Family Business?

Discussion in 'Lawn Mowing' started by tiedeman, Mar 7, 2005.

  1. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    Some general business owning and operation questions

    Are you the only one that owns the business?
    Was it handed down to you by your family?
    Does your family work with you or for you?

    I am just curious
     
  2. launboy

    launboy LawnSite Senior Member
    from indiana
    Posts: 273

    well if you are asking anyone:
    no
    no
    absolutely not :)
     
  3. Eddie B

    Eddie B LawnSite Senior Member
    from gone
    Posts: 859

    yes
    no
    no
     
  4. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    #1-Yes and no, partnership but right now it structured so that I still own 90%
    #2- No
    #3- Absolutly! If I can get the wife to do some of the book work or have the kid work a day a month then those become tax right offs and the money there paid stays in the family, plus there are no rule that the IRS has that say what rate I can pay them.

    Mac
     
  5. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    Ok, I will answer as well
    1. Yes
    2. no
    3. try not to involve my wife. Once in a while she will answer phones and that is all
     
  6. lawnguyland

    lawnguyland LawnSite Bronze Member
    Posts: 1,108

    Me, myself, and I. Started on my own.
     
  7. stumper1620

    stumper1620 LawnSite Bronze Member
    Posts: 1,889

    yes
    no
    not yet, I plan on building this business, and have my boys take over later.
    depends on how all works out and what they want in the future.
    but if they are going to take over they will need to learn the business
    that means they will work with & for me. (only if that is what they want.) :D
     
  8. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    ok, to those that are handing the business over to your children will you make them do an internship at another LCO to learn the trade.

    I know of a huge sporting goods store here, where the only way that the children are aloud to work full time (as their career) in the store they have to inter somewhere else. For example, one kid went to Idaho at another sporting goods store, and another in Iowa. I actually think that its a good idea
     
  9. stumper1620

    stumper1620 LawnSite Bronze Member
    Posts: 1,889

    didn't really think about that. but its a good thought.
    i kinda like the idea, they may pay closer attention to an outside influence.
    I'm kinda thinking if i get them the skills, they can work for a outside LCO or maybe a golf course, something green related while in collage. I've got a few years to decide how best to address this, but you've given me some additional thoughts.
     
  10. CamLand

    CamLand LawnSite Bronze Member
    Posts: 1,300

    Yes,I own complete business,handed down from my Dad when he began in the 80's.my wife helps with billings and client meetings...
     

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