My father owns an Electrical business and most of his employees

Why fix what isn't broken? 480k puts you in top 1% here. Don't get greedy and fuck things up. Follow your dad for a few years. Ask him to mentor you. Keep in mind that most 2nd generation businesses fail

>>1643267
I'm willing to take that risk. I have a good backup plan as well. My father is an electrician himself, and he does a lot of work too. He teaches people and leads them.
I don't want to fuck up employing new people. His brothers are in their 50's while he just turned 67 and is sick. Since I'm not as close with my uncles and they are getting old as well I need new people. If anyone knows about trade, it would be nice to help me out.

>>1643280
Take a short electricians course so at least you have an idea of the basics of the job if you don't already.

A big reason why businesses fail when the owner retires is the employees do not respect the new boss.
Or the old boss keeps sticking around and overruling the son's decisions.

Consider going out on jobs with your dad first, then other workers just to get a feel of what they usually do and how each person works.
The idea is to learn who of your workers will cause problems, so you know who to replace when the time comes.

Long term workers have earned the old boss's trust and usually get the liberty to make executive decisions.
You will encounter some that act like contractors, and not employees. Some will think they don't need to follow your orders and outright ignore them.
None of your old employees will think you are fit to lead. Especially your uncles. Be prepared for this.

Make it clear that everyone can be replaced and anybody who isn't fully on board will be fired.

>>1644476

I agree.

When a man takes over a company, he should know it from the ground up.

That means working at least a few weeks in each position.

If he doesn't know what his workers are going through and what his customers are going through, then there is a high likelihood of the captain sinking the ship.

>>1643260

Don't "fix" or "expand" anything. Save as much as you can and diversify into other asset classes.

>>1643260
Take over your dad's company. Run it just as he would. Take care of this guy's so it's like he never left. Start small 2nd electric company and run it however the fuck up want. Grow as fast as u can. Get into industrial type shit and get big contracts. Find trustworthy retirement age bro friend of your dad's to manage the other business while u profit from dad's company and raise your own baby.

Good luck op