He advised entrepreneurs to “bring your kids into the business; open your books, share your secrets.” He made the remarks at an Entrepreneurs Club event held in August 2012. Among the main reasons for this is a failure by entrepreneurs to introduce their children into the business from an early age. Often, the children get into the family business when the founder is no longer available due to old age, illness or death. On the other hand, businesses where the children were involved from an early age are likely to have a smooth transition in management. Some parents say they want to spare their children the stresses of running a business.

Source: The Star July 12, 2021 01:52 UTC