So do you know one of the hardest things to do is whatever business you run to pass it down to your kids?

Let me tell you why. According to statistics, 70% of the global GDP around the world is ran by a family business.

60% of our workforce, they work for a family business.

However, only 30% of the businesses that families run makes it to the second generation,

12% chance of making it to the third, and only 3% chance making it to the 4th because

succession is so hard.

So today we're going to talk about the 10 mistakes parents make passing a business over

to their kids and 10 things they make passing a business over to their kids

and 10 things they can do right to set up their kids so eventually one day they can successfully

pass their business over to the next generation.

If you get value out of this video, give it a thumbs up and subscribe to the channel,

Instagram to the very end. I'm going to give you the PDFs in our new entrepreneur circle on

Manac. You'll get all of this given to you so you can sit down with your wife, husband,

have this conversation with them. Okay, so the 10 mistakes people make, number one, assuming DNA

equals leadership. Oh, this is my son. He can handle the equals leadership. Oh, this is my son.

He can handle the whole business. Oh, this is my daughter. They can for sure do it. You have no

clue the DNA of running a business. You have no clue the DNA of running a company. It could be your

kid, your blood, everything. But the DNA of running a business is a very, very different thing.

When I talk to my kids right now, I got a 13, 11, 8, 3 year old, I openly talk to them.

Who do you think can manage the business and run it one day and grow it?

Well, I think this person, that what do you think?

What qualities do you think you think you's needed to be able to grow the business?

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