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Family Business

Old 12-01-2019, 03:13 PM
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Default Family Business

Before you tell me not to ask for advice on THT, trust me, this discussion is happening in many different venues. Plenty of people here have made decisions around money and thatís what Iím interested in hearing.

FIL runs a successful commercial construction company in a medium city. I am retiring from an active military career. He would like me to take over. I have minimal experience, but have the aptitude to pick this up (I would like to think) over a few years of working for him. He wants to retire. It is in the area we want to stay in for the next 7 years at least.

Is it worth the risk of ďworking with familyĒ? We get along well, but by no means bulletproof.

I have substantial experience and credentials in aviation. The airline industry is going crazy right now and I can get on with an airline without a problem. Entry pay isnít great, but the upside is better than most options. Easy six figures in a few years and pushing 250-300k/year with half the month off in 10-15 years (Iím 40). Of course, another 9/11 type event or economic issue crushes this.

My priorities right now are my wife and kids. Iíve been gone a lot and want to be here for them right now. My youngest is 11. We are financially stable and initial income isnít as important is time with family.

Donít pull any punches, ladies..
Old 12-01-2019, 03:17 PM
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Stick with what you know.
Old 12-01-2019, 03:17 PM
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Take the "job" with fil work a few months or a year see how it goes, keep up on your avation as a back up if things aren't feeling right with the construction biz. Thank you for your service and enjoy the time with the family, you cant get that back at any price.
Old 12-01-2019, 03:19 PM
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Donít do it
Old 12-01-2019, 03:23 PM
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Hiring in the construction industry is extremely frustrating as most of the people have an alcohol, drug, babyís mamma, or prison issue(s) to deal with.

Is this commercial or residential side? What exactly does your FIL company do? What are you currently doing in aviation?
Old 12-01-2019, 03:24 PM
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Let your wife take over fil business and you have a amazing second career for the airlines.
Old 12-01-2019, 03:25 PM
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Whatever you do, donít tell him you like his smile.
Old 12-01-2019, 03:40 PM
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Your already banging his daughter...can't get much worse




All seriousness...he asked...your interested...do it...he may see something in you that you may not
Do it!
Old 12-01-2019, 03:44 PM
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If you want to spend more time with your family then dont own or take over a business.
Old 12-01-2019, 03:45 PM
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You didn’t mention if your wife has any siblings (aka why did he pick you and not one of his kids)? This can make a big difference. Most small biz owners generally think there is one way to do things... theirs. Any other suggestions is like calling their baby ugly. It can be hard but rewarding. Only you will know if you can make it work.
Old 12-01-2019, 03:50 PM
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Originally Posted by MilesExpress View Post
Let your wife take over fil business and you have a amazing second career for the airlines.
Haha...do I know you?
Old 12-01-2019, 03:55 PM
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There is potential for me to do this for six months and still keep the airline doors open. I have thought about that.

The only other person who could do this is my wife, but she is going another direction right now that wonít allow it. If she hadnít found this other ďcallingĒ, she would likely be taking over.

No matter what, we will have a very candid conversation for expectation management. Not only the idea of me working for a few months to ďfeelĒ it out, but also that the company may shift focus to better match my strengths and interests going forward.
Old 12-01-2019, 03:58 PM
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Originally Posted by Finfever21 View Post
If you want to spend more time with your family then dont own or take over a business.
I was concerned about this as I have been married to his daughter from the start and have seen him work 24/7 in the past. However, It is at a point now where he has plenty of time off and enjoys his time and money. There are still busy periods getting a job going, but it tapers off.
Old 12-01-2019, 04:04 PM
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Originally Posted by Lprizman View Post
Your already banging his daughter...can't get much worse

Or any better, need pic of wife.....

but would look seriously into the opportunity and try keep the airline route open while explore family business further
Old 12-01-2019, 04:09 PM
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If you are interested in what the Fil does, then try it for six months.
Old 12-01-2019, 04:11 PM
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Originally Posted by rit.05 View Post
I was concerned about this as I have been married to his daughter from the start and have seen him work 24/7 in the past. However, It is at a point now where he has plenty of time off and enjoys his time and money. There are still busy periods getting a job going, but it tapers off.

The key word is HE has plenty of time off and money, if you take over its almost certain it wont go as smooth as he ran it for so long, there will be a HUGE learning curve for you and a rocky start up. The ideal situation would be to keep him on board for 6 months to a year and really mentor you until your confident.
Old 12-01-2019, 04:13 PM
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What's the upside to running his business?

Another 9/11 will cripple the construction business too.

How happy would you be doing this Vs. the airline thing?

I could go either way, sorry for the waffle but....One thing to family business does is give you some flexibility on if you want to be behind the desk or in the field, the airline thing, well you know where you'll be expected to be. Plus if you're a bit of a whore staying clear of banging all the flight attendants is tough.
Old 12-01-2019, 04:15 PM
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Originally Posted by rit.05 View Post
Before you tell me not to ask for advice on THT, trust me, this discussion is happening in many different venues. Plenty of people here have made decisions around money and thatís what Iím interested in hearing.

FIL runs a successful commercial construction company in a medium city. I am retiring from an active military career. He would like me to take over. I have minimal experience, but have the aptitude to pick this up (I would like to think) over a few years of working for him. He wants to retire. It is in the area we want to stay in for the next 7 years at least.

Is it worth the risk of ďworking with familyĒ? We get along well, but by no means bulletproof.

I have substantial experience and credentials in aviation. The airline industry is going crazy right now and I can get on with an airline without a problem. Entry pay isnít great, but the upside is better than most options. Easy six figures in a few years and pushing 250-300k/year with half the month off in 10-15 years (Iím 40). Of course, another 9/11 type event or economic issue crushes this.

My priorities right now are my wife and kids. Iíve been gone a lot and want to be here for them right now. My youngest is 11. We are financially stable and initial income isnít as important is time with family.

Donít pull any punches, ladies..
If youíre competitive for a job with a top tier major, $200K+ is attainable in year 3 if youíre a hustler.
Old 12-01-2019, 04:15 PM
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Never, ever do business with friends or family, recipe for disaster and he's going to want a huge payout and monthly check. The impending divorce from infighting will cost you more but than again you could end up with a 21 year old stewardess.
Old 12-01-2019, 04:16 PM
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Working for family can go either way. Sometimes it can be a very generous arrangement, sometimes they can expect you to work long hours for relatively modest pay. Almost assured is the staff's resentment of the nepotism, especially if he had managers/supervisors who had been competing for the promotion before you joined the family. You could end up learning a new trade while dealing with low morale and productivity. If your FIL is a hard charger, he may call into question days off, leave schedule, etc. when you "should be working." You may not really know him, until you work for him.


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