re: Anyone ever quit a family owned business?

Everything listed is certainly true, but I also think there are a lot of times that family businesses give family members opportunities they never would of had. I don't think it's fair to say family and business never work together, and frankly is the business owner is a bad boss to their family than there's a great chance they are a bad boss period.

But I agree you have to treat a family business like a business and each employee needs to do what is best for themselves unless they have a direct and clear path to ownership. Even then it's never easy, but business isn't easy anyway you put it.

My son will be coming into our business full time once he graduates from college in May. He's worked for me for the last 5 summers learning what we do and how we do it. Now it's time for him to take the next step and start running the buiness with me. We're in growth mode so it's a fun and stressful time for us.

We've already discussed a path and time frame for him to take over the business. We've also discussed that there will be a buyout and that if he wants to sell before the buyout is completed he'll have the number for me to agree to sell.

I look forward to the day when he takes over.

I could never work with my daughter. We simply wouldn't see eye to eye and in business everything can't be a debate. There has to be a decision maker. This doesn't mean that I don't take other peoples views under consideration but at the end of the day it's my reputation and my finances that are at risk. So, at times it's a dictatorship as it needs to be.

Had a friend that went to work as a dentist for his dad after dental school. He did not have a contract at first, but after a few years, tried to get his dad to write up a contract that would gradually let him take over the practice.

Dad brushed it off and then was diagnosed with cancer and died pretty quickly. He continued to work and manage the practice for as long and the dental board would allow and told his mother, now owner of the practice, that he wanted to buy the practice from her.

He's goes over to mom's house to discuss the purchase and finds mom sitting at the kitchen table with a lawyer, that did not have a clue of how dental practices are sold. He demands a price that is 10 times what the going rate would be. Friend declines and sends a letter to all the patients telling them that he would be moving to a new location and if they would like to keep seeing him, he would transfer their records to the new location. 80% of the patients decided to keep seeing him at the new location so he essentially got the practice for nothing.

Mom, got nothing for the practice and lost a son.

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He and his brother did not agree on anything.

Any change gives a sense of sadness even if you don't own the business.

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This is taken straight out of my story. The first generation kept everything in line. Once they were out of the picture, the second generation has a problem with agreeing who is in charge.

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Do he think it was worth it to basically lose his mom though? I agree that situation was shitty but how much of that do you think is on the lawyer? At the end of the day sure he got the practice for nothing but Id be pretty upset if I lost my mom. No matter how shitty the situation she is still my mom ya know?

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Shitty situation, but that is what he was dealt.

I think the blame goes to mom and her decision to bring a lawyer to the meeting and then she doubled down selecting one that didn't know about the dental business.

It took about 10 or 15 years, but they did reconcile, but of course it was never the same.

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Had a friend that went to work as a dentist for his dad after dental school. He did not have a contract at first, but after a few years, tried to get his dad to write up a contract that would gradually let him take over the practice.

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Dental practices and family rarely work out. I never understood that..until now.

I worked for family in the construction industry. I was paid well, had no real complaints, and learned a heck of a lot. That being said, I got out when the timing was right to start my own company in the same Industry. I had been upfront with them letting them know that was my ultimate goal. I left on good terms and with my family members blessing. I would not go into business with family unless you have an exit strategy or very well-defined roles.

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Just wondering if anyone had worked with family for a long time and quit to go start your own business? I am approaching 14 years of working with family, but will be leaving and starting my own business with a month or two. Part of me is having feelings of sadness from leaving something I have been highly invested in for so long. However, I would caution everyone to never go into business with your family.

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It seems as though you are leaving out some important information here.

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There is only one way out of my family business.

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And it is........?

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There is only one way out of my family business.

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You gotta take it in the shitter?