Should I make my business a non-profit?
The goal would be to start the kids when they were in middle school and have them work the ranch through high school until they graduated. The profits would also be used to start a college fund for each graduate of the program.
Put simply, yes, I would guess not-for-profit would be a great choice. Your higher purpose is generally a great case for why you would use not-for-profit status. Get a great accountant or attorney who does a lot of work with NFP entities and make sure you are set up right from day one.
All the best,
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.