In July, I wrote a blog answering a question asked by a participant during a session of the Triomphe course at the École d’Entrepreneurship de Beauce, which I had the pleasure of taking part in as a guest.
This week, while moving into my new office, I came across the file in which I had kept the other questions I hadn’t had time to answer, and the “timing” was perfect, since I had already decided I was due to write a blog in French, and I hadn’t yet found a topic to my liking.
I chose a question from a man who was approaching sixty and who had teenage children.
Here’s the question: “I have two children who are too young to take over, but who are interested in business, and in being in the company in the future. What should I do?”
I really like this question, especially because the person asking it has already split it in two for me, which makes it easier to answer. Let me explain.
The kids are “interested in business”, and they have a desire to “be in the company” one day. Let’s note the differences.
Helping our children develop their interests, whether in business, sports, music, etc., is one of the greatest pleasures a parent can have, especially if it’s a subject the parent is also very interested in.
But let’s be clear here: an interest “in business”, that is, commerce, finance, buying and selling products and services (in general), must not be confused with MY company, which produces and sells something in a market (in particular).
I strongly suggest that you help your children develop and explore their interests and their understanding of everything connected with business, money, their personal finances, marketing, real estate and mortgages, etcetera, without limiting them to the activities of your business.
Opportunities for this kind of discussion come up literally every day, and in a variety of circumstances. At home, watch TV together, take the time to record episodes of “Dans l’oeil du dragon” or Dragon’s Den or Shark Tank.
There are also shows focused on restaurants, real estate, and all kinds of business activities. There may be fewer of these programs on French-language TV, but that’s another good reason and opportunity to do a bit of English immersion, which will also do them good in the long run.
When you’re out and about in town, by car or on foot, notice the ads and the businesses, and talk together about the issues, the strategies, the prices, everything you see.
Opportunities to discover and develop each child’s particular strengths and interests keep coming up. It’s simply a matter of recognizing them and starting a discussion.
“Why does McDonald’s put the emphasis on its combos? Do we really save money by choosing the combo instead of buying the three items separately?” And, “but why do they want to make me ‘save’ money when they’re trying to ‘make’ money on the sale?”
Through these discussions, you’ll learn a lot about your children, and also teach your children a lot. And at the same time, they’ll become, in spite of themselves, what we call in English “financially literate”, that is, they’ll be more comfortable with all the subjects surrounding money and business.
In my view, it’s one of the greatest gifts we can give our children, even if they decide one day to pursue a career in another field.
If the children one day show a desire to become entrepreneurs and go into business, you can certainly look at the possibility of hiring them in your business. But don’t be surprised or disappointed if they choose another market or opportunity instead, one that lines up better with their interests and strengths.
Your business is an asset that you can sell to someone who isn’t part of your family. Afterward, if you want to help your children go into a business that really motivates them, go for it. And it will be their business!
