Replies

1. 
   Piffin | Mar 06, 2003 07:54am | #1

   Another Patrick Mamannus fan! Welcome aboard!

   You really need to discuss this with a good tax accountant and attorney, though. There are too many complications to do here.

   But congratulations on having the blood in the business and keeping the business in the blood. Means you've done something right.

   .

   Excellence is its own reward!

1. 
   latkins | Mar 06, 2003 08:00am | #2

   Thanks, you just made my day.

2. 
   kennedy136 | Mar 09, 2003 06:36am | #9

   Piff,

           Patrick Mcmannus, and I agree with you.  He is a great writer and funny as can be.  Remember when he used to write for Field and Stream?  That was the first page I would go to, and my dad, who couldn't care less about hunting or fishing would read his stories and just howl with laughter.

                                             mark

1. 
   Piffin | Mar 09, 2003 07:10pm | #11

   I thought it was Outdoor Life, but maybe you are right. When I get this old, some things start to run together..

   Excellence is its own reward!

1. 
   kennedy136 | Mar 09, 2003 09:20pm | #12

   Piff,

          Actually I think we are both right, I can't swear to it but I think he jumped ship at one time and switched magazines.  I also have read some of his books which basically amount to collections of his stories.  He was/is the Erma Bombeck of the outdoor types, but even those who don't have strong interests in those things could still get a good laugh out of his writing. 

                                            mark

2. 
   xMikeSmith | Mar 06, 2003 03:30pm | #3

   congrats..

    how about something like this..?

    at the end of his first anniversary... sit down for an annual review.. and give him 5% of the stock... then every year for 10 years another 5%  until he has 50%..

    then set up a 10 year buyout for the balance of the 50%..

   and of course. review your plan with your tax accountant and lawyer

   Mike Smith   Rhode Island : Design / Build / Repair / Restore

1. 
   latkins | Mar 07, 2003 12:56am | #4

   Thanks Mike I appreciate your help.  Lee

2. 
   Piffin | Mar 07, 2003 06:03am | #5

   That idea is full of positives. I thought he was looking for specifics though, such as - does he gift the five percent to him as son or does he do it as a bonus as employee..

   Excellence is its own reward!

1. 
   xMikeSmith | Mar 07, 2003 06:15am | #6

   don't know.... sure would like to be having the same problem..(daughter is married and 800 miles gone )

   but small business succession is a whole field unto itselfMike Smith   Rhode Island : Design / Build / Repair / Restore

3. 
   hasbeen | Mar 07, 2003 07:42am | #7

   OK, out comes my geezerhood:  I'd agree with Piffin that you've obviously done a lot of things right!  BUT, I'd suggest that you not give him any ownership until he's 21 or so and has proven that he's serious and that you can work together day in, day out, etc.  My belief is that awards mean more when you have to work a little harder for them.

   I have two sons who are part-timers in the biz that my wife and I run.  It's very rewarding for all of us. 

   Best wishes!

   Average Joe says:

   I'll wait here while YOU go wrestle the wild alligator.

4. 
   Schelling | Mar 09, 2003 06:29am | #8

   I hope that your plan on having your son succeed you in your business works out. Our plumbers are a father and three sons who have one of the best businesses in town. And they get along. That said, my advice would be to have your son work for someone else before he takes over your business. He will learn many lessons (some not very positive) that you will not teach him and this experience will make him all that more valuable as an employee and as a business owner.  The one regret I have about being self-employed is that I am not exposed to different ways of doing things that might improve my own business and trade skills.

1. 
   latkins | Mar 09, 2003 04:17pm | #10

   Thanks for your help , working for someone else  is a good piont.   Lee