The Steps I’m Taking Now to One Day Pass Down My Business to My Kids

This woman is prepping her business for the next generation.

Day in and day out, I’m building my small business, one blog article, one social media tweet and one new subscriber at a time. Many of us have small businesses we’ve been building up some for years — I’m going on nine years and counting — and others are just beginning. I know I’ve spent a ton of time, energy and resources to make it all happen. Yet, earlier this year, I found myself wondering what would happen once I stop working.

Why would I want to build this empire I envisioned all those early mornings ago, without a solid plan for someone else to take it over one day? That’s when I looked at my son — just a 3-year-old right now — and thought about how important it was for both myself and for other small business owners to bring their kids into their business.

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Steps I’m Taking Today to Pass on My Small Business

I’m 35 years old, so I’ve got a very long way to go before I am ready to retire. Yet, I’ve started taking steps today to ensure that my business is set up to pass down one day.

Here are a few examples:

  • Documenting My Systems: I have an operations manual on Google Drive that I keep up to date with exactly how I run my business. It not only makes communicating and handing off tasks to a VA (Virtual Assistant) much easier, but it’s a living record of how things work. Since I’m continually updating each system — whether it’s how to schedule a post on Frugal Confessions, or how to optimize an image for SEO — it’s an easy way to bring anyone into my company.
  • Digital Organizing for Easy Hand-Off: I spent the better half of a week last year organizing all of my files on Google Drive into easy-to-use folders, for both of my blogs. It was time-consuming but has saved me untold amounts of energy since. I also have my passwords all uploaded to LastPass so that someone can find them when needed.

You can see how the steps I’ve taken also help my business today, as well. For example, I could sell my blog or business more easily with everything organized, and I could bring on new VAs and have a pretty smooth onboarding process. But, perhaps even more importantly, I can start to pass on tasks to my child so that he can start learning the inner workings of an online small business (well, probably after he graduates kindergarten).

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Finding the Time to Involve Your Child in Your Business

I spend my days squeezing into mere moments what should take days: learning about the newest SEO techniques, writing guest post blogs, working on my client journey and creating Pinterest-optimized images. So, I get how little time small business owners have.

But, wouldn’t you love it if your child didn’t have to start this online business thing in the same fashion you did, where you had to pave your own way? The only way that can happen is if you start to train them in how a small business works — your own small business.

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How to Get Them Started

  • Host a Take Your Child to Work Day: Whether you run your blog/small business from your couch or an office at home, I urge you to host a Take Your Child to Work Day. I’ve created a fun, free playbook to help you do just that.
  • Give Your “Kidpreneur” Activities to Do: Prep your child to enter the business world by encouraging them to do some kidpreneur activities. This can be as easy as hosting a winter taste-testing competition or having them plan your next backyard BBQ.
  • Hand Off a Task in Your Business: Who says your VA and you need to cover everything? Train your child to take on just one task in your business. Have them negotiate their pay for some real-world experience with valuing their services.

I am, by no means, done with these tasks I’ve listed above. However, I do feel that I’m on a very worthy path of not only organizing and taming my business today but also one that allows me to prep it for the future when, hopefully, my child will want to take it over.

Read More: A Mother-Daughter Duo Turned Their Passion Into a Successful Business

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About the Author

Certified Financial Education Instructor Amanda L. Grossman teaches kids aged 8-13 how to manage their money through Money Educational Adventures over at Money Prodigy. She’s been featured in Woman’s Day magazine, Experian, U.S. News, Business Insider, Lifehacker, Kiplinger, and the Houston Chronicle.