Should I stay or should I go??

Why have you thought of starting your own business over the past few years? Why wouldn't you want to continue the business name that YOU have helped build?

I've seen businesses separate where client's/employees just complicate things because they don't do what you expect. If you leave that business, he could sell to somebody else, who will be your competition w/ your old phone number.

One thing to consider, and it could vary by state or personal connections, but in Illinois new roofing business start in the workers comp pool at 52%. Not fun.

Colpaw, good advice from a "good" Egg. What ever happens, it has to be a "Win--Win" situation for the both of you. If there is a loser, it is going to be you and with a family, that is not fair. We all think that our roofing businesses are worth a lot fo money; any bussineses for that matter, but actually they are worth about what our last job was. things can go "south" in a hurry. If dad has been doing this for 40 years, he should have a lot of money stored outside of the business to live on. If you have been working it for 14 years, and you are family for crying out loud, have a independant apraiser come in and value the assets of the business, (at auction) and then arrive at a value for the "good will", and I would not pay too much for that. (less than 6 figures). That should be a good starting point.

The old man has already won from the sound of it and it is time for you to get your chance. Your new step mom married you dad, not the business. Stick to your guns and don't pay any more than a savvy busnessman would for the company. If you pay too much, you will not be around to do anything.

You need to email Mike HIcks at MikeAt HRI @AOL.com

He's not an attorney but he is a third generation owner, he is level-headed, he is compassionate, he is a family man, he is successful, and he has purchased a third generation business. Great guy, honest guy, humble guy. You can't do better than him. Do it now.

Old School, thanks for the reply. We've had some loose documents drafted, but nothing finalized. My father will be 67 this year. He still comes in but takes extended one month vacations a couple of times a year.

The company is a c corp and he owns all of the shares of stock. I have no ownership in the company. I play out different scenarios everyday....what would happen if I left. What would our employees do? Where would the customers go?

I think his intentions are good. Im just worried if something happened to him and his wife had control over his estate and the company. We are very open that I don't trust her and she doesn't trust me.

Bottom line is that I want to do the right thing for me and my family and not have any regrets.

GKRFG. Thanks for the reply. My father did buy the company from his father. At the time the land was owned by the company. So that was part of the deal. Unfortunately for me, the land was purchased personally by my father and is no longer an asset of the company. He bought the company 20 years ago.

If I buy what am I really getting? The assets of the company? Mostly a fleet of trucks and some fully depreciated equipment?

Do you own any of it? If so, did he just tell you or is it on paper? How old is he? What does he do and how old is he? Is it a corporation? If so, and you own some of it, how much. If he owns 51% and you own 49%, he or his new wife could just bankrupt it and you would have no say. Nothing seperates the milk from the cream as much as money and greed.

If everything else fails, you are going to have to learn to "assume the position!" Reach down and grab your ankles with both hands and you will "get the business!" It sounds like he may "own" the sandbox, but just remember that you are the "sand" You have a lot of pull in that you could just leave and start another business tomorrow and quickly most of the employees would follow you. If in fact you do 95% of the customer contact, I am sure a lot of them would go with you too. If things go to hell in a hand basket, you could probably buy the assets of the company cheaper than you could buy the business now if he isn't fair. Something to think about. good luck with that one. Been there and done it 40 years ago.

Chris, Tough call. All I can suggest is that you sit down with a lawyer and hopefully your father at the same time and come up with a fair price and an iron clad contract that protects your interests. Did your Dad buy the business from his Dad? How long ago?