I'm Inheriting A Family Business That's $5 Million In Debt

Brought to you by CHL, a budget-friendly faith-based alternative to health insurance. chministries.org slash budget. I am kind of in a pickle it feels like with my family. They are five to six million dollars in their family business debt and I am struggling to cope with like my dad has been failing health and he owns the family business and he is not worried about major debt that his business has. Okay. Do you work there? Uh, part-time because I can't, I can't handle full-time there. Can't handle it. What do you mean? Him? You can't handle him? No, just the ideology he has and the business feelings. Okay. So why is it bringing you stress? You have a part-time job with a business that's in trouble and with a guy whose ideology you don't agree with. Why would that be cause you to be stressful? I will be most likely be inheriting with my three brothers the business which is probably worth around 10 million dollars and so I'm kind of in talks right now to take over the books and all the like the business side of it to pretty much be full-time. When are you supposed to do that? Probably within the next 10 to 15 years. I'm so confused. Okay. Um, yeah, I mean, so you're going to be part-time with a guy you disagree with while he runs a business in the ground for the next 10 years and you're going to stand there and watch it happen and then they're going to hand it to you and call that a blessing. Why don't you just say I don't want it? Yeah. I don't, I don't want it. So, I mean, that's a good, oh, I shouldn't say it's a good business, but is it really worth because he tries to get me to go full-time like almost weekly on a weekly basis. Well, you tell us the upside because you called in and said all the negative things. So, it makes sense. Nothing you described here sounds like something I want to do. Why would you want to do this? If you miss health plan, open enrollment, don't panic. Christian Healthcare Ministries offers a budget friendly alternative to health insurance and you can join at any time with CHM. There are no network restrictions and members say they often save hundreds of dollars a month compared to traditional insurance. So, make a change that fits your budget, your values, and your timing. Check out chministries.org slash budget to learn more. Why would you want to do this? Yeah. So, so I guess I want to ask, should I try to like almost intervene and be like, yo, we shouldn't start taking off this debt because they're thinking about adding another $25 million debt. My, my family, your brothers. Yeah. My brother, who are your future partners? Another million dollars in debt. Who are your future? Who are your future partners? My brothers. Yeah. But you said it, you're saying your brothers are as dumb as your dad. You said it before yourself, Sean, you said their ideology is completely different than yours. And I think you need to accept that, that that's the case. And you haven't said anything that shows any sign of them changing that ideology. And so if they continue down this path for the next, however many years, they're just entrenching themselves further in that. And you're part time. What do you do for a living? I operate heavy equipment. All right. Are you a, are you the baby of the family? No, I'm not. I'm not third oldest middle. Okay. All right. Yeah. Um, well, here, here's the thing. I don't think that these people are going to change. Do you know, I don't mind. Okay. So you either got to walk away from them or you got to enjoy their bullcrap. Yeah. That's the one way to put it. I mean, you really do. You're gonna have to decide which one you're If it's me, I'm going to let them have it. I'm going to walk away. This sounds like a bear trap. Sounds like it's going to tear your freaking leg off. It's going to, the next 10 years of your life are going to be pure freaking misery until the old man dies. And then when he dies, now you've got partners that were trained by him called your brothers. No, thank you. I don't want in this. Yeah, I just, I, there's nothing here that aligns with who you are or who you want to be. This all sounds like misery and there's not enough money there to fool with. Let them have it. They're going to screw it up. It's going to be worth nothing. Yeah. And you don't believe that you're still, you think your wife thinks you're walking away from a million dollars and you're not, you're walking away from a million dollars worth of debts, what you're walking away from 15 years. I would sit down. If you want to have one final conversation with the boys and with the dad and say, guys, I don't, I'm, I'm uncomfortable with as much debt and I'm not going to join the business as long as you guys continue to run it further up into debt and have no desire to get out of debt because it makes me uncomfortable. I don't agree with this and I can love you. And if you want to go over there and do something that I don't agree with, we can still be dad and son. We can still be brothers. I can still love you, but I do not want to personally be involved in this. It brings me great stress just thinking about it. And so if you guys want to commit to a path that gets us out of debt and keeps us out of debt as a permanent way of doing business, I would love to join and be part of this thing. I think it's got a future, but I am not going to get on this horse when you have this many bricks in the saddlebags. Listen, I agree with that 100% clearly easier said than done because you're going to have basically your whole family on this side and you're the Lone Ranger over here. That's not easy, but I agree 100%. Well, the thing is you put everybody on notice and 100% chance they're not going to do it. And so you're basically saying, here's why I'm going to go on and have my great life over here and I'm going to love you. I've got family members. Most of my family members don't know the stuff I teach, but I'm not in a deal with them either. And I still love them. Some of them even vote wrong and I still love them, but that doesn't mean I have to go around and be in business with them. And it doesn't mean I have to sit around and be stressed and I'm like somehow guilted into joining something I completely disagree with. No, walk away from it, son. It ain't worth it. You make a lot of money running your own heavy equipment operation without any debt. That's probably the other part of it is there's a lure that maybe there's like that bit, maybe just possibly one day it could be good. Then you look back and you're like, man, I should have stayed part of it. Right. He's probably thinking about that little one, one or 2%. Yeah. It's like, I'm going to pet an alligator and hope it doesn't bite. What do they do? They bite, you know, it's dumb. You're just asking for it. Don't think they're going to change. They don't, they only do how to do one thing and that's bite. So don't, don't be shocked when they bite. I mean, it's just your dad, this is what he does. This is a predictable environment and he didn't hide it. He's not sure. He just said that's who I am. Yeah, that's right. And he kind of said like it or lump it. So that's what I do. I mean, you know, it's just, it's hard to walk away from something like that, especially when all the family ties, it feels like you're being drawn in by a tractor beam. Gravitational pull. Yes. Drama has a gravitational pull. I've noticed that. Drama, drama, family drama will suck you in and eat your life. Yeah. And then we connect a little $5 million debt to it just for the fun of it. Yeah. Christian Healthcare Ministries can save your family hundreds of dollars on healthcare every month. Learn more at chministries.org slash budget.