I want to take over the family business: Help Me, Wallet Pop!

family business issues.
family business issues.

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Q. My father and I operate a driving school. We currently have four certified instructors to teach behind-the-wheel driver education. We provide training to both teens and adults. We are constantly looking for ways to do things more efficiently. In recent years, we lost money due to the economy and other expenses such as a rental office location. After losing money, we have found success working at home. We'd love to hear any advice on expanding the business. And, one of our biggest issues is that I want to take over ownership of the business so my father can retire, but the business debt is in his name. How would you suggest is the best way to allocate personal debt versus business debt? And what about succession arrangements?
Daryl Shepherd
Harrisburg, PA