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View Full Version : How to deal with the ultimate unwanted gift?


Bubastes
12-14-2010, 12:40 AM
Not a Christmas gift, and not one I have yet, but one that my father wants to give me after he passes away: his welder business. Yes, he has a small cottage business that I don't fully understand, but it has something to do with welders, and he's told me more than once that he wants me to run it after he's gone. He insists that it won't take much time because I can supposedly outsource everything (um, someone still needs to manage all that).

Besides, I don't want to own a welding business. Is he being presumptuous, or am I simply being ungrateful? I mean, it's not like I can return it to Target.

Mr Flibble
12-14-2010, 12:52 AM
Install a manager

Get them to run everything

Pay them a wage

????

Take the profit

Bubastes
12-14-2010, 12:54 AM
I'd rather sell the damn business and be done with it. I don't like managing people, even if it's only one person.

Elle
12-14-2010, 12:55 AM
You're not being ungrateful at all. It's fine if you don't want to run the welding business. Above all, parents should want their children to be happy. So let him know you appreciate all he's done with the business, but running it isn't what you want to do. Hopefully he can accept that.

Bubastes
12-14-2010, 12:58 AM
I've told him several times that I have no interest in the welding business, but he's not exactly a good listener. This isn't the first time we've disagreed over what he wants versus what I want, but I'm more assertive now. Life's too short to waste time trying to fulfill everyone else's expectations, especially on something as time-sucking as work.

Maybe I can give the business to Mr. Bubastes if he wants it. He really likes doing that sort of stuff.

Sagittarius
12-14-2010, 01:01 AM
Just sell it...?

Elle
12-14-2010, 01:02 AM
Life's too short to waste time trying to fulfill everyone else's expectations, especially on something as time-sucking as work.


Exactly. I mean I know he's your father, but you need to live for yourself and do what's best for you.

Maryn
12-14-2010, 01:15 AM
If you don't want to start hard feelings, there's no point in insisting he listen when you say you don't want the business. You've told him, which is all you're obliged to do. Let him leave it to you. When he passes away, sell it, and use some of the selling price to pay bonuses to his employees for their hard work under your dad's ownership.

Maryn, whose husband had a similar offer in a town he refused to go near

amrose
12-14-2010, 01:54 AM
Arson.

Seriously though, I'm for selling it if you don't want anything to do with it. Or you could dismantle it.

Cliff Face
12-14-2010, 01:59 AM
Well, I'm lucky actually - all my grandad wants to give me when he passes away is his organ (the musical variety, not body parts ;)). And I love playing music, so assuming I have room for it, I'll gladly accept it. :)

If I were you, I'd avoid the topic and then sell it later once you own it.

And yes, bonuses for the workers would be really nice. :)

Stew21
12-14-2010, 02:09 AM
Maybe I can give the business to Mr. Bubastes if he wants it. He really likes doing that sort of stuff.

this sounds ideal. If Mr. B likes doing that sort of thing, then perhaps convince your dad to leave it to the both of you. He can run it - you don't have to touch it and No hard feelings.

Stlight
12-14-2010, 04:50 AM
Or if Mr. B wants it, let your father leave it to you when he goes. He goes happy and you can sign it over to Mr. B. You don't have to tell your father you're giving it to Mr. B. or selling to him for a dollar. check with your attorney for best way to do that.

Just saying.

Oh, Mr. B might be thinking of how nice it will be to have that business, but not saying anything 'cause your dad will have to be dead for you to get it. Mr. B might have a sad if you don't accept it. At least ask Mr. B.

whacko
12-14-2010, 05:28 AM
I only two jokes. And buba, your predicament reminds me of one of the punchlines:

I'm not a real welder.

Actually, forget I was here...

Cassiopeia
12-14-2010, 05:36 AM
Be grateful for the gift. Show your appreciation. When he passes away if he has still given it to you, then decide what to do with it. But in this economy, I'd think twice before selling a business. Look over the books, if it turns a profit, keep it going. Chances are you won't get much for it till things improve.

But above all, be grateful that you have a father who cares so much for you that he's wanting to give you his business when he passes.

Cassiopeia
12-14-2010, 05:37 AM
Life's too short to waste time trying to fulfill everyone else's expectations, especially on something as time-sucking as work.Wow.

I'd love to have someone hand me a business. Really.

RichardLeon
12-14-2010, 05:41 AM
All my grandad wants to give me when he passes away is his organ (the musical variety, not body parts ;)).

Bequeathed body parts?

That is so a short story.

(Don't mind me. Carry on...)

Silver King
12-14-2010, 05:58 AM
The business might be worthless without your father's involvement. He probably knows that deep down but doesn't want to face what will happen to the company after his demise. I know how he feels because I own such a business.

Since you're not interested in taking over, be sure you don't get talked into it or sign any documents whatsoever in regards to the company. And definitely don't assume ownership thinking you can sell the company to someone else unless you've first hired the best business accountant you can find to advise you whether the concern is worth anything at all. You might be walking into a pile of debt that wasn't disclosed earlier but that you will be liable for as the new owner, among other things.

I'd suggest you follow your instincts and resolve not to take over the company. There's no rule or law that I know of that says we must appease our parents, even as they lay dying.

Bubastes
12-14-2010, 06:06 AM
Thanks everyone for your advice! I really appreciate it, and you've given me lots to think about.

SK, you've raised some excellent points, and I appreciate your perspective as a business owner. My father has the technical welding expertise, not me, so you're right -- without his involvement, I'm not even sure the business would be worth much. I'm well aware of my intellectual limits when it comes to engineering and management. And I don't even know what the finances look like.

Silver King
12-14-2010, 06:20 AM
Wow.

I'd love to have someone hand me a business. Really.
I wouldn't in most cases, and I personally know dozens of business owners in a variety of industries whose companies I wouldn't touch with a ten foot barge pole, even if they could be had for just one dollar each.

Ownership is one thing, but running a viable concern and making money while doing so is one of the most challenging exercises you can imagine, harder even than writing a novel. :)

Cassiopeia
12-14-2010, 08:38 AM
I wouldn't in most cases, and I personally know dozens of business owners in a variety of industries whose companies I wouldn't touch with a ten foot barge pole, even if they could be had for just one dollar each.

Ownership is one thing, but running a viable concern and making money while doing so is one of the most challenging exercises you can imagine, harder even than writing a novel. :)From my perspective, having owned and successfully operated a large commercial contracting company for 15 years, there's always a way to manage such a business and make a go of it until the time comes when it can be sold.

I also think jobs and money are hard to come by. But then, that's just me.

Wayne K
12-14-2010, 08:47 AM
Does your Dad have a number one guy? That's the person (if there is one) that should own or run it. Talk to him/her and find out what they want to do.

Bmwhtly
12-14-2010, 01:07 PM
Surely 'the ultimate unwanted gift' is something fatal?

Bubastes
12-14-2010, 03:40 PM
I also think jobs and money are hard to come by. But then, that's just me.

Which is why my running the business makes even less sense. I have a stable job now in a field I've been in for over 20 years. It makes zero sense for me to abandon my current career and clients to do something I know nothing about.

Cassiopeia
12-14-2010, 11:07 PM
Which is why my running the business makes even less sense. I have a stable job now in a field I've been in for over 20 years. It makes zero sense for me to abandon my current career and clients to do something I know nothing about.
Oh I am not saying you should. I'm thinking that to sell it in this economy won't bring much but if you find a good manager, you don't have to do anything but take home the profit until such time as someone buys you out.