Starting small plumbing company

[angusstuart]

I was a plumber all my life and retired a couple of years ago now, but I still have a lot of my contacts and people still ask me to do a fair amount of work, but I just can't manage the tools anymore. My grandson has been a plumber for about 8 years now though and has expressed interest in starting a small plumbing firm with me in the office and him on the tools. I really like the idea but I've never worked with family before. Has any one here had any experience working with a younger generation of their family?

 

[Bill.K]

I personally haven't had any experience working with my family but I wouldn't do it. Money is a sensitive issue and I would never want to have to make business decisions with family members... It would be very difficult.

 

[AlbertC]

I've invested in our son's business and helped out with various things a few times, but never in a partnership capacity. My father in law did this with his father for many years though, they co-owned an insurance business; gradually, my father in law bought his dad out of the business to free up his cash for retirement. It was a good arrangement.

As long as your roles are distinct and there isn't likely to be competition or a clash of wills, I think this could turn out really positively.

 

[needshave]

I have owned and operated an number of businesses over the years, and still operate one. Here is my suggestion to you. If your grandson want to starts a plumbing business then he should do so, allowing him to do all of the physical work. He should hire you, as an employee, to operate the office, marketing and provide general guidance. That would allow the company to function without struggle of who might be in control as well as allowing you to bow out gracefully when you want, if you want and do so without concerns of affecting the business and your grandsons income.

 

[Mr. Ed]

You crack me up