???about transfering family business to son...
i'm new here,,but not too new to being a caregiver. i've cared for my mom for three years,and in august she moved into assisted living and is very happy there. unfortunately my husband started to lose weight rapidly in september,and on dec. 9th we got a diagnosis of a very deadly and aggresive cancer. so we've started chemo and he has had to stop work. he will be out at least until mid june,,maybe (probably)longer. thank god his youngest son had just been laid off and was ready to step in and manage the business for his dad. (for a paycheck).he's always wanted to take over the business,and has lots of ideas. he's very good at it,and he is highly motivated to make a gajillion dollars. his dad has been slowing down for the past few years,(now we know why) so truthfully the business hasn't been operating at anything like peak performance.
the son has been on the job for less than a month. today he and his dad discussed the future. dad and i were thinking that son will work for a year or so to learn what he needs to know,,then we'll sell him the business for a reasonable price with no interest. son totally disagrees,,says the business is virtually worthless,and since he plans on bringing in new accounts and making more money,,that when his dad passes the business will just become his.
this scares me to death. i can't go to work while i care for my husband,,what will i do without a business to sell or provide some income for me?? i know i need a business accountant or lawyer to help us with this,,and i'll get one,,but this evening we're feeling very bad about this. i see son's point in that the business is failing,,on the other hand,,he's getting paid to manage the company and make it more profitable. he wants to be a partner,and give dad a percentage for new business,,shoudn't dad give him a percentage,,like a comission for new sales? i'm dizzy trying to decide what's fair, and know that if my husband's son walks away now,,there will probably be no business very soon,,so i'm greatful that he has stepped in,,but wondering if he's being fair to us. does that make sense.
if you've gotten this far,thankyou. we've only gone through the first round of chemo,and it went pretty well. i imagine i'll be here more as time goes on.