While in essence our rental property business is a family business with my husband and me. But since I do the majority of the work with the tenants and the repairs, it seems like it is more my business. Maybe I should consider my husband as the silent partner. He does help with some of the repairs, but really we don't have anything set as to who does what.
We learned that it is important to clearly define roles and to have plans written down. In addition, when we are planning on turning over our business to one of our children what the succession plan should be and how it should be handled to hopefully avoid hurt feelings.
This week's lessons were helpful and I believe that my husband and I should at least talk about the different things I learned this week, but I am not sure that we need to set things in stone nor do we need to implement them fully. For one, we will always run the business together. He knows that I do the majority of the management but he helps with the repairs. In addition, we don't have to worry about a succession plan, because we only have one child. At this time, we have it written in our will that the properties (including our own house) will be sold and the proceeds of one house will be given to my parents, another house to my husband's sister and the last house will be put in a trust for our son. However, if our son reaches adult age before we pass, we will give him the option of taking the business or we will sell the properties when we are too old to handle the business any longer.
For my $100 challenge bread business I have nothing new to report. All sales have been completed and my business is closed. I need to research what and how we are supposed to donate the funds to Kiva.org.
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