Thanks. I wanted to field some outside opinions before discussing with him but so far it seems like I’m on the right track
Thanks. I wanted to field some outside opinions before discussing with him but so far it seems like I’m on the right track
We’ll be starting the purchase in January 2026.
No, we don’t have an agreed upon sales price for the business hey. No loan. We’ll be doing a typical owner-funded buyout where he basically continues to take a salary from the business until he’s “bought out”.
You make a good point about my raise potentially impacting the profitability of the company. But on the flip side, if my new responsibilities are helping the company’s profitability, I want to be compensated proportionately. I think it’s fair.
There’s only so much focus I can put into the acquisition in two years. The succession plan has been in place for a while now. But if my father wants to start it earlier, I’d be up for that too.
I have three brothers who would otherwise inherit 3/4 of the business if i didn’t purchase it from him.