Dad's Dream

Carlos says his father is thinking about opening an auto repair business. Carlos is nervous about it and sees some red flags. What are some things he should watch for to ensure his father has a plan?

QUESTION: Carlos in San Diego says his father is thinking about opening an auto repair business. Carlos is nervous about it and sees some red flags. What are some things he should watch for to ensure his father has a plan?

ANSWER: Obviously, he needs to have some reason to think he’s going to make enough money for all of this, from how he came up with his revenue number projections to what kind of a budget he’s looking at to how much it will cost him to run this thing and those kinds of things.

Continue to really get down into the details of what’s coming in and what’s going out, and how much he’s really thought about that. You want your dad to live his dream, but you don’t want it to become a nightmare. A little bit of planning and some forethought on some of these things will really be helpful for you.