the average Joe
Aluminum
- Joined
- Nov 16, 2022
I have a complicated issue that is beyond my skillsets.
I've been working at a small mom and pop machine shop for about 23 years. The owners(husband and wife) are like family to me, and we've verbally agreed that I'll take over ownership of the shop when they are no longer able to keep it going. They are in their late 70's early 80's, so that time might be coming up soon.
The shop is a 10k square foot building with 4 cnc mills, a cnc lathe, two manual lathes, five knee mills and two surface grinders. So, a decent sized average shop. it's been in business for over 40 years, and had a long standing established client list that all pay well and relatively quick.
The problem is that the owner would like to keep working there right up until the final days, which I can understand. However, that complicates the transfer of the business. I would like to work out some kind of mutually beneficial and fair way to enable them to transfer the business to me, but also maintain their autonomy and oversight in some capacity as well as needed revenue from the shop.
Has anyone here done something similar? I was imagining some kind of living trust or something of that sort but I have no idea.
I've been working at a small mom and pop machine shop for about 23 years. The owners(husband and wife) are like family to me, and we've verbally agreed that I'll take over ownership of the shop when they are no longer able to keep it going. They are in their late 70's early 80's, so that time might be coming up soon.
The shop is a 10k square foot building with 4 cnc mills, a cnc lathe, two manual lathes, five knee mills and two surface grinders. So, a decent sized average shop. it's been in business for over 40 years, and had a long standing established client list that all pay well and relatively quick.
The problem is that the owner would like to keep working there right up until the final days, which I can understand. However, that complicates the transfer of the business. I would like to work out some kind of mutually beneficial and fair way to enable them to transfer the business to me, but also maintain their autonomy and oversight in some capacity as well as needed revenue from the shop.
Has anyone here done something similar? I was imagining some kind of living trust or something of that sort but I have no idea.