Houndogforever
Hot Rolled
- Joined
- Oct 20, 2015
- Location
- Boring
I'm 53, learned how to machine in high school, started working for dad at age 18. Never worked anywhere else other than a couple restaurants during high school. Dad also was never a machinist, so I'm pretty much self taught.
Last week, my 26 year old son said, "dad, I want to sit down and talk to you about the family business. I'm getting tired of all the crap working in the hotel industry". Well, that day is this week on Wednesday.
The thing is, he has never been mechanical, doesn't work on cars, never came to the shop to make a widget or some project, just never real interested in it. I have no idea if he has mechanical ability or not, even tho I know he has minimal experience.
Buying out my father led to some .... issues. Being responsible for my father and mother's retirement was stressful. Renegotiating the deal a couple times over the years, finally paid off around 2007 and all mine. 17 years of payments to do it for me.
I'm not sure I want to put that pressure on my son to succeed or it is my well being. On the other hand, it could work out great, allow me to bring him in slowly and get out in 14 years when I'm 67. Heck I"m going to suggest he go take a year's worth of community college machining and cad classes to see if he likes it or not.
I also work by myself, no employees so hiring him on as an employee opens all kinds of issues. Workers comp, my 100% no cap 401k match for retirement not to mention I would also be responsible for his finances. Not sure what he makes, but I can't just slice $40k off the shop and hand it to him each year so he is comfy.
Just wondering what you guy's thoughts are on buying out dad, kids working for you etc.
thanks for your input.
Last week, my 26 year old son said, "dad, I want to sit down and talk to you about the family business. I'm getting tired of all the crap working in the hotel industry". Well, that day is this week on Wednesday.
The thing is, he has never been mechanical, doesn't work on cars, never came to the shop to make a widget or some project, just never real interested in it. I have no idea if he has mechanical ability or not, even tho I know he has minimal experience.
Buying out my father led to some .... issues. Being responsible for my father and mother's retirement was stressful. Renegotiating the deal a couple times over the years, finally paid off around 2007 and all mine. 17 years of payments to do it for me.
I'm not sure I want to put that pressure on my son to succeed or it is my well being. On the other hand, it could work out great, allow me to bring him in slowly and get out in 14 years when I'm 67. Heck I"m going to suggest he go take a year's worth of community college machining and cad classes to see if he likes it or not.
I also work by myself, no employees so hiring him on as an employee opens all kinds of issues. Workers comp, my 100% no cap 401k match for retirement not to mention I would also be responsible for his finances. Not sure what he makes, but I can't just slice $40k off the shop and hand it to him each year so he is comfy.
Just wondering what you guy's thoughts are on buying out dad, kids working for you etc.
thanks for your input.