25, married. I recently came back from overseas to my home country after completing my education in IT and Business. I decided to take a job that suits me but I realised I have always been a business minded person. Coming back from overseas (where I had my life settled and it was all working fine) was entirely my own decision. I wanted to move closer to my family and my culture. Now here are some key points, hope anyone from similar experiences can advice me how can I split profits fairy between family members.
My dad started this business in 1992 but has not expanded it since then, it is because he knows more about technical side rather than the management and marketing side. He has been working solely by himself until now.
I did online marketing for the business while I was in uni that helped him get more clients.
My parents, siblings and my family lives in the same house (I’m the eldest son). I have another brother who’s currently 17, he may or may not join the business later on.
I have decided to join the business and approaching clients. But considering one day I will be the one managing everything, I don’t want my brother to be left out. Whether he wants to be a part of the business or not, he should be getting his piece.
In case if the business needs investment. I will be the one investing as I have my saving. My dad has not. He’s old school and he has not taken big risks for the business to be highly profitable.
As we live in the same house, how should we manage/split business expenses, household expenses (bills), my brother if he decides to join the business later on.
As the eldest child I will have responsibilities of my other siblings as well e.g. their educational expenses etc.
I also wanna invest more into the business to expand it and make it more profitable.