Family Business, Stay Or Don't?

bconley

I agree with Tom, if there is any way to springboard your construction business off the existing business it could be an ideal situation for you.
Having the existing infrastructure, building, accounting systems, references, cash?,etc. is invaluable, take advantage of that if you can it will get you to your dreams quicker and your fathers dream will live on as well.

Bill

newenergy

I worked with/for my Dad for a few years in my mid twenties and then again for a couple in my mid thirties. It was great and I'm glad I got the chance to do it.

I don't know how you can work it out, but hopefully you can and have a good relationship with your Dad, whatever happens with the business.

marketingmaven

Wow, some of these posts are just heartbreaking. It is sad to hear that so many have had experiences with a family business that have changed the very meaning of their own family.

To help guide you through the many nuances of a family business, you might consider working with a life coach who specializes in family business. I personally don't know any but you could try google or ask for references.

I hope you find peace in whatever decision you make.

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N.Schiffer

Thanks as do I, I don't think it will completely destroy us. But thanks for all the insights!

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Specializing in Custom Sheds
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skipdow

When you work for family you accept treatment that you would quit over with someone else.You also can excel at your job and give 1000 % because its family. It all depends on your relationship with your Dad. You have to decide where you need to be and whatever your decision make sure you tell them why.

72chevy4x4

wow-there's a lot of advice coming your way.

just a couple of considerations and questions;
1) now that you are finishing school, do you have enough knowledge to be a functional business partner with your dad?
2) does your dad really have a 'business'-i.e. is there anything there other than his connections to GC's/customers who keep coming back to him? Is there a business name/phone number that brings in business that could be bought...those things have value

If the old man (a show of respect not degradation) can't run a successful business and you have a desire to be equals, than approach him after you've taken some time to write down what your desires are. When you're scrapping around trying to make what money you can, you do what you can do to feed yourselves. If business is good, too many directions is not good. Pick a few areas to focus on and do it. maybe the best option here is to be equals in business-divide the responsibilities and hire a bookkeeper to do the books, that way you both know where the expenses are going.

If on the other hand he does not have anything to offer to make a living from, because face it, you're probably straight and going to have a wife and kids some day, give 1-2 months notice and move on. the long notice is a feather in your cap-you're trying to make sure pop can fill the gap.

I'm curious, is he paying you wages for the hours you put in? If so, bringing back other guys on the payroll shouldn't be too hard of a swing, unless he hasn't been paying payroll on you but was on their wages.

best of luck w/ your decisions-blood's forever, so do it in love. It's crazy how sour things like this can turn.

N.Schiffer

He does run a successful business, and for the most part does very well. Economy isn't helping, but why go into that, everyone got hit by it. I get paid for what I put in, that's never been a issue, but paying me to do two peoples job is cheaper than paying 2 people to do it. I got a lot to think about and really appreciate all the inputs. I'm sure you guys will find out soon enough what I end up doing.

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Nick Schiffer
Specializing in Custom Sheds
Custom Carpentry
& General Construction

Zinsco

Follow your heart. That's why you have one.
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72chevy4x4

maybe with the economy the way it is w/ guys looking for work, you would be able to find someone to do the other persons job even though it's likley not full time-this may free up some of your time for development of the business.

Brickie

What is it that you do & where are you located?

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Tiger

If you continue welding galvanized steel you won't be around long enough for any of these other decisions.

My gauge of a financially successful business includes:

Good salary and benefits for the owner so...
The owner is able to fund his/her children's college education.
The owner is able to fund his/her retirement.

Many people are doing the job of two in this economy, so that's a typical complaint in business. If you were an employee of another business you'd be looking around for a better job with better pay and benefits (or less work at the same pay). If you find one, take it.

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Tom Struble

suck's ...i gotta do everything too

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Tom

eagleandbaby

Great advice! GOD DID NOT MAKE FAMILIES AND BUSINESS TO GO TOGETHER.

This is even truer the more family members are in a business. My advice is to get out. As much as you possible can, avoid saying any nasty things, and getting your emotions out of control, you well regret later in the process. Try think practically on the money side when transferring to a new line of work. Don't just storm out one day with the threat, "I'm outta here and never coming back," if you not financial secure enough to do that.

I agree that NO ONE knows what it's like to work in a family business unless they have been there. This is great above, "Pay no attention to any advice you get from anybody who hasn’t worked for their (family)."

One the financial side, always check your assumptions that you’re more financially secure staying in the business. My Grandfather started a business in the 1950's. My father and uncle worked there and took it over. By the 1990's, I was working there along with 4 brothers, 1 sister and 2 cousins along with non-family members. In the 90's the financial future looked as rosy as could be. The financial road look perfect as far as the mind could see. NO ONE saw the train wreck coming.

By 2000 my dad got ill. He had a stroke and was unable to run the company. My uncle was a tyrant and with my dad out of the picture there was no buffer between him and everyone else. Within a few months one brother was thrown out. Then a cousin. He assaulted another brother after my brother had the nerve to bring up the idea of transferring some of the ownership to the next generation. My uncle was arrested and it was my brothers last day. Anyway, as of today, there is only one brother and one sister there. My one brother is just the "yes-man" to my uncle. Just last week they asked my sister, who has MS to take a permanent leave of absence. And my uncles 4th wife, a 40 year old Thai national is set to inherited the business after 50+ years of my father working 50-60 our weeks and non of the business is going to be left for his kids.

On another note. The dysfunction in family business and how it transfers over to family time outside the business is not worth living with the financial tyranny of staying.

I would NEVER leave a business to my kids to have them run it together! They deserve more than that. There is always a feeling of insecurity in being "part of the family" in a business when they kids have not experienced what it takes to get it to be successful. Family businesses do not work. Don't believe anything else.

My two cents.

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