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Does Your Family Inherit Your Home Based Business?

Aug 17, 2007
While developing your home based business it is good to think of all of the rewards a successful work at home business may bring you as an individual and how it might benefit your family in the short and long term. However no matter what else happens in your life and in your business one thing is inevitable. Sadly that inevitable event will be your passing away. The day will come when you finally have to farewell your business and sadly your family. Therefore as you plan your future business ventures it can be good to think of what will happen when you pass away and what will happen to your family. Will your family want to continue running the family business or will they decide that it is not really something they want to do. If you have a successful business it will become a matter that passing on your business will be like passing on any other assets you might have.

When considering if your children will inherit your work at home business you need to think about it the same as if you had a brick and mortar business. There are a number of things to think about. Foremost you need to make sure that your family or children ctually want to continue the business. If your children have grown up chances are they have already established their own working life in a self chosen field. The children may not want to interrupt their career path. On the other hand your children may look forward to being able to run the business and run it in the way they choose. If this is the case be thankful because that means your business has been a success not only
as a business but also as a model for your children to emulate. If you find that your children are not really interested in running the business when you pass away you may be better selling whatever you can instead of leaving this matter as a part of their inheritance. This way they can deal with the ready cash in their own way without the worry of working out how to capitalise on your business asset.

Another important consideration is who in the family is going to inherit your home based business. Chances are if your business has been a success it has got that way by hard thinking, planning and working. Another thing that you should keep in mind is that you have worked hard to get your business where it is, and you want to be sure that it get passed on to someone who is going to be responsible with it. If your children have taken no interest in your work at home business then they might not have a responsible attitude with you pass the business on. Maybe you have a few kids but only one has an interest in the business and may even have helped you develop its success. Even though it may appear unequal for the others you might have to decide to leave the business to the responsible child. This may be one of the hardest decisions you have to make but you also need to consider the health of the business. If you leave the business to a few children one of who has had a
responsible attitude, the others might decide matters, which are actually detrimental to the health of the business, and the responsible child might be left rightly frustrated and angry.

Finally in the end you are the one who has built up the home business, and this means that you are the one who has a say in what happens to it when you are finished being in charge. Be careful that you have made your intentions clear, and that you are satisfied with the outcome and be respected by the family for having the ability to consider the well being of the business.
About the Author
Amanda King operates a fashion resources website. Obtain a free copy of . Dotcomology the science of making money online. Learn more here
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