Author Topic: Father Wants Me to Take Over His Business  (Read 2171 times)

Andrew928

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Father Wants Me to Take Over His Business
« on: December 19, 2016, 03:03:50 PM »
Hello Everyone,

My father is a retired LEO and now has his own small PI business, He will be moving out of state and brought up the subject of having me take over his business to grow it like I have been telling him for years. In his words he is a grunt and just wants to do the actual leg work and not deal the the case management and contracting out to other investigators. This is something that I am willing to do but am not sure exactly where to start, can any of you guys help guide me with a first step?

Thank you,
-Andrew

MgoSam

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Re: Father Wants Me to Take Over His Business
« Reply #1 on: December 19, 2016, 03:09:58 PM »
How's your relationship with your father? Can you work with him? What does "take over" mean to him and to you? Will you be salary or will you be paid based on profits? Do you have to buy into the business? Who makes the decisions?

Based on these I and other people here can help advise you.

Andrew928

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Re: Father Wants Me to Take Over His Business
« Reply #2 on: December 19, 2016, 03:34:12 PM »
Relationship: Best Friends
I already do work under him when they need an extra guy, take over as in manage everything and dole out assignments/cases as they come. Paid on profits, cut of the hourly rate. No buy in, he would make decisions with me advising him.

Emg03063

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Re: Father Wants Me to Take Over His Business
« Reply #3 on: December 22, 2016, 12:02:25 AM »
Step 1 IMO is figuring out if you actually WANT to run a business.  Is this consistent with your life goals?  Would this be a full time job or a side job?  If more or less full time, can it reasonably be expected to pay what you want for income?  What else might you be doing with your life?  Have you ever run a business of any kind before?

Assuming this is something you actually want to do (vs. being "willing to do"--I'm not aware of too many businesses that thrive under reluctant management).  I would start with a SWOT analysis.  More on that here:  www.quickmba.com

totoro

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Re: Father Wants Me to Take Over His Business
« Reply #4 on: December 22, 2016, 12:29:15 AM »
Have you read the financial statements?  You need to know the financials and prepare a business plan prior to taking a business on.

Heroes821

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Re: Father Wants Me to Take Over His Business
« Reply #5 on: December 22, 2016, 06:22:37 AM »
Located in so-cal... Veronica Mars is that you?

In all seriousness the others hit the nail on the head. If you enjoy the work, do it, but look into everything that goes into the paperwork of running a business first.

former player

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Re: Father Wants Me to Take Over His Business
« Reply #6 on: December 22, 2016, 07:29:28 AM »
How would your father be doing the leg work if he is moving out of state?  I don't get that.

Your sig says you are a bail bondsman, I would have thought that the opportunity to grow an existing somewhat related business, that you are already involved in, could be a good one. 

What would happen to the business if you said no?

Andrew928

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Re: Father Wants Me to Take Over His Business
« Reply #7 on: December 22, 2016, 07:53:16 AM »
It would be a part time gig for me, most of the work I would be doing would be over the phone which I can do at my current job.

I will get with our CPA and go over the financials with him, @former player he would fly out for the bigger multi day jobs and all others would be assigned to local PIs.


Thanks for all the insight guys