Family business transition, and lawyers.

Going to speak a bit of air.

I'm 38 and in the midst of a business transition from one generation to the next. From everything I've read over the years it feels like we're ill-prepared for such and event. Perhaps, more accurately, I do not feel prepared. My uncle mentioned yesterday about seeing a lawyer to sign over some land to my cousin and I. The thing is, all these years I've never visited a lawyer along side other family members for legal advice.

This past summer I did visit a lawyer to discuss a side business I attempted to run. While talking I brought up the family business and some reservations. A big piece of advice he gave me was if we were not properly sitting down and discussing the future of the business and I wasn't comfortable with the direction then I should pull out. This is where I'm at. I'm really not comfortable signing my name at this juncture as I'm unsure how well my cousin and I will be able to run a business. There's just not enough talk.

Between my father and uncle, my uncle was the dominate one. Dad never finished high school so whenever my uncle threatened to leave he had to comply. With dad he was working in his dream profession, at least the shell of it. While I don't mind working in this profession, I also don't want to just be a yes man.

Basically, what I'm wondering now is what to do with a lawyer. My current thought is to mention to my family I need to speak with my lawyer before signing anything. To me, it sounds reasonable that I should set this boundary.

I'll leave these thoughts here.