It is in the Will of my mother to give me the gym when she dies so I’m stuck with it unfortunately. Fortunately enough I am quite looking forward to running it.
Awesome.
Having met and worked with/for dozens of people who inherited businesses, it is one hell of a double edged sword. I’ve seen spoiled brats with afluenza drive cash cows into the ground (or up their nose). I’ve also seen the next generation take places next level.
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Get as much business experience as you can, both inside and outside the family business (different industry never hurts). Take note of best practices and things you don’t want to emulate.
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Act as adult as possible. When you first take over the staff is likely to resent you just for being a member of the lucky sperm club. You have to prove you’re good.
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Sure wish someone would just hand me a business…
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No you don’t. Most 2nd/3rd generation inherited businesses go tits up pretty quick. Most times the heir doesn’t have the skillets that made the founder successful. They also don’t have the passion for the industry that gen 1 did.
Plus what if your family owned a biz you had no interest in (vegan muffin shop, yoga studio)? How would you like to be pressured into a role you hated?
Ford is the only glaring exception I can think of off the top of my head.
Trust funds exist for a reason, because the rich know better than to hand off their life’s work to an undeserving heir.
I do about 20 hours of work there every week with 7 extra hours of travelling just go there, on top of school. I do want to run it and I learn about running it all the time.
Oh, I would, but I get what you’re saying.
I would love it, would spend the next 5-10 years experimenting on ways to increase the value of the business, and then sell it.
@Basement_Gainz has let the finance/accounting world jade him too much 
The way I see it, you’ve got an opportunity that most don’t.
1)Exposure to the inner workings of a business at such a young age + a solid source of income.
2)You have a direct line of communication with ownership to learn from.
3)You could potentially inherit a business that feeds you and your family for the rest of your life or a sellable asset that springboard you towards a whatever it is you want to do in life.
I would never view such a situation as a burden (not that you necessarily are) but as an opportunity.
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@hugh_gilly Just don’t do drugs. Seriously. I’ve seen 3 affluenza types put their families business up their nose.
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Not entirely sure I needed to be reminded to not do drugs but thanks anyway lol
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Now you have no excuse. Because an internet stranger told you what to do. Lol
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You should definitely take drugs. Just keep it to social situations.
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That would require me being social, which is unlikely.
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Then do drugs in the privacy of your own home. But only on weekends.
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Well, anabolic steroids are drugs so…
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