My Parents (Senior) is expecting me to join in to our family business this year and I'm terrified and overwhelmed

[wuvh]

As my parents(seniors) anticipate my entry into the family business this year, with the expectation that I will resign from my current position, How did you navigate a similar shift, and what insights or advice do you have for someone making this transition?

Plus my concern lies in the significant shift in my current lifestyle (since nasa comfort zone me), where my role on our family business setup could impact both my personal time and my relationship with my wife.

And naming thoughts on my head and super overwhelm (turning to analysis paralysis) What did you guys do? Also I want to validate things.

For more info & context, below are details:

About my Family business ventures:
[Build and owned and generally managed by my Dad (senior), with help of my mother(senior) booking keeping/accounting and my 2 brothers helped]

• Digital service provider on 10 cities (Our duck laying golden egg)
• 1 restaurant and 1 new big event place and catering
• Agriculture: Duck farm, pig farm and rice plants
• 11 rental properties (some of them is under my name)
• Real estate (buying lot and naming to us)

About Me:
- Youngest,(M) turning 32 newly wed & starting to raise a family, Almost 9 years sa current company with stable job earning 55k with guaranteed 14 months bonus + 3 to 5 performance bonus and other benefits. (Hybrid setup and plus with setup) [Parents telling me na I can’t build wealth with my current setup]
- Have side hustle that earn around 300 to 400k/ year (depending on sale)
- I compute my asset around 6M (since some of properties are acquired by my parents is naming to Me)
- After I resign, I have a liquid cash of 1.2M (It is higher dapat pero, nag ka problem sa investment)
- Sa family business, I create and help maintain family business Fb page & online marketing
- I do help on the family business planning, permits and other LGU stuffs

 

[hajime]

@wuvh A few questions:

1. Why do they still need you to resign? Can't you do it along with your hybrid work? Can't they do it without you? You can easily maintain the marketing side without resigning, right? Other things they can delegate to others.
2. What about your 2 brothers? What are their roles? Is the profit enough for all of you

You need to have discussion with the whole family involved on how you'll 'divvy' up everything to avoid conflict. Who's who. Whose is what.

Your parents have a point when they said you can't build wealth with employment and some side hustles alone. It's too linear. You have to commit to either. This is just me, if they are handing you the keys to paradise, take it. Ultimately you have to talk to your wife instead of some random internet strangers. What's her take? How will it affect your life and your family?

If I were in your position, I'd take it lalo na kung sa akin talaga plano ibigay ang business/es. You can always find employment somewhere else but family businesses are special. Kung okay yung wife/family mo sa pagresign mo to be full time sa fam business at you can almost get the same income and benefits, I don't see why you wouldn't take it.

 

[wuvh]

@hajime

1. 1 main reason is they groom me way back na to take on the business na and they asking na rin tiga before pandemic pa.
   • Yes, but I think nasa retirement age nrn kc sila, like my Dad will be 68 this year. Maybe it's time, also para ready non me sa transition. Also nasa province kc sya and I'm currently living sa Manila.
   • Thanks to my hybrid setup, I can help online and other stuffs. Correct, also may expansion din kc darating and he need trusted persons to it
   • In terms of delegation, Currently kc, Dad ko kc still micromanage and the work process is old. I think, dun ako papasok, to establish digital transformation na talaga, automate the process, eliminate the waste and delegate things.
2. Oldest brother, is lead tech and help design also maintain and help operate whole system on different system. 2nd brother, handling paper works, permits and all around
   Profit of the business mostly go to expansion, buying real estate. That's why my expected income when i work to our family business is like an allowance to me.

Agree, I think I need more validation Ing , also my wife agreed namn and supportive on my decision. (Di palang mn siguro napag usapan magiging setup)
Btw apreciate sir @budoyhuehue for your self guide questions and inputs. In terms of my cash flow and with my wife, di mn gaano makakaaffect mag focus din me dun sa side hustle sales ko and I hope I could establish a business din of my own or I could create and Integrate it with our current family business.