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How to tell my son he is not going to inherit my business?

I (48M) have operating 2 Chinese restaurants with my wife(49F) for over 20 years. My son was always expected to take over the business and he studied business in college and worked in professional kitchens to get trained and I made him manager 3 years ago as a test. Problem is he isn’t good at managing the restaurants. He cuts corners, doesn’t take care with the food, has a short temper and many of my long time employees left because they didn’t like him. I’m afraid he will tank the business if I leave it to him.

During the pandemic he wanted to close our restaurants, end the property lease and wait out the pandemic. Maybe that would have been the smart thing to do but I didn’t want to see the work I’ve done go up in flames. I decided to close one and keep the other running. I was in poor health and my daughter got laid off of her job as an engineer so I had her run one location while my son handled closing the other.

Honestly she did a pretty good job, she managed to keep most of our long term staff and keep the restaurant above water with takeout. She’s been managing the restaurant for almost a year and I think she is doing a better job than my son.

But how do I tell my son he doesn’t get the business when we have told him it was his since he was high school? How do I prevent him hating his sister for getting it instead?

TL;DR I want my daughter to take over the restaurant but I had already promised it to my son. How can I do this without my son hating me?



Submitted May 30, 2021 at 05:43PM by throwawayhelp103 https://ift.tt/34zWl3A
How to tell my son he is not going to inherit my business? How to tell my son he is not going to inherit my business? Reviewed by KING SAMUEL on May 30, 2021 Rating: 5

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