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RussellB
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xx Need Advice
« Thread started on: Jun 3rd, 2016, 10:16pm »

Hello: 

I have a major dilemma that I need advice on. 

We have a family business in which my plan after college was to help run it. However, after I graduated, the business was in Chapter 11 and eventually ended up in Chapter 7. 

As a result, I had to find new employment, which I did with a major company, but I had to relocate to take the job offer. I worked there for eight years before our department was outsourced. 

Afterward, I stayed in the same city and became an administrative manager for a major retail company, where I still work today. And now I have been asked to buy the company and become its new owner. 

However, during all this time, I met my Wife of now eighteen years and my Father started his business again, which he had lost due to bankruptcy when he had filed for Chapter 7.

But my Father is now in his early seventies and should be retired by now. And I would love nothing more than to give this to him. However, it would mean selling our home and leaving what me and my Wife have established here, which she is very much against.

And now it seems that everything is culminating to a climatic end that it is adding more and more stress on me each day. 

My current owner has already announced his plans for retirement, which is in the First Quarter of next year. And my Father's business is in economic turmoil with the lack of business. 

And because of the distance between us, and the amount of time that I have to spend with my current employer, I just cannot be there to help my Father like I want to. 

So, you can see my dilemma. 

Should I sell our home and move back to my hometown, against my Wife's wishes, to help run my Father's business? Or should I stay where I am and take the offer as new owner of the current company I am with? 

What would you do given the circumstance?

Thank you for any insight you can give me.

Russell
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jjwinkle
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xx Re: Need Advice
« Reply #1 on: Jun 9th, 2016, 4:09pm »

The prospects of business success of the two companies are very important. Bankruptcy and "economic turmoil with the lack of business" suggest that your father's business is not likely to do well in the future. Meanwhile, it is not clear from your post what the prospects of the company you're currently employed at are.

It's unclear whether your father is getting any net income from his business, but whether he is or isn't, he doesn't have to continue with it, and you shouldn't feel obliged to help him with it, especially at the cost of your wife's well-being and happiness, and, if the business you work at is looking like it will have a better future than your dad's business, at the cost of the better future it can give you and your wife and any children you have.

I wouldn't ask my family to uproot from a good life they were enjoying for a life elsewhere, unless I was very confident that the life elsewhere was going to be all-around much better for them than how the current life is or reasonably should be expected to be in the future.

You can take care of your father without also taking care of his business. Bring him to live with you or send him regular money if he needs it. Your father should only value his business if it has net profit or high potential of net profit - in which case he can sell it for something.

We all have to anticipate retirement without the guarantee of an offspring available to take over a business. To accommodate your father in such an unreasonable expectation your wife, kids and you should not be sacrificed.
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RussellB
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xx Re: Need Advice
« Reply #2 on: Jun 14th, 2016, 10:07am »

Thank so much for your enlightened post!

You answered a lot of questions that have been preoccupying my mind, and I thank you.

Thanks again,
Russell

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