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- Jul 4, 2019
- 293
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Hey Guys,
I may have the opportunity soon to get involved with a family business, and I'm looking for some feedback as to whether this is smart or not. There may be some emotional aspects that are clouding my judgement, so I want to try and see around those.
The business manufactures custom drums, and they have a good reputation and have been around since the 60's. Their product is great... but the marketing is not so much, and I think this has really held the business back. The family members who run the company are approaching retirement age, and I would hate to see the company get sold or close down.
I believe I can help them out a lot with marketing and increase their sales. My pitch to them would be that I would work part time for a year on marketing, and if their sales increased by X amount, then I would come on full time and get paid relative to the monthly or yearly sales. And eventually I would run the business.
This seems like a good opportunity and it's relatively low risk, however I'm concerned about getting into a space that's had a consistent decline in sales over the past 10 years. Obviously the business could provide new products or services related to the industry, and I have some ideas for this, so there's room to innovate and break into different areas of the market or potentially new markets. The other concern is working with family... and I have seen people advise against this.
Am I seeing things clearly here? I would appreciate any advice!
I may have the opportunity soon to get involved with a family business, and I'm looking for some feedback as to whether this is smart or not. There may be some emotional aspects that are clouding my judgement, so I want to try and see around those.
The business manufactures custom drums, and they have a good reputation and have been around since the 60's. Their product is great... but the marketing is not so much, and I think this has really held the business back. The family members who run the company are approaching retirement age, and I would hate to see the company get sold or close down.
I believe I can help them out a lot with marketing and increase their sales. My pitch to them would be that I would work part time for a year on marketing, and if their sales increased by X amount, then I would come on full time and get paid relative to the monthly or yearly sales. And eventually I would run the business.
This seems like a good opportunity and it's relatively low risk, however I'm concerned about getting into a space that's had a consistent decline in sales over the past 10 years. Obviously the business could provide new products or services related to the industry, and I have some ideas for this, so there's room to innovate and break into different areas of the market or potentially new markets. The other concern is working with family... and I have seen people advise against this.
Am I seeing things clearly here? I would appreciate any advice!
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