Hi Everyone! I am glad l read MJ’s book and I find this forum, it’s really full of great contributions.
Today I’m here asking for your advice about an important decision I’m facing at this moment of my life.
First of all let me introduce myself: I’m a 26 years old guy and I live Rome, Italy.
I’m not new to the business world: my parents started a local service business which operate in the healthcare industry 30 years ago.
They begun as a small diagnostic center and ,trough years and thanks to a lot of hard and passionate work, they’ve been able to expand it making it a well known reality in our and nearby neighborhoods.
The business has a gross recenue of roughly 1.5-2mm and a net profit of 80-120k per year.
The money have always been reinvested in the business for avoid paying high taxes and my father has always earned his money paying himself a salary.
My father is the Classic small self-Made business owner who came from a poor family and started his business young without any expertise.
He has always been used to make all by himself: he like to do everything and is very reluctant to delegate and now that he’s in his 70ies he still pass much of his time working at the business. (I am ready to put a lot of effort but I’d not like to conduct a similar lifestyle).
My mother is a lab technician and she works in the center but she doesn’t take any part in running the business. (it hurt me to say that but she has a very slowlane mentality).
It’s worth mentioning that we are a very complex family: my father had three women from which he had 6 children (I’m the last one).
During my childhood I spent very little time with my father because he was always busy with the business; in addition to that he has a very hard and bad character and he left our mother growing us, putting a wall among us.
Since high school he suggested me to study for become an healthcare professional, sustaining that it would have helped me working for myself and understanding how to better run this kind of business.I put a lot of effort in my studies and, although if I didn’t like them, I graduated with top marks.
After graduating I took a year off. During this period I run through MJ’s book and I understood that I didn’t want to became a radiology technician, the only thing I wanted was to learn from my father how to run a business.
So I started following my father at the business, trying to grasp everything I could from him. Recently our business expanded and we opened a physical therapy Center. I took an active part in the opening and I helped a lot, especially in developing our printed and digital ads (my father is extremely tech averse). The business ultimately took off and for me was a moment of pride being able to be part of that.
Now comes the real problems: my father says he want me to run the business in the future, naming me administrator and giving me the salary he now takes for himself but he doesn’t want to give me the majority of the equity because he says it would be unfair to my siblings.
The company is a LLC and he want to give me 35% of the company, the rest will be spread between my blood sister which will have another 35% and the other 4 siblings who will own the remnant 30% of the company.
It’s worth nothing that all my sibling have other jobs and interests and they would not actively take part in running the business.
I want to make clear that I understand whatever my father will do it’s his full right to decide, I’m only deciding what is the best choice for my furure. I don’t want to be an employee for the business and have a good salary but a lot of responsibility too.
I really don’t know what to do and I’m wondering if any of you found himself in a similar situation before.
Your advice would be gold.
Thank you in advance and sorry for the little rant: it was an emotional day and I find it difficult to remain calm.
Ps: sorry for my bad english, I’m trying to improve it.
Today I’m here asking for your advice about an important decision I’m facing at this moment of my life.
First of all let me introduce myself: I’m a 26 years old guy and I live Rome, Italy.
I’m not new to the business world: my parents started a local service business which operate in the healthcare industry 30 years ago.
They begun as a small diagnostic center and ,trough years and thanks to a lot of hard and passionate work, they’ve been able to expand it making it a well known reality in our and nearby neighborhoods.
The business has a gross recenue of roughly 1.5-2mm and a net profit of 80-120k per year.
The money have always been reinvested in the business for avoid paying high taxes and my father has always earned his money paying himself a salary.
My father is the Classic small self-Made business owner who came from a poor family and started his business young without any expertise.
He has always been used to make all by himself: he like to do everything and is very reluctant to delegate and now that he’s in his 70ies he still pass much of his time working at the business. (I am ready to put a lot of effort but I’d not like to conduct a similar lifestyle).
My mother is a lab technician and she works in the center but she doesn’t take any part in running the business. (it hurt me to say that but she has a very slowlane mentality).
It’s worth mentioning that we are a very complex family: my father had three women from which he had 6 children (I’m the last one).
During my childhood I spent very little time with my father because he was always busy with the business; in addition to that he has a very hard and bad character and he left our mother growing us, putting a wall among us.
Since high school he suggested me to study for become an healthcare professional, sustaining that it would have helped me working for myself and understanding how to better run this kind of business.I put a lot of effort in my studies and, although if I didn’t like them, I graduated with top marks.
After graduating I took a year off. During this period I run through MJ’s book and I understood that I didn’t want to became a radiology technician, the only thing I wanted was to learn from my father how to run a business.
So I started following my father at the business, trying to grasp everything I could from him. Recently our business expanded and we opened a physical therapy Center. I took an active part in the opening and I helped a lot, especially in developing our printed and digital ads (my father is extremely tech averse). The business ultimately took off and for me was a moment of pride being able to be part of that.
Now comes the real problems: my father says he want me to run the business in the future, naming me administrator and giving me the salary he now takes for himself but he doesn’t want to give me the majority of the equity because he says it would be unfair to my siblings.
The company is a LLC and he want to give me 35% of the company, the rest will be spread between my blood sister which will have another 35% and the other 4 siblings who will own the remnant 30% of the company.
It’s worth nothing that all my sibling have other jobs and interests and they would not actively take part in running the business.
I want to make clear that I understand whatever my father will do it’s his full right to decide, I’m only deciding what is the best choice for my furure. I don’t want to be an employee for the business and have a good salary but a lot of responsibility too.
I really don’t know what to do and I’m wondering if any of you found himself in a similar situation before.
Your advice would be gold.
Thank you in advance and sorry for the little rant: it was an emotional day and I find it difficult to remain calm.
Ps: sorry for my bad english, I’m trying to improve it.
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