Should You Hand the Bakery Over to Your Child?

We 're selling the firm .

The answer to that question is not simple, but first of all, we should ask ourselves, do we have a bakery to leave to anyone? Children can be broadly divided into three groups: excellent children, middle-aged children, under-aged children.

If we want to pass on the candy or the bakery to them, we can be disappointed. It's just that great kids don't usually have trouble finding well-paying, enjoyable jobs.

The offer of running a candy shop or a bakery chain would be more of a punishment than a good fortune for them, and children below the average could be allergic to any kind of work, and they could be completely lacking in ambition, goals and interests.

And we're taking it to ourselves because there's only a lot of uninteresting, boring physical work that's on the market for a hunger strike, and handing over the business to a child who's not good enough for it is a recipe for disaster, so you can hand over the bakery to an average child, not the most prominent, but not the worst.

Seven, what are we going to keep when we hand over our bakery? We assume that the company is headed by a descendant will pay us a fixed allowance. And here's another question: will the company's finances allow this? Will the finances fail when the bakery is taken over by a young, inexperienced person?

If he has a sibling, then there are claims from the other children, and they'll have to be paid back, and if we start counting things, what kind of cash flows do they have to make to pay the parents a fixed pension and at the same time pay the other children's shares?

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baking a baby

Another problem is the child's age, and it's impossible to pass the bakery on to a child too young, so do you pass it on to an adult, middle-aged child, someone who's had a long, well-organized life?

Once upon a time, a long time ago, it was a necessity to pass on the company to a child because the world offered very limited options, no better chance of a good life than working on your own.

You can sell the bakery and give some of the proceeds to the child to make his own.

On the other hand, the money from the sale of the bakery may not be enough to create a similarly prosperous, vibrant business.

The dilemma of succession is usually solved by children alone, and before we know it, they've already developed a path that's much more comfortable than baking at night and baking in the morning.

Nowadays, financial considerations are no longer the most important argument, and the younger generation raised in prosperity and full access to goods and services does not need large sums of money to meet most of their needs.

And I think the only argument for giving a bakery to a child is its multi-generational tradition, and tradition is something that reinforces a sense of responsibility for the quality of the products, for the good reputation of the bakery, and ultimately for the continuation of the bakery.

On the other hand, there's a hidden, instinctive need in their offspring to duplicate the work that their grandparents and fathers did, and sometimes it's not necessary to infuse the child with the taste of hard baking work, to convey, while it's still time, the taste of satisfaction and respect that a good baker enjoys in the local community.

It's about introducing your child to the baking and baking environment, the traditions and developments of the industry, and the baking and baking industries are developing as dynamically as any other, with similarly complex machines, distribution and marketing methods that don't give way to even the most advanced industries.

Let's show our kids that what we do is needed and will always be needed by people, and let's show them that even though today our bakery is not modern, it can become modern, become a major player in the local market, and it can introduce innovative sales methods and new products.

There are many ways to develop a bakery, and it is our duty to open the door to our descendants to a new world to preserve the traditions of our ancestors.

Wojciech Moszczyński — graduate of the Department of Econometrics and Statistics of Nicolaus Copernicus University in Toruń; specialist in econometrics, finance, data science, and management accounting. He specializes in the optimization of production and logistics processes. He conducts research in the area of the development and application of artificial intelligence. For years he has been engaged in the popularization of machine learning and data science in business environments.