I don't object to him not wanting to go to college. In fact I applaud him for not being ever so eager to go to college as it would mean 4 years before he has to get a job, can party and try to hook up with lots of young women, and avoid real responsibilities. I'm not saying that all college goers do this, but someone that grew up with a silver spoon might. I actually am impressed that he wants to run a business.
Now his parents buying him a business is a different story.
I don't have any kids, but if I did and he wanted to run a business I would probably tell him something along the lines of, "Ok, if you want to run a business, show me you have the chops," and tell him to get a job. I have some family friend's who have bought businesses for their children to run and earn an income, but I believe in all cases they had their kids go work elsewhere so that they could learn responsibilities first.
My dad mentioned that when he was a kid, his father sent him to a friend's house to live for a year and work as an assistant for his company. It was my grandfather's way of training his son how to be a businessman. I almost wish my dad had offered to do that to me.