How to Buy a Business
The WSJ reports on the latest fad in buying a business. Parents who are exasperated with their kid's inability to secure employment after graduation are turning to buying them businesses. This maybe the most perfect recipe for disaster ever devised.
Watching fellow college students working for $7.50 an hour after graduation, Tana Walther, a fashion-design major at Kent State University in Ohio, snapped up an alternative offered by her father—to run a Pita Pit restaurant franchise he would buy.
"I guess I bought her a job," says her father, Jan Walther, of North Canton, Ohio. Prospects of a career in fashion seemed remote, and Tana, a college athlete, loved eating at Pita Pit restaurants while traveling with her track team. Her first new restaurant opened last year near campus in Kent, and the 25-year-old hopes to open several more.
Read the entire WSJ article on parents buying businesses for their kids here.
If you are serious about buying a business or businesses, stick around here.
They're pretty spoiled. I had to work hard to buy my first business.Why would someone major in fashion design?That was her main problem.And you should try to get a internship while in college.
Posted by: J | October 22, 2010 at 02:33 PM
As The Original Business Buyer Advocate ®, I and my offices in the USA and Canada have witnessed this to be one of the dumbest things parents do: "How to Buy a Business: Get Mom & Dad to Do it For You."
Here's more info about this stupid idea, in a WSJ article:
Latest Crazy Trend In Parents Spoiling Their Kids: They Buy Them Companies (Which The Kids Run Into The Ground)
http://online.wsj.com/article/SB10001424052748703292704575393092548287792.html?mod=WSJ_SmallBusiness_LEFTTopStories
Posted by: Ted Leverette | November 28, 2010 at 05:52 AM