January 10, 2008, 4:05 pm
Passing a family business on to your kids
John wrote to Ask FSB for tips on passing his family business on to his son. What do you recommend?
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As the son of an entrepreneur, I've seen the struggles my father has gone through in trying to keep his business afloat. I think now that he's honed in his skills and specialty, he has a very solid business, one that I think I'd be interested in getting into. But, what about the years and deep debts that he's incurred up to this point (easily over $200,000)? Is that part of the bargain for someone looking to take ownership?