Forum Title: Should I stay or should I go??
I am writing this post in a effort to get some feedback and help me with my decision. I want to preface this by saying that I am frequent lurker on this forum, but unfortunately Don't participate much in posts and replies. I am 35 years old and have worked in the family roofing company for 14 years. The company was founded by my grandfather in 1958. When I first joined the company we were producing $1mil annually with 14 field employees. Today we have 25 field employees and finished the year just shy of $4mil in sales. We have consistent maintained high margins on our sales revenue as well. Our company is currently owned by my father. In the next few years he wishes to retire and sell me the business. I am our only salesperson & project manager. It has always been this way since I joined the company. 95% of the customer base was built and is handled by me. My father has good intentions of passing the business and It's assets to the next generation, but I need to make sure my family & I are protected and have some security. He has put together agreements and trusts to protect his assets upon death, but he has recently remarried. I have spent a fortune on attorneys fees recently determining & evaluating my risks. I have considered going into business for myself for the past several years. I have over the years formed an LLC, gotten my state contractor?s license and have purchased several pieces of sheet metal equI'ment required to run a small shop. If I do leave one of the issues I'must deal with is the guilt (the other catholics on the forum should understand this) for leaving my father. If I stay I could lose it all in the event of my father?s death or divorce. Any thoughts on the transition of family businesses? What'should I do? All I want to do is make the right decision!
Post By: TERESA H (Denver, CO), 02/08/2018