photo credit: freddthompson

Growing up my father was part owner of a pizza parlor in Brooklyn, NY. He worked long hours and sacrificed a lot to make the business a success. So wen it came time for him to retire and move on with his life he several hard choices to make concerning the business.

My brother was ready to inherit the business, but at that time there was an investment company looking at the actual property that parlor was on. So my father, who now was the soul owner for the parlor, had to make a couple of choices. He knew how much toil and sweat it takes to run the business the way it should be run so doe she want his kids to go through the same life? He could also sell and have money to retire with and pass on to the family.

He ultimately chose to keep the business and allow my brother to run it. He had a lawyer write up a contract and legally passed the title and property to him. He figured it was the best move for the future and a definite money maker.

The tips that I can pass along for keeping the business in the family would be to evaluate the situation and make sure to look at all the options before making a decision. The next tip would be to consult a lawyer and make sure all the paper work is done up right.