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Ask Timpo: Should I hand over the reins?

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A: You’re very fortunate to have been able to create such a successful business with your daughter. 

I expect at the start you took the lead, but as you have been together every step along the way, you both know the business inside-out. Your daughter has had the perfect preparation to take over as chief executive and, in doing so, secure the continuity of family control.

It is wise to hand on the day-to-day responsibility sooner rather than later. Clearly, your daughter has the talent and confidence to take over and, being blunt, youth is on her side. Much as you might think that you can do what you did ten years ago, as you get older, it is hard to keep up with people half your age.

So the time has come for you to take a backward step – but don’t disappear from the boardroom. Your daughter probably doesn’t want you meddling with the detail, but needs you to keep in touch so you’re always available to provide advice when it is wanted.

At first, you might find it difficult to let go but it is the right thing to do for you, your daughter and the business.

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