Hey fellas, I’m M27 and currently working in construction management. I have a stable job and will make $90k or so this year. I have an opportunity to purchase a bar and restaurant that is for sale near my house and was actually owned by my grandparents at one point. Im considering making the leap and buying this place with my brother but wanted some opinions since everyone says don’t go into business with family. The Facts: I am currently the GM of a construction company less than $10m/yearly revenue ~3 years experience (promoted into GM spot mid last year) The business is selling for near or less than real estate/asset value and includes a 2b/2bath house. Business is profitable but struggling after the death of 50% owner 2 years ago. Pros: I’ve always wanted to own a bar and restaurant, this would be a great deal for the money. Going into business with my brother as a partner allows me to keep my day job until the business is proven. Someone other than my wife has a vested interest in the business. I believe this will allow us to each take time off without worrying too much. Cons: I love my brother but he can be immature. I do think this could be a huge help for him but I don’t want to risk my assets if he doesn’t grow up. It’s a bar. Highly volatile business that has a real chance of failure. At the end of the day, I’m tired of working for someone else and want to have something of my own. I have taken leaps in the past and they have worked out. Others think I’m lucky but I feel I’m always looking for a good opportunity so I’m ready when it presents itself. I understand that the best case scenario is likely buying myself a job, but as long as I can support myself I think I’m ok with that. A huge piece of this depends on my brother taking some sort of ownership (minority) of the business. My wife is in school until next summer so keeping my regular job for financial security is important. My question for you all is: can going into business with family actually work out? And if so, is my idea insane anyway? Bonus info: Current owner will stay on as manager for 1 year House on the property could rent for $800-$1,000/month Business has been running continuously for over 110 years through various ownerships I am a veteran with access to veterans lending programs. I collect ~$1900/month in disability compensation due to various in service injuries With financing I’d be left with a personal emergency fund of ~5k. This would cover ~3 months expenses not including the monthly payment above This post is less about the financials of the business and more about the overall dynamic but I thought some of that information would be helpful. Thank you all for your input! submitted by /u/silvertooth58902
Originally posted by u/silvertooth58902 on r/AskMen