Join the Family Business or strike out on my own?

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Re: Join the Family Business or strike out on my own?

Post by Smashter » Thu Jul 05, 2018 12:52 pm

TheRedHare wrote:
Wed Jul 04, 2018 6:20 pm

1.Money (tbh, as it seems like one of the only ways to be financially successful, it to own your own business)
This seems to have really been drilled into your head, as you keep mentioning it.

I just want to remind you that many people are well on their way to financial independence via the salaryman route. Or salaryman + small side hustle. I am one of them. It's not so bad, I promise :)

Also, in your previous thread where you debated moving in with your parents, you mentioned that you could work at the restaurant part-time. Maybe you try that for a few months before diving in and devoting your life to the business?

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Re: Join the Family Business or strike out on my own?

Post by plantingourpennies » Thu Jul 05, 2018 2:21 pm

ffj wrote:
Wed Jul 04, 2018 9:05 am
So your parents have no savings and large debts, are older, 60's and 70's, and run a small business that keeps them afloat, barely.

Walk away.
FFJ has it right-it sounds like what your parents have is closer to a mediocre job than it is to a business.

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Re: Join the Family Business or strike out on my own?

Post by suomalainen » Thu Jul 05, 2018 10:02 pm

Mmmmaybe this is a different strokes kind of thing, but what I would say is that you appear to be romanticizing and conflating a whole lot of things. Consider how many variables you actually control. Hint: it's not employees, it's not the small town, it's not the parents, it's not the wife, it's not the kids. A whole lot of things would have to line up perfectly for your ideal picture to come to fruition. I would say go for it if you're in it for the journey, but to be more cautious if you look at yourself and are in it for the destination - this idealized life that you appear to have pictured. This is your dream and not anyone else's. Kids can be a joy, but...they can also become heroin addicts. The business could flourish...or it could fail. The question is: do I want to do the crap parenting every. single. day? Do I want to do the cooking and cleaning and managing of the business every. single. day? Or do I just want a successful picture-perfect family and business without really loving the day-to-day nitty gritty of actually doing it? Have lots of kids, buy the business if you want and are willing to devote your life to them, but if you're expecting THEM to give YOU're looking at it wrong.

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Re: Join the Family Business or strike out on my own?

Post by Augustus » Fri Jul 06, 2018 11:32 am

suomalainen wrote:
Thu Jul 05, 2018 10:02 pm

Re: your original reference to the other thread about small businesses, in that thread I wrote that I hated my life for a while because of the business. This is probably very common.I had to schedule my shits on a calendar dude, think about that for a moment, I had to go on a calendar and schedule it in so that I could have permission to take a shit. I gained 50 lbs. I had high blood pressure. One year, one of my employees fucked up, and I had to work on Christmas, so much for enjoying family. I HATE working on holidays, but the douchier customers will want you to do that all the time. I also had romanticized the notion of being a business owner, and the reality was harsher than I expected.

That is not to say that you can't make it work for you, just that it is likely going to be very challenging, and failure is definitely an option. You may actually end up so miserable that you look forward to failure as a release from your bonds. I was finally able to tame my business in year 5 or so, now I love it, but I also realized I enjoy being half as busy as I was when I was raking in a ton of cash. I don't want the extra cash anymore, because it carries too much baggage.

Family is hard too. Do NOT start a business and a family at the same time, that is a recipe for disaster. Start one, wait 3 years, then start the other when the first has calmed down.

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Re: Join the Family Business or strike out on my own?

Post by pukingRainbows » Sat Jul 07, 2018 8:42 pm

Unless you are willing to dedicate years of your life to this project for little or no money, I wouldn't do it.
And by dedicate, I mean, be completely ruled by the needs of the business. That's generally the truth of owning and running your own business. The rosy points you mentioned are true to some degree but they are balanced by the long hours (no time off really), unstable income and constant stress of being responsible for running the ship.

It's not easy and the fact that it's your family involved makes things even more complicated and difficult in my opinion.

But if you think you have the skills to keep it going and succeed, then maybe it'll work.

Good luck!

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Re: Join the Family Business or strike out on my own?

Post by NPV » Sat Jul 14, 2018 5:02 am

In what world is a small town bed-and-breakfast a better business than software engineering? :)

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Re: Join the Family Business or strike out on my own?

Post by TheRedHare » Mon Jul 16, 2018 3:29 pm

well, really I was thinking of ways to expand the business and start a small chain of some sort within a region.

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Re: Join the Family Business or strike out on my own?

Post by NPV » Tue Jul 24, 2018 7:01 am

My point (which was of course mentioned by others in the topic as well) is that it is much easier to grow a profitable business in a growing and profitable industry. Which software is, and small town bed-and-breakfast is not. If you want to start a business, coding a side project or two could be a much better start than joining the family business simply because of the fundamentals of these two industries - not to mention being much easier from the point of view of entry/exit costs, capital intensity, regulation, HR etc.

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Re: Join the Family Business or strike out on my own?

Post by JamesR » Thu Jul 26, 2018 6:41 am

You might have a bunch of assumptions that you need to validate or really analyze properly.

That you can scale or expand the business, sucessfully
That you can cut costs (without somehow affecting quality and reducing customers)
That you can get the business to open more days a week.. 7 days?
That marketing would help a lot

Maybe you can treat it all as a learning experiment. Maybe the first goal should be to focus on improvements that will also make it more attractive to buyers. A big clean up and fresh paint and repairs and so on perhaps, fine tuning what's there to make it more attractive to buyers?

I guess I get the sense you are definitely wearing rose-colored glasses and you're in dreamer mode.

BTW, could list the place on airbnb and also run "airbnb experience"

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