Wealth Gap, Family Business, Is the Child Responsible 2 Continue The Business

[DOS_patos]

Meaning?

Could you break this down a bit more so?

now many times have you ran into a black male that likes to do something outside of whats considered cool or black?

how many guys do you know who would follow the "whats in" crowd vs who they truly are?

how many smart black guys you know but they hide it because they think its not accepting to their friends?

how many people you know sell drugs or act like they getting money, but doing the same shit as everyone else?

 

[Knock_Twice]

this statement doesnt fit here....

if the parents built something...it dont matter what america wants...its what you now have.

i look at it as its the responsibility of the child to continue this on....all the hard work to go to someone else because the son is entitled.

Bingo

If you reap the benefits from the business or businesses as a kid, why not continue to manage your parent's empire?

 

[Babelipsss]

Too many people are determined to raise their children in the exact same manner that they were raised and nothing more. You are supposed to raise them to be better than you, and so on. Forward progression.

 

[Knock_Twice]

Too many people are determined to raise their children in the exact same manner that they were raised and nothing more. You are supposed to raise them to be better than you, and so on. Forward progression.

We all understand that:

But if your parents business has accumulated a 7 figure income, let's not even say 7 figures, let's say a good income to put you as a young adult living decent, raising your kid to take over this lucrative business, is this not forward progressing?

Your son goes off and work for someone else for 10x less than what he will inherit from the business, is he really progressing?

 

[Judge Dread]

I just want him to understand that the amount of money is only relative to what he wants of his lifestyle. But he also needs to understand that certain things Justice, Medical expenses and other stuff are completely dependent on how much money you have. I can teach him that money shouldn’t control him but at the same time explain to him that the only reason he met his grandmother and had time with her was based on money. If we and my wife’s family couldn’t afford to prolong her life with special cancer drugs she would have died right after he was born instead of living almost 2 years.

 

[Judge Dread]

We all understand that:

But if your parents business has accumulated a 7 figure income, let's not even say 7 figures, let's say a good income to put you as a young adult living decent, raising your kid to take over this lucrative business, is this not forward progressing?

Your son goes off and work for someone else for 10x less than what he will inherit from the business, is he really progressing?

I agree with you but if he can’t take the weight of running the businesses properly, I would hope that he sells them rather than letting them be run into the ground because he was either not interested or capable.

 

[DOS_patos]

I am not going to force him to do anything. We can only provide the foundation. I would hope our businesses don’t die with us but he may not want to be in them and because I am nothing more than a juggler it allows me to be involved in a lot of different things. Where my wife’s is more central. The barber shop/hair salon one is interesting. Like I said earlier I just hope his personality makes him want to work for himself but at the same time I understand that those headaches are not for everyone.

i dont disagree with you much....but i may say this i dont agree on.

what headaches?

this is where someone should know about the different types of headaches and loyalty and freedom.

as a business owner i understand this.

working for someone is far worse than owning your own business.

if your boss wants to fire you....he can. no explanation.
your performance is based on if you keep your job, or getting the same check if you work hard or not.

i think alot of people move away from owning a business because they dont want to be responsible for their stability...but they are trusting someone else with their stability.

i look at a family owned business as something the child should be gearing up to continue because time will be wasted going out trying to please someone else when your future is waiting for you with the family business.

i hear what you mean about not forcing him.....but its his responsibility as your child. he was blessed with parents who have something to give him. that is something to not take for granted because everyone doesnt have the same option.

 

[Knock_Twice]

Forcing your child to get into the family business is a recipe for disaster. If they don't want it then so be it. If forced more than likely its going to fail because they couldn't care less about it. Or they are going to sell it first chance they get for pennies on the dollar cause it wasn't their blood, sweat and tears that made it anyway so they just want some money for it.

The child doesn't need to be at the business. A parent can teach their child bookkeeping at home. A parent can teach their child customer service just by instilling in them good morals, character and certain respect factor. I get what you saying though. I'm just saying there are different way to get your child business minded than forcing them to be at the family business.

Hell more folks should actually look at leaving their business or whatever to most suitable family member. I have absolutely no problem leaving my nieces or nephews something over my child if I know that they will do right by what's given to them and my own child won't.

Good post

Why do you think it's a recipe for disaster?

With this business, that you have worked hard to build, Electrical company, best in the city, you remember when you only had 2 clients, now you get 2 clients every 30 minutes to do a work order.

You don't think you'll feel some type of way if your son or daughter doesn't pick up the business?

Now your son is picking up trash or being a rapper, how would you feel?

 

[Judge Dread]

But I am seeing this play out infront of my eyes. My Uncle has a business that none of his kids want to take over and he refuses to sell it even to me. It has our family name on it and I want it to survive but it won’t. It is sad.

 

[Knock_Twice]

now many times have you ran into a black male that likes to do something outside of whats considered cool or black?

how many guys do you know who would follow the "whats in" crowd vs who they truly are?

how many smart black guys you know but they hide it because they think its not accepting to their friends?

how many people you know sell drugs or act like they getting money, but doing the same shit as everyone else?

Lol.

I'm not disagreeing with you on your post. Plenty of times.

So who fault is that some black dudes are like this? the parent or the dude?

Dude mama has a beauty salon, she's old, it's one of the best in town, why wouldn't he want to inherit that income and take on what his mama built? Because it's not cool?

 

[DOS_patos]

Too many people are determined to raise their children in the exact same manner that they were raised and nothing more. You are supposed to raise them to be better than you, and so on. Forward progression.

you can have forward progression and still raise them the way you was raised.

you only know what you know.

and when you think about it...the person you are is a result of how you was raised. by making it easier for your kids might backfire and make them more lazier than you, inturn not giving them the same drive that drove you to being in the position you are in.

 

[Knock_Twice]

i dont disagree with you much....but i may say this i dont agree on.

what headaches?

this is where someone should know about the different types of headaches and loyalty and freedom.

as a business owner i understand this.

working for someone is far worse than owning your own business.

if your boss wants to fire you....he can. no explanation.
your performance is based on if you keep your job, or getting the same check if you work hard or not.

i think alot of people move away from owning a business because they dont want to be responsible for their stability...but they are trusting someone else with their stability.

i look at a family owned business as something the child should be gearing up to continue because time will be wasted going out trying to please someone else when your future is waiting for you with the family business.

i hear what you mean about not forcing him.....but its his responsibility as your child. he was blessed with parents who have something to give him. that is something to not take for granted because everyone doesnt have the same option.

This is what I agree upon.

Again looking at those around us, and I hate to be like this, but just observing life, you see Marleky and Son Construction Co.

Mike and Son Plumbing

Gerello's and son Pizza

etc.

Those ppl pass that down to their kids, it's like their kids don't have a choice but to inherit their parent's businesses, all of them.

Hell some of the kids be looking forward to taking over, dayum near forcing the parents out.

I rarely hear that from our ppl, "man I can't wait until my dad pass this on to me, or my mama let me have her shop or etc"

 

[DMorgan]

Good post

Why do you think it's a recipe for disaster?

With this business, that you have worked hard to build, Electrical company, best in the city, you remember when you only had 2 clients, now you get 2 clients every 30 minutes to do a work order.

You don't think you'll feel some type of way if your son or daughter doesn't pick up the business?

Now your son is picking up trash or being a rapper, how would you feel?

I feel its a recipe for disaster because their hearts will never be in it to at least maintain at its current level of success or to grow it even further. Shit usually doesn't work out well or long term when a person is forced to do something.

Personally no I wouldn't feel some type of way if my child didn't want to do what I did for a living no matter how successful at it I may have been. I'm raising them to be their own individual so what was good for me and provided a decent life for them may not be what they want to do for a living and that is OK.

Just don't be a fucked up non-respectable person and we good. That also don't mean I'm just going to leave them my business or money in the will either.

 

[DOS_patos]

Forcing your child to get into the family business is a recipe for disaster. If they don't want it then so be it. If forced more than likely its going to fail because they couldn't care less about it. Or they are going to sell it first chance they get for pennies on the dollar cause it wasn't their blood, sweat and tears that made it anyway so they just want some money for it.

The child doesn't need to be at the business. A parent can teach their child bookkeeping at home. A parent can teach their child customer service just by instilling in them good morals, character and certain respect factor. I get what you saying though. I'm just saying there are different way to get your child business minded than forcing them to be at the family business.

Hell more folks should actually look at leaving their business or whatever to most suitable family member. I have absolutely no problem leaving my nieces or nephews something over my child if I know that they will do right by what's given to them and my own child won't.

but this should be placed into the childs mentality as the business grows.

having the child grow with the business and having input and involved in everyday activities can do wonders.

 

[Knock_Twice]

But I am seeing this play out infront of my eyes. My Uncle has a business that none of his kids want to take over and he refuses to sell it even to me. It has our family name on it and I want it to survive but it won’t. It is sad.

None??

In your opinion, is that a problem that none of the kids want to take over the business?

 

[Knock_Twice]

Man it's some good discussing going on in here Lol

Some serious and good dialog going on in here

 

[SeaSnake]

welll

it is a simple answer to this.

young black kids allow more limits on their mindframe by wanting to either keep it real or not look or act suburban.

i go to alot of business meetings. i see white women not limit what type of business they can start.
i have seen black women not limit what type of buisness they can to start

i have only saw my brothers limit the type of business they can start.

shit doesnt seem cool or not high profile enough or doesnt make a good image.

everyone else is trying to earn money and set up the future....my brothers want to look good now and not sacrifice so their lineage can benefit.

case and point......i know some of yall read the thread i had made once about when dont we start more businesses...

the common answer was ....not everyone can be a business owner.

with that attitude...you will always be a worker. you already defeated yourself.

I dont want to run a business personally the risk reward the time energy and stress involved. Id rather be a historian actually. Running a business aint nevwr been simple.

 

[DOS_patos]

This is what I agree upon.

Again looking at those around us, and I hate to be like this, but just observing life, you see Marleky and Son Construction Co.

Mike and Son Plumbing

Gerello's and son Pizza

etc.

Those ppl pass that down to their kids, it's like their kids don't have a choice but to inherit their parent's businesses, all of them.

Hell some of the kids be looking forward to taking over, dayum near forcing the parents out.

I rarely hear that from our ppl, "man I can't wait until my dad pass this on to me, or my mama let me have her shop or etc"

exactly......

thats because they understand their responsibility to their family.

it was that business that fed us and clothes us and allowed trips and such.

to not want that is entitlement. wanting something for nothing.

now if the child want to do their own thing......ok...when that times comes...get the fuck out, cuz this my money now.

and when push comes to shove...and some other niggas making business decisions on your family business.....thats ether at its finest.

 

[DOS_patos]

But I am seeing this play out infront of my eyes. My Uncle has a business that none of his kids want to take over and he refuses to sell it even to me. It has our family name on it and I want it to survive but it won’t. It is sad.

i saw this aswell.

shit is sad.

 

[DMorgan]

but this should be placed into the childs mentality as the business grows.

having the child grow with the business and having input and involved in everyday activities can do wonders.

None of that will make the child want to run the business YOU started if they don't like or want to do that type of work. No matter how much you have them involved or around if they don't like it or want to do it them being around it more is just going to reinforce what they know. Which is I know for a fact I don't want to do that type of work.

Having them around could do wonders for developing their business mind but that don't mean it will have anything to do with the business you own and running.