I am a college educated man, and I spent some time working at my father's manufacturing company before leaving. It is a fairly large manufacturing company, with several hundred employees, but my father is going to retire next year, and he is giving the company to me. I have a business degree and have worked for Fortune 500 companies, and I do not agree with the way my father runs his company. He keeps people there who don't deserve to be there, won't come to work on time, are not very productive, etc. He does this simply because he knows them, knows they need a job, etc, but it is ridiculous. Like I said, I have worked in "corporate America". I've worked on huge, sophisticated corporate campuses and I know how things work. I know that this manufacturing company needs to either be grown into a much bigger one or sold.

He said that, next year, it's "all mine" and he trusts me because he knows how much he's spent on my education and knows I have a good education. He's even told the company what's going to happen, but I don't necessarily even want the company. I do some venture capitalism investing now, and, the way I see it, I can sell that company and use the money much more efficiently. If I do that, a lot of uneducated people would lose their job, but I refuse to run that company the way my father does. I am an educated, corporate type and I would rather spend my time elsewhere. He knows this and understands it.

Would I be wrong to sell or make major changes?

Your father built a profitable company and is handing you his baby to nurture and grow. It doesn't appear he is giving you ownership but only giving you the keys so you can drive.

If you don't feel honored by the opportunity then walk away.

Things look different from the outside looking in. I had an employee that I literally NEVER saw do a thing. I asked my assistants who were all impressed by him. After that I started recording everything he did. On review I found he was one of the best.

Go slow with changes. The people are the company

Strong word of advice, keep the company stable during the transition period and beyond. Countless companies have "cut their hose off in spite of their face" when making major changes.

If the company is profitable now, even with less than stellar employees, then be pleased to keep it profitable. Maybe your father or those who report to him see that those less than stellar employees are still doing their job better than it appears on the surface. Old blood or not, not every company needs a blood transfusion.

Take this advice from someone who has been part of a family business. While there was never a consideration or intent for me to take over the company my father founded - when he did sell, the new owner rocked everything as hard as possible to change as many liabilities as possible. What he ended up doing was destroy the excellent reputation of the company. customers left, the competition was extremely pleased as their business skyrocketed. The company is still in business over a decade later, but has never fully recovered. Oh, the profits are up "on paper" - but we both know how that really works.

As for sell and run, take to your tax accountant first.... but you already knew that.

Always difficult to follow in your father's foot w? Is he giving you the majority of the shares, so you now have 50.01% of the shares, or is he giving you the job? There is a big difference in you being the 50.01% shareholder and you being given the job. In the first case, you are completely in charge and can run the company as you see fit. If you are being given the job but not the shares, you will have a potentially difficult time doing what you need to do. Best of luck

Keep the company, just make it better and use the profits to invest going forward.