In this area I want to talk about dividing the ownership of the business with your children or your

child.

And general thoughts about family and business.

It's very difficult.

You usually do not want to mix family friends and business because these while things are good things

are great but disagreements can cause rifts in relationships.

You want to be very careful.

I'll make it easy for you.

This business is for your kid.

They are the boss.

They are the owner.

You want your own business.

Start your own business for you but for your kid.

I would say it's their business that will make things easier if they have siblings.

Whoever is the leader is the leader and that's it.

There's only like I would say there's one decision maker one owner because the worst thing you can do

is have this business cause disagreements misunderstandings rifts in your family.

That's the opposite of what you want to happen because the whole goal of this thing is that you improve

your child's give them new skills for their school for their career hopefully help them make a little

money.

So it's for them to learn new skills to fight for their own self-improvement.

And so I think it's easiest to keep it at that.

Without getting into legal issues legal documents debates about equity ownership and those those conversations

are very often very weird.

And if you go 50/50 there's a problem there because that's the other malevolent bullet both sorry but

benevolent like good natured thing is to say all we're going to go 50 50 everything is a partnership

blah blah blah.

That's OK.

But what happens in terms of when there's a disagreement 50/50 means you have no arbiter to settle.

So somebody should be the leader and that person needs to be chosen in the beginning.

So there's no misunderstanding.

And I would say because it's your child's business it should be theirs.

Of course you're free to decide but it's easiest.

And again this is all should be done at the outset.

And these rules should be laid out very clearly in the beginning because in the beginning there's very

little at stake if there are some success and there's real money at stake these conversations become

very difficult and very complicated.

People get greedy people start having their you know like you know insecurities tested and you don't

want that.

So I'd have I'd suggest completely avoiding it.

Give it all to your kid and you know see how they fare in the worst case is there other.

Another thing for them to practice is to these kinds of really difficult situations where they have

to literally either make decisions.

So again maybe see it as a learning it's a bigger learning experience for your child.

And if you can if you want to do your own business that's on your own.