Very few companies succeed when it is passed onto their children…usually within 3 generations the company is dissolved.
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This is a great question and depends on so many factors that it would be very difficult to provide a comprehensive response here. What I would recommend is that you find a SCORE mentor here → https://www.score.org/find-mentor
I’m not sure if you are familiar with SCORE, but I would encourage you to check them out. SCORE is a resource partner of the SBA and is made up of 10,000 volunteers across the country who you can work with to help answer that question for you. Business counseling is free and confidential.
Best of luck to you!
'38Packard
→ SCORE Mentor for the past 7 years
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Usually within 3 generations most companies fail. I’m not sure that’s a great metric. AOL, Yahoo, Xerox, Blockbuster, Enron, Blackberry, just off the top of my head.a
My answer would be: if you enjoy the business, keep doing it. If you don’t, get rid of it. Sell it or pass it along, at that point it doesn’t matter, it’s out of your hands whatever you do.
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