Should I stay or should I go??

Seen-it-all - the agreement between my father & I would be a payout over a 7-year period in the form of a note with monthly payments to him. Upon his demise the note would be forgiven. If his new wife would receive any benefit from the buyout I am not interested in the deal.

Roofguy - this agreement is what I'm shooting for.

Wywoody - I have one other sibling who not interested in the business.

Moatsroof - the agreement with the trust as the beneficiary is basically what has been discussed. Following his death, then his wife's death I would be the beneficiary of the land where the company operates from. Am I missing the big picture on this one? Should I be grateful that I'm even being considered as an ultimate beneficiary? I paint this awful picture that I'm 65 years old and still paying rent to the widowed third wife and no way to retire!

Old School - I agree that inflation and significant material price increases affect the sale number. But the personal income my father has received in the last five years is 4 to 5 times what he made in the previous 40 years!! We have done very well in the last 7 to 8 years. If my father sold the company to someone else I would not benefit financially. I presently have no ownership in the company.

You need to relax..........a good business attorney that both you and your Dad trust (to handle the details) can easily draft a sale document for you. You're not buying employees, equipment, etc. you're buying the years of good business practice and reputation that your Dad (and you) developed. To go on your own would be starting all over and believe me, going it alone is not pleasant and very risky. Just sit down with Dad and work things out. Forget about the new wife, that's Dad's problem, not yours. I hope it all works out because starting a new business in today's climate is VERY hard to do.

JET

Thank you to all that have replied & offered input/advice. I will be making my decision in the next couple of weeks.

(I promise to be more active on this forum as well)

Colpaw,

I don't know how I missed this thread, but your situation is EXACTLY like mine 12 years ago. Except for the new wife.

As egg said, MikeAtHRI@aol.com and I'd be happy to give you my cell number to talk.

We did some creative things with company stock, which already owned 10% of when we signed the purchase cgreement, to great reduce the "value" of the company, and made the bulk of the purchase price the realestate. Between the continuing salary, insurance, vehicle, and monthly payments, I'm paying dad multiple 7 figures over a 25 years period.

It takes a lot of trust for a parent to set their child free with their life's work, in the hopes that they will pay them their due over an extended period. Now that I have adult sons of my own, I truly appreciate the trust that dad had in me. From what you describe, it sounds like your dad should, and does have the same trust in you.

Seriously, I'd love to share what I can, if you're still in the decision process. There is little value to buying a roofing company. But there is a great deal of value in what your dad and grandfather have done before you. If dad has the faith in you, don't throw it away.

And egg. Thank you.

Thanks Mike! I'll shoot you an email today.

Yes you need a good and experienced transactional lawyer to whom you and your dad trust the most. They can help you in legal documentation and you will not have to worry about any legal problem while having dad's business.