Taking over Father in Laws Business

Discussion in 'Starting a Business' started by KrystalL, Jun 21, 2016.

  1. KrystalL

    KrystalL
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    My husband's father has an upholstery business in a small town that has been around in the family for more than 30 years. He is looking to retire and hand the business over to my husband and I. He does not want to sell it to us but rather just have us take it over. We are unsure about what legal steps to take to take it over and put the business in our names. Someone mentioned it may be best for him to "sell" it to us. We are looking to expand the business as well. Currently he does upholstery work on furniture and automotive upholstery. We would also like to do repair and performance work on vehicles. We have interest in expanding the building as well. We will need additional equipment for the shop also. He is a one man operation so there are no employees. I'm looking for some advice/direction as to how we can start this journey as small business owners.
     
  2. Rob Schneider

    Rob Schneider
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    First of all i will like to congrat you and your husband for starting your own business(even if it is handed to you ).
    As you have mentioned in the your post that someone mentioned it that you should buy the business from him , i absolutely agree with that someone , as you wish to grow your business more and you may take some steps or strategy that your father in law might disagree with (just saying) , you should have the whole say in that matter and your father in laws opinion wont interfere in your decisions , so you should get everything on your side firstly legal wise.
     
  3. Lorence Merk

    Lorence Merk
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    Well, I think it would be better if you talk to your father in law about it. I'm pretty sure he will understand your point since you want expand the business. I understand that it's not easy to make decisions if ever you will take over the business. Everything has to be legal or else all the efforts will be wasted.
     
  4. harunsing

    harunsing
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    Firstly it is very good thing that you are getting well settle business. Just you have to move with it. Then dont take a tension. just first start to deal with the business. after some time you can take some employees for your help
     

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