O
A couple of important things you need to look at before taking over the business. Firstly what are your expectations re income. Is this to be the sole source of income for both of you and if so can the existing business afford to pay you your expected salaries. Secondly do an operational audit of the business. Look at all costs/income sources and critically examine both. I.e. if its a cost and its not essential cut it. If its an income source are you maximising its potential. Good managers are hard to find. Good honest managers even harder. Think about running the business yourselves for at least 12 months before going that route. You will also need to closely supervise any new manager during the initial stages until you are sure you have the right person. To do that you must know the business and be able to regularly monitor the activity. You are lucky to have the benefit of your parents experience. Try to learn from their experience but make your own decisions. They need to understand the difference between advice and interference. Good luck.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?