Family Business

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.