I need some serious advice on my family small business?

my Dad owns it and I run it with his help. He is very ill right now and not sure the prognosis yet or time he will be able, IF EVER, to come back and do his part.





Been at it over 25 years and I am beside myself with fear and not knowing what to do? He did all the taxes and major decision making. Business is slow too and we are struggling on top of his illness.





Any advice or calming words would sure help me at this time....Thanks.I need some serious advice on my family small business?
Best wishes and luck to you and your family.





While at times the world can seem to be a place where one's faith in oneself and family can be severely challenged, and faith in God, whatever his name may be, is tested, just keep in mind, it is only a test. You are still you, and you must keep the faith that things will work out, and you are meant to learn more about yourself and others from each test. May you persevere and triumph.





You must have learned a LOT during these years you worked at it. You have to pick up the reins and keep it going. When in doubt, just think, ';What would he have done?'; If you are not too sure, ask around. Ask for mentor organizations like business incubators or org like SCORE in your area for help as well. Ask your dad where the stuff are and get up to speed. Good luck, and Godspeed.I need some serious advice on my family small business?
Hi good morning and sorry to here this about your dad.


Taxes are easy to handle through a software or a low cost monthly accountant so this is not an issue just do not let taxes lapse it is hard and large penalties can compound making this a tax nightmare.





What is the business you are in? Small or not you are more then likely a focused business on a particular specialty and with 25 years of doing this you should be fearless about making major decisions but you should seek advice from the SBA Small Business Administration if you live in the USA?


There is a mentor program where you can also get advice before making large decisions about the business that might cause more harm then good.





The best thing about making large business discussions os to never make them without planning and a thought about the long term effects (long term meaning 1 year to 5 years).
First you need to ask Dad what he wants done with the business in the event he can not return. Be brave and have the conversation. This is the proper Business thing to do.





Second, find some assistance in the area your Dad handled. There is a group of retired businesspeople who can help. The name of the organization is SCORE. Do some research and find the chapter closest to you.





Third, ask yourself if you want to keep the business once Dad is out of the picture or would you rather close that chapter of your life? Knowing this answer will determine the steps you take in the not too distant future.





Be strong.