If you are good at the duties of running a machine shop but not good at paperwork than obviously you need either a part time secretary, an accountant, or both. Don't hire just any accountant; I have been surprised to even see jealous family members take advantage of a person your age in business. The only person who should know your profit margins in business is you. And your accountant, if you should choose to use one. If you try to do paperwork and office duty yourself, you will find it is taking away too much from the work you actually enjoy doing. A real boss learns the phrase 'delegate responsibility to a subordinate' but never actually says it out loud at work. You cant delegate anything unless you hire a few employees; look at every 90 day period quarterly to know what seasons you can expect less work in advance. The '1st quarter' Jan / Feb is usually the worst 2 months of the year to do business on. It's always good to have a lawyer on deck because taxes are very confusing and everyone makes mistakes! Obviously it is hard to see a lawsuit coming even if you are conducting legitimate business and the other party is exaggerating. People will try to take advantage of anyone in their 20's beginning business. It's not a matter of if but when. You might be shocked to see some people develop a relationship with you for years before making their move. Some wolves dress nicer than others.
needing some good advice
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Please also be wary of the insider. You will inevitably get burned by an employee. You have good relationship right now built on trust, but not everyone you bring in will be as dedicated as you are now to your current boss. Avoid being anyone's "bud". Bidding jobs will be your bread and butter - set clear prices and train your people well. I suspect that providing good work at a fair price gets repeat business.
You need to know the worth of the business, yearly profits(quarterly can be invaluable as well), as well as what he wants for it. Paper work for a small job shop shouldn't be too bad. I'm sure there is already a system in place for invoicing. I wouldn't sweat the small stuff. I think what you need to think about is all financial. Can you afford it, And how do you separate your personal assets from the new business. Always have an exit strategy.
Man you guys have given very clear thoughts on this and I know I have a good bit of thinking ahead of me. He has given me a couple weeks to soke it up and that's what I'm going to do. I know I'm gonna need a accountant and I know of one that my uncle uses on his stuff so I'm gonna give her a call. I've also been thinking about the employee and clientele situation. I can honestly tell you that he has rocked my world and opened an opportunity to me that not many people see at my age or at any time in there life. So I'm not gonna take any of this lightly.
You could always ask the owner if he would like to come in on a part time basis so you can he can help you out if you have any concerns.
I've thought it over and when Monday gets here I'm gonna sit down with him and talk numbers and get a look at the books. Its gonna be a big responsibility but with enough hard work and some learning I think it can be done. He has told me that he would help out the first 3 months before he leaves me on my own so I can get the swing of things.
Do not allow him to set you up to fail. I acquired several business by offering more than they wanted BUT only giving a monthly amount, no money down. This way, you don't wipe out you account and as you make money, you pay him, not pay him than make the money. This will also corner him to help you succeed, or he won't get paid. AND, don't forget a Non Compete clause...............very important!!Good luck
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