise, or both. Franchise ownership can be a great way to give your children a strong start toward building multigenerational prosperity.
2 westcoastfranchiselaw.com
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