Best way to learn Finance & Accounting for family business

[michaeltox]

In short, I'm working in our family business, a pretty successful retail chain. My father is very talented and has built it from nothing to a strong and growing brand. However, we are growing at a rate where we have to start doing things in a more corporate way. Talking to our board of advisors, they've said that eventually I will have to learns the ins and outs of the finance side of the business. I've thought of taking an MBA in a few years once I have enough experience, but I'm also hesitant because I think MBAs are mostly for people who want to get a leg ahead on getting into consulting, middle mgmt etc. and isn't so applicable to my situation. What would you recommend for me to have a true working knowledge of finance, accounting, biz law etc? Are MBAs worth it for someone who isn't interested in networking/connections that come along with the degree?

 

[satanworshiper666]

@michaeltox I would sign up for accounting 101 at a local college. It will give you a base to start from. Then talk to your corporate accountant about where to go from there. He/she will have knowledge of your specific business and should be able to guide you from there.

Also, instead of trying to be great at everything, hire out what you need to on a project basis. Worth it, and you avoid issues that will bite you in the butt later.

 

[jahpickney]

@michaeltox I would highly recommend not completing the accounting on your own. Hire out for sure. Make sure you do your research on who you choose. I work for a insolvency frim. The number 1 reson a business ends up failing is because of taxes and the accountant not taking the proper care. Then, we are tasked with closing the company down, selling off the inventory and assets. The money you put into this person will be very well worth it. I promise.

 

[michaeltox]

@jahpickney Noo we are well beyond that, we have two accountants on staff. It's more for me in the future to be able to make well informed decisions