One of the best ways to build wealth... Growing your family's business into a true machine.
This is not an essay to say you should take over your family business or get involved. If that's not your thing. I get it and no reason for you too. Many times immigrant families dream is for this son/daughter to take over. I get it. But that's not what this is about and you should always do something you don't hate.
A lot of immigrant families came here and made a living by pure hustle and striving for the 'American Dream'
This essay gets personal. Because my father did this. He came to America and worked his way to eventually start his own roofing business.
I was involved with it since a young age. And eventually I stepped away. To focus on my own passions. While also wanting to do something myself. Eventually I came back and got reinvolved. More on that in another post*
But one thing I'm passionate about is building generational wealth. For myself, family and those around me. Especially the future generation. It ticks me. I love capitalism cause I love that you can create value and make money. No sugar coating it.
My father has built a business that was good (6 figures a year) but like most contracting business it wasn't growing. Some years greater than others. I call these business 'self employed/tier 2 businesses'. They make money. But you have are usually the main person working and without you working the business will die or can't do much.
Of course it takes work to get to Tier 3 for a business. But it's doable and when that happens it can become a great thing.
I say this loudly and often. I wanted our family roofing business to be a Top Dawg. F*** having other people be the top dawg and (we'd sub it out). Nah, we're going to be the top of the top and make a great life doing it.
So how? But taking the family business to the next level. This is a highoverview. Mostly providing a path.
You build the business to be