What? Im not ready to be a millionare

[AreYou]

Im in a huge situation, and after my "For my wallet back" post, it makes it worse. My dad is fairly old now, and he owns a multimillion pound business and he is tired of it, and is giving it to me (hes got enough money to retire). Because I dont have a credit card yet, he said any money I make him he'll transfer 90% into my future bank acount and give me 10% up front. Im not ready to take on this responsibility at 15, but the business has been in my family for many generations, so im not willing to sell it. What should I do, I dont want to break his heart.

[billyZayne]

Tell him to give it to me
But srsly, tell him to keep hold of it for 2/3 more years while your still maturing

[Ghost.]

If he has had this business for so long, he should understand that you're not ready to take it up at 15. He should at least be able to wait until you're of age or when you feel properly ready.

[Sic]

Instead of just telling him you're not ready for it, ask instead that he take the next 1-2 years to show you the ropes and ensure that the family business remain healthy and strong when it gets passed on to you.

Explain to him that you don't feel that you understand enough about how to operate an entire company and that you are worried you would ruin the company because you don't understand the dynamic of the business world. Ask him to teach you how, and once you both feel ready, transfer the CEO position to you.

[Lamborgotti]

I'm so sorry.

[ATL]

Whats the buissness thats so huge?

[irishamerican]

Originally Posted by Sic

Instead of just telling him you're not ready for it, ask instead that he take the next 1-2 years to show you the ropes and ensure that the family business remain healthy and strong when it gets passed on to you.

Explain to him that you don't feel that you understand enough about how to operate an entire company and that you are worried you would ruin the company because you don't understand the dynamic of the business world. Ask him to teach you how, and once you both feel ready, transfer the CEO position to you.

well generally when it comes to a family business, you've grown up with it so you don't need to be shown the ropes, hell my family has owned the bar for 4 or 5 years now and i already know enough to run the place without running it into the ground. its not like where you join the company from the outside and need to be introduced, he's probably spent allot of time in the business, just not working.

also if its such a large revenue producing company, do you have a board or is it strictly family.

[Sic]

Originally Posted by irishamerican

well generally when it comes to a family business, you've grown up with it so you don't need to be shown the ropes

I don't know how much this applies to "multibillion pound companies", though. Small family businesses, I agree completely. You've probably grown up in the shop or whatever it is and know it inside and out. But to run such a huge business is more than "family business" in my book. If it is as he says it is.