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    I want to take over the family business. But how?
    Need advice. My mom and dad have a couple of local businesses. I am interested in taking over one of them. My sister also happens to work in the business I want. Without getting into specifics, each family member doesn't seem to care less about the business. They do just enough to get by. My parents are preoccupied with other civic and political ambitions and my sister is just running out the clock. Its really a shame because the business used to do so well and it is really starting to decline...it's now losing money every year. I want to take control before there's nothing left to take control of. At this point I feel like a coup is my only option, lol! (Just kidding, really.)

    My parents lured me home from the city several years ago where I had an amazing job to "run the family business so they could retire". Entrepreneurship is my dream so I took the bait. I bought a house here and everything. When I was in charge, the business started making money hand over fist. (I put the products up online and built B2B relationships with businesses outside our local area. The parking lot was always packed.) Then all of the sudden my parents didn't want to retire because the business was making money and still refused to pay me any more than minimum wage. The friction between my parents and I as well as the friction between my sister and I became too much. I was tired of being taken advantage of so I left the business completely 3 years ago and have been working from home selling products online since then. It took a while but my personal relationships with family improved when I was no longer working with them.

    Mom and Dad have fired up the retirement talk again and have said that they will GIVE me the business if I will just take it over at the end of the year. I have a legal business entity of my own so the transfer would be pretty painless. The catch? I have to do it as a partnership with my sister. My sister and I actually get along pretty well...as sisters. As co-workers, we are like oil and water. Working with her was horrible and I would rather stab out my eyes than do it again. I have asked her what she wants and she doesn't know. She doesn't like the idea of not having a regular paycheck and wants to be an employee instead of a partner. I don't like the idea of paying her to surf Facebook all day. Not looking forward to the fights by trying to get her quit Facebook and get orders out the door. She's never worked anywhere else before--always for my parents. She pretty much does whatever she wants without consequence. Puts all of her work off for days or weeks at a time then martyrs herself when people start wanting to know if their orders are finished. In her mind she believes she is running wide open all day long...but I have worked with her and there are days when she does literally nothing. And since she has worked there the longest--she resents taking direction from me but she refuses to take more responsibility in the business.

    What I would like to do is get enough money to buy the business outright. She can continue working for them in their other businesses and I can hire someone that I can count on. I could actually do the work myself for a while without an employee. My credit score has been toast since paying off my credit cards last year though. I've been enjoying living debt free and my credit score dropped 80 points just last week. I am a tightwad and live a pretty low maintenance life, so no assets to speak of really. A lender would never give me money to buy it. I really don't know what my options are at this point. I don't want to buy all my own equipment and start a competing business. But I don't want to see that one just fade away to nothing either when I know I could do really well with it.

    Any advice on what my next step should be? What in the world should I do?


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    You canít fire your own sister then Use her to help you
    Here are some suggest: You canít fire your own sister then Use her to help you.She want to be a employee, as I say itís a good news,it means you are the boss of your business.
    Facebook can make money, everyone knows. The question is how, and who can do it. Open a page in facebook about you business,let your sister to run it. Set a daily routine, a daily workload, In order to monitor whether she are working hard. Just like Publish five articles about the company every day in FB, Join 3 groups of related industries in FB each week,etc.
    This situation is much better than mine. The business is Your parentsí,they Support you sincerely ,I am working with my uncle, many project he donít let me in..Send me to a program opend 10 years ago. He tell me we have our own factory if I find some new product than tell he,then i am working hard to find a new product,but it's difficult job.There many product this day, which one dose clients like? And i am a newbie of business, it make thing more hard.
    Here's my suggestion , hope you and your sister can find a way to get along at work and your business goes well


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    Last edited by kimimk Wu; 07-19-2018 at 09:04 PM.
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    Taking over a family business combines two of the most important parts of our lives family and work in a potentially volatile process that can affect relationships and keep the transition from being as smooth as it could be.


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    #4
    Join Date
    Aug 2018
    Location
    National Hospital Room No 294,L Block, Phase 1,DHA,Lahore
    Posts
    97
    Hi....!

    There is no single path to taking over a family business. If you are interested in purchasing a family business or taking over leadership of your family’s business, you may want to know how to do it smoothly. It is wise to take a cautious approach that recognizes the family’s unique personalities and interpersonal relationships, especially if it is your own family. You will want to review the benefits and risks involved in the takeover and secure the advice of trusted mentors and consultants throughout the transition process..


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