This week has been a good one. The snow is melting and this semester is coming
to a close. My $100 business challenge goal
has been reached and studying is going well.
This week we focused on buying business and we had a focus on family
businesses. Although I think family
businesses can be interesting, I struggle on putting tender relationships on
the line with a family business. I think
if I were to venture into having a business with other family members, having a
written plan before hand and proper ownership, liability, and roles on paper
before getting into business would be key.
Making sure everyone was on the same page beforehand to minimize the
likely hood of problems moving forward.
As we know, problems will arise, but I think this kind of documentation
can really help.
We also looked into purchasing businesses. I think this could be an interesting part of
being a business owner. The idea of
instead of being creative and trying to think of a new idea or business, it
would be great to take a business that is underachieving and coming in and
making it profitable. I think this would
be exciting and something I could be good at.