#BusinessDecision #FamilyLegacy #CareerChoices
As a 19-year-old, facing the decision of whether to continue with your father’s carpentry business or pursue a different career path can be overwhelming. The legacy of your family’s business intertwined with personal passions and future aspirations creates a dilemma that many young adults can relate to. Let’s delve into the reasons why you’re contemplating this decision and explore practical solutions to help you navigate this crossroads.
## The Dilemma:
### Struggling Industry Trends 📉
The declining demand for traditional wooden craftsmanship poses a significant challenge for the sustainability of your father’s business. In today’s digital age, where modern materials and technologies dominate the market, the traditional craft of carpentry may struggle to attract new clientele. The shift away from wooden doors, windows, and furniture in favor of synthetic materials reflects a broader trend that could impact the profitability and relevance of the business.
### Lack of Online Presence 🌐
In the digital era, having a strong online presence is crucial for reaching a wider audience and attracting potential customers. The absence of a business name, outdated contact information, and limited visibility online could hinder your ability to expand the customer base beyond existing relationships. Without a strategic marketing plan and modernization efforts, the business may struggle to adapt to evolving consumer preferences and market dynamics.
### Personal Career Aspirations 💼
As you near the completion of your mechanical engineering studies and explore the possibility of becoming a fitness trainer, your professional interests diverge from the family business. The allure of pursuing a career that aligns with your passion for fitness presents a compelling alternative to continuing the carpentry legacy. Balancing your academic achievements with personal fulfillment and long-term career goals adds another layer of complexity to your decision-making process.
## Practical Solutions:
### Market Research and Diversification 📊
Conducting market research to identify emerging trends and niche opportunities within the woodworking industry can provide insights into potential areas for diversification. Exploring innovative products, eco-friendly materials, or specialized services that cater to modern consumer preferences could position the business for growth and sustainability. Collaborating with interior designers, architects, or online platforms to showcase the craftsmanship and unique offerings can help differentiate the business in a competitive market.
### Branding and Online Marketing 📱
Establishing a distinct brand identity, creating a professional website, and leveraging social media channels can enhance the visibility and credibility of the business. Implementing search engine optimization (SEO) strategies, digital advertising campaigns, and engaging with online communities can broaden the reach and engagement with a younger demographic. Utilizing online platforms for e-commerce, virtual consultations, and customer reviews can modernize the customer experience and attract new clients beyond traditional networks.
### Financial Planning and Future Investments 💰
Engaging with financial advisors, business consultants, or industry experts to evaluate the viability of selling the unused land and building assets for strategic investments can provide clarity on future growth opportunities. Exploring potential partnerships, joint ventures, or franchising models can leverage the existing infrastructure and expertise while exploring new avenues for expansion. Developing a comprehensive business plan that aligns with your personal interests, professional ambitions, and family legacy can guide your decision-making process and ensure a sustainable future for the business.
In conclusion, the decision to continue with your father’s business or pursue a different path is a personal journey that requires careful consideration of industry trends, market dynamics, personal aspirations, and family legacy. By embracing innovation, modernization, and strategic planning, you can navigate this crossroads with confidence and clarity. Remember to follow your heart, trust your instincts, and seek guidance from mentors, peers, and experts to make an informed decision that resonates with your values and vision for the future. What would you choose? The choice is yours to make. 🌟
Register a company, hire more people, produce high margin consumer products, you got the experience and skills and legacy. Mechanical engineers don’t make a lot especially in places like Italy Spain or Portugal.
I don’t have any advice for you but not to listen to strangers too much.
Modern Western cultures have a way of romanticizing manual labor and craftsmanship, and returning to some kind of pre industrial fantasy time so people are gonna tell you to go for it because they have no financial stake in your financial future because it sounds cool and interesting.
Do u want to work in engineering?
Seems like your dad won’t stop working for a couple more years since he likes to do it, sitting at home retired isn’t good for senior citizens too. You should talk to him more abt this and learn as much as you can over the next few years.
If you end up getting a job elsewhere (hopefully with your degree), selling the business and investing it in low-cost index funds for the next couple of decades isn’t a bad idea. Get a financial advisor for this.
Since the job market is saturated, taking over the business also isn’t a bad idea, but u rlly need to lower your expectations and learn the trade the hard and humble way. You could even be a part-time trainer on the side.
All in all, DON’T do anything stupid like selling the business and getting the cash stuck in some sort of swindle.
You should not let the hard work of building reputation go waste. I’m sure you can add more materials other than wood and offer new choices that people would need. Good service and good product from reliable and trustworthy person will never go out of work
I can see big upside if you decide to pursue it yourself by expanding your sales funnel and improving efficiency. You can build a Google Site for free with a $12/year domain fee, set up your Google Maps presence, and get business cards to remain in contact with your dad’s connections. After some growth, you can hire an apprentice to help you out. You’ll, of course, need to work with your dad to learn the art of the trade.
Alternatively, because you said you don’t have an interest in carpentry, you could effectively franchise the location with a percentage lease on the location & equipment with much less involvement.
The middle ground would be to expand your sales funnel and hire a carpenter (you’d probably want to pay him piece-rate), where you manage the business but don’t do the carpentry yourself. However, you’ll still need to learn a bit about the trade and it will be tough in the beginning, but you can be successful with enough work.
Try to make it much more than what your dad did
What are your career prospects after finishing your degree? Will you be able to work as a trainer or engineer? Will that provide you with a comfortable salary? How does that compare to taking over your family’s business?
Knowing very little about your background, location, and demand for your family’s products/services makes it hard for anyone to offer truly meaningful advice. Regardless, it’s a good idea to learn more about the business from your father. Even if you sell the business and equipment you’ll want a firm grasp of the value of machinery and overall business value.
Lastly, don’t commit to a decision now. It sounds like your father will be working for a few more years, and at this stage of your life you’re going to change as a person immensely during that timespan.
Have your dad write out how he does every aspect of the business and cost. See what time each takes, any improvements/cut out, and what you can outsource as laborers while you still managing it with dad. If your dad can still manage it with laborers and profitable then you can then worry less. Also have it generate money for the family. Then you learn it so you can manage it with workers. If you don’t want own it then, sell to another business owner in industry. Otherwise you can focus on new products, trends, and do stuff to grow it without worrying about the daily steps. Perhaps pick and choose what you want to do in it with other family members in leadership. Spread the shares to keep it in the family if possible.
FYI OP training is a very saturated market because it takes essentially no skill (low barriers to entry), anyone can be a trainer.
Don’t sell it unless you need the liquidity. Give the business a facelift – online presence, marketing, build to order via the web, hire carpenters and a part time manager while you finish your studies. Don’t take on debt, maybe a small line of credit. After you graduate you can either continue the business or close it down and use the space for your dream gym or sell it at that time if the facelift plan is not yielding results
I know a couple trainers, and they don’t have enough clients to do it full time and if they do, it’s usually just above minimum wage
You are young, don’t be afraid to fail, because even if you do, it doesn’t look that you would be into debt, and the experience you will get from managing a business at your age is like a gold bar.
If you do take this way, hire an accountant so you can look at the financial needs in a long-term way, and somebody that can lay out a business plan (market, competition, cost of operation, etc,..) make a decision after that
Also have you thought taking a year or so to learn the business you still might not like it, but you could be knowledgable on its value. This will give you time to actually go out and talk to trainers to get their advice.
Don’t ever close a business. That is generational experience that you can’t leverage. All you need to do is focus on staining and survival..then expansion
300k euros just for that land + the extra land is probably enough to comfortably retire on in index funds and living in Italy. I would do that if I was you
Build Up an online presence Like mentioned from Other posters. At the Same time try to build an Onlineshop. Maybe you can Help your dad to create some products that are in need (Decoration, Tools, smal furniture) and you could be a trainier at the weekend.
And with a bit luck you can scale this over time or hire a couple worker
Ill be honest, you have a means of production and storage capabilities, your only problem is to find the right market and to make more publicity.
Wood furniture would still be a commodity people will use, you might want to try to specialize or target a different market like luxury good or others if the current one is declining, but I do believe a business like that does have potential, it just requires some work.
Worst case, if you really tried and it don’t work, the building and land around it would only increase in value over time. Ill say that investment wise these days, you are better to keep them as long as possible before cashing in than investing into anything else. The only reason I would see for you to think otherwise, would be if you live in an isolated region with aging population declining fast.
At the end of the day, you do what you want, but a business like that is a golden opportunity to at least try in my opinion.
My roommate is a trainer and currently owes me money for rent. Being a trainer is just a bad idea, nobody stays in when they find out it barely pays
Sell (especially if your dad owns the real estate), and focus on where your real interests lie
You can always sell! so thats easy.
Maybe put your engineer mind to use and see how you could get this thing to work?
Call up some constructions guys that buy woodworking products and see if they know whats up regarding demand.
Start online marketing because thats always good to learn.
Hey man. There’s a saying in my country that goes like “a thousand thoughts before a scisor cut”. You are looking at a non-reversible decision. Sell = no going back. Here are my reasons why you should Not sell.
Wood will always be used, whether for doors and windows or other things. Point 1 : don’t worry about the market. Proof is that you dad’s business is still running with Zero marketing.
Point 2 : You have a factory, and some land. That’s as raw a potential as it can get. With little marketing and management basics you could make a name for this business (the history fact is amazing).
Point 3 : Growing this company is going to be challenging, the skills you’ll learn are much more valuable than any skill you’ll learn in any other full time job. Plus, you quickly discover full time jobs are no good if you want to keep you mental health & independence.
Point 4 : If you succeed in growing that business, you can still eventually decide to sell. And the selling price will probably set you up for life.
If you’d like to discuss further feel free to send a DM.
Repurpose yourself to sell treated timber units for full prefab timber construction and slap an ESG seal on them
Growth sector
Omg, this is my dream to have a woodworking shop and work with timber.
Reading your post, i instantly think:
1) identify unique selling proposition of your business. It could be anything from indeed word of mouth due to quality, or personalised approach, or it could be the location. I mean this requires a little bit of business analysis.
2) identify how you can
A) diversify
B) grow organically with your unique value proposition
3) rebrand or at least make it more recognisable (put your business on google, create a website, do some social media work on it)
May be even talk to some influencers to help (brainstorm with them)
4) see if there are people willing to help you with business ( I can)
5)
6)
Look, dm me, i am very curious to talk to you about your situation
Give it a try, seen a lot of Genz people taking generational business sales to the next level with the right marketing and using modern tech.
Follow your heart