So I am at a crossroads of blazing my own path (unsure what that would be) or buying/taking over the family business. Little background - I'm 30 married 2 kids no debt other than house. The business is granite countertops, we sell, measure, fabricate, and install stone countertops in residential houses. Business does 1.5 mill with absolutely no marketing or advertising. We have the ability to produce about 2mill without upgrading any more equipment or employees (currently at 12 including owner). Probably have close to 800k in debt of machines property etc. This is not an easy business, very heavy fragile one of a kind pieces or granite cut to exact (sub 1/16") dimensions. Single mistakes can cost $1000's. Not to mention we are 100% retail sales, with the exception of a few builders probably 15% of sales we have to have a very high close rate. This business obviously is not recession proof and I feel it breaks a lot of the rules of CENTS. I'm worried this would just be a job with the responsibility of making sure I get enough work to pay the employees and the bills. I would be making around 150k personally though which is a substantial raise but not crazy money. The business could scale to say 20 mill but it would be very expensive and risky to do so. If Given the same decision what would you do? Let's say I would have to buy the business for 300k, assume the current debt and keep my family owner on the pay roll for 2-3 years. We haven't hashed out the details but this would be my rough guesstimate.
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