I’m taking over the family business. I’ll be a third generation owner. I will purchase it through contract for deed.
My father told me the number one thing he wanted to do was run the business better than my grandfather. I feel the same way, and sometimes I’m not quite sure how to vent my frustrations to my father on what he could do better.
He’s a terrific businessman who had brought our family comfort. Sometimes I think he has some blind spots.
How do I approach these things without being insulting?
Instead of assuming your vision is better, ask why they are done the way they are, and if you aren’t convinced, ask what he thinks about your idea… if he’s as good of a business man as you think even if he isn’t open to the idea of change he will be able to give you clear reasons why.
Beyond that, its a LOT harder to tell your father to get out of your way if they don’t want to, as you now have to deal with family relationships… Similarly its a lot harder to not give your brother a job even know he’s high all the time and doesn’t show up on time or at all, and isn’t effective at work…
As an outsiders perspective from some one who has been trying to buy businesses recently… There is also often a lot of unrecorded effort/hours that happen between family members… If you were a skilled employee that was underpaid by your father, don’t expect the person you hire to care about that job the way you did, or work for as little money or be willing to work overtime as often, or whatever else that just doesn’t fly in the normal working world…
In the same vein if your father is working 12+ hour days to make the business work and you are also putting in that kind of time… expect to have to hire not just one replacement, but two or see a significant drop off in output…