I met with notable Latina entrepreneur, LuLu Sobrino who is founder and CEO of LuLu’s Dessert, because she is one of the most successful Hispanic entrepreneurs in the country. I’m doing research on the needs of entrepreneurs because the latest business I’m starting up is geared to helping founders succeed. LuLu speaks often to entrepreneurs so I knew she would have valuable insights for me and I wanted to bounce my ideas off of her.
LuLu shared with me a challenge she’s had to confront. Like many entrepreneurs, especially Latino business owners, she had planned to leave her successful and thriving dessert business to her daughter. But she’s now faced with planning for a different exit strategy because her daughter, shall I say, is not enamored with the idea of taking over her mother’s company. She is now evaluating other options such as bringing in investors/partners and/or a possible merger.
LuLu’s story is not uncommon. As Latinos in particular, we build our businesses driven first out of necessity to make a living, and when that’s accomplished, we focus on legacy. Leaving our business to our children. However, today more than ever, our children have many more business and career opportunities than perhaps we did. And the college experience opens up their eyes to options that are often more appealing than the family business.
Often this is difficult to accept. But successful succession planning and viable exit strategies means planning for the unexpected, which might mean our passion is not our children’s passion.
Have you consulted with experts about succession planning? Please share any tips or ideas with us all by commenting below.
I’m a former news anchor/reporter turned entrepreneur. I blog about my Life as a Latina entrepreneur which includes being a Mom, a Latina woman in the business world, and an entrepreneur. I share real life, tips, know-how, lessons I’ve learned and insights I think may be helpful to you as I launch and build my next company. Hope you’ll join me! You can follow me on my website MicheleRuiz.com, on my Facebook Page , Twitter (@micheleruiz01), LinkedIn and YouTube vlogs. Mil gracias por su apoyo!