Lesson 11: Buyouts and family businesses

I’ve always had a romanticized idea about how family business are.  I’ve dreamed of having my own business that I could pass down to my kids.  This lesson really made me think twice about something that I’ve wanted to do for so long.  As a matter of fact, I’m not so sure it is even a good idea anymore!  So many problems can arise from passing the business on from generation to generation.  The important things I’ve learned however is that some of those pitfalls can be avoided if a proactive approach is taken such as devising a succession plan.  Another nugget of knowledge that I took from this lesson was the importance of having your kids work outside of your own business, perhaps in a different industry for more real world experience.  This never really occurred to me at all.

$100.00 business challenge update:  Great news, I’ve got my second sale!  I finally was able to connect with an assisted living facility that had said they were interested in me building a website for them.  Not only was I able to connect, I was emailed a lot of pictures and content that will make the buildout a snap.  My goal is to complete their website next week.  I don’t have a ton of time left!  I had a good conversation with the owner of the landscape and supply company whom I’ve already built a website for and he said he would pay me next week.  I’m actually really excited to donate the money that I’ve made so far.  If I think I feel good now, I just want wait to experience the joy that I’ll feel after I’ve transferred the money!