B283 Update

This week I was able to learn a lot about family businesses!  This was very interesting and informative for me since I have often thought about the possibility of opening a family business.  I learned about the important of developing equity plans and succession plans right from the beginning to avoid any confusion, tension, or other problems in the future.

I really enjoyed my $100 business challenge and I’ve been thinking about my final presentation for it.  It worked out perfectly for Juliet’s family as well as for my class with the timing and everything!  I probably would have continued watching Juliet even after the challenge if they needed me, but having her dad be at home with her now is also a good thing for them.  I’ll miss having her over as often, but she’ll still come over on occasion when they need a babysitter!

I also learned about an entrepreneur named Erick Slabaugh.   He seems like a great person!  Even at a young age, he was willing to give up a fun social life to help his family’s business.  He even invested in the business, buying out a partner’s equity for himself.  He worked long hours every day and even weekends without the nice paychecks that his friends were receiving.  But his hard work paid off – he was able to see great success with the company and he became the CEO.  He also learns from his mistakes and asks lots of questions.  He emphasized the importance of having a mentor and he wished he asked more questions when he was younger.  His insight encourages me to ask lots of questions and not try to know everything.