It’s a terrible idea. You are a brother-in-law, not a bank. You’re hugely confusing and not understanding the relationship. Just because you are in a position to financially do this does not mean you should because the lines of your relationship will be hugely crossed. There is no long term positive outcome to fund him.
Yes firing someone can be difficult, but the mindset shift for you is this actually has very little to do with you. This is not an arbitrary decision at all. This person is not working out for specific and clear reasons and part of your job is ensuring the organization is being run properly. Feeling guilty is when you believe you have done something wrong or acted with malice in some way. That simply is not the case, as you’ve described it. Certainly, you can show empathy towards this person when you have the conversation, but the mind shift is mentally understanding the difference between feeling guilt (you have not done anything ‘wrong’) and empathy (you care about this person’s well being).
Good luck!
You need a different mindset, respectfully. You get to choose how you feel. Your family might not understand your desire to be an entrepreneur, and that’s OK. Actually, what they think and believe is irrelevant. You have a desire to do your own thing as an entrepreneur, which may not be for your family, but you must “do you,” which means you need to get after what you are motivated to do. Another key point is you only “fail” when you believe and acknowledge that you have failed. You never fail as long as you have the strength and courage to pick yourself up, actively think through what didn’t work, and apply those learnings to whatever you do next. Your mindset is the key!! Also, when you surround yourself with like minded people they can be your support group, sounding board, and help keep you motivated, providing you with new ideas and thinking. Facebook Groups is great for this. Good luck!
Hi SnooOranges (“love your oranges, State of Florida, thank you.”). I was in a similar situation as you 15 years ago. I had a good corporate job and was looking to buy a playground business. My first point is you need to be asking different questions. 1st question is you need to understand if the business can afford itself if you were to buy it. In other words can business provide enough cash flow to fun the monthly payments? Yes or no? If no, the business can not afford you buying it. It does not matter if you have “good ideas “ to increase cash flows. If the business isn’t generating the cash flow’s needed to fun the purchase you can afford it. Question 2. Why is the owner selling now and is it still a “good business? 3rd point. Your risk increases hugely when you buy a business you are not actively managing and running. (“When the cat is out the mouse (ie employees) will play). I know first hand as a former semi absentee business owner. 4th point. If the thought of losing everything you have is a deal breaker for you (ie. Personal bank guarantee) than don’t do it. Your not ready, respectfully. 5. Go ahead and sign the NDA and get all the information. It’s not a big deal at all from your side. It’s simply providing protection to the seller. Good luck!