Small Business
By Cybele Weisser

(MONEY Magazine) – THE MOSLEY FAMILY COLUMBUS, GA.

Dr. James Mosley, 51, started his children's medical education early. As teenagers, all three helped out in their father's chiropractic practice. "I had them filling in insurance forms and answering phones," says their father. "Anything I thought they could do." Today, with Sherri, 25, about to graduate from chiropractic school and Jimmy, 29, in his second year of working by his father's side, Mosley is preparing to expand the practice--and then pass it down to two of his children. (Sandria, 28, is a social worker.) "With nonfamily members, they want as much ownership as you," he says. "Your children understand who the rainmaker is."

Mosley is understandably proud of his rainmaking skills. When he decided to buy what was then a three-person chiropractic practice in Columbus, Ga. 15 years ago, he walked the streets, introducing himself to residents and asking if they would be interested in learning more about chiropractic treatments. "I acted like I was running for mayor," he says. His strategy worked: The practice, which Mosley bought for $150,000, has quintupled in size.

Once Jimmy and Sherri have fully learned the ropes ("In the next few years, I'll teach them the bedside manner," Mosley says, "how to talk to patients, listen to their hopes and dreams"), he plans to open at least one clinic in Atlanta, where he's been lecturing at churches ("the best kind of secondary marketing") for the past six months. He figures he's at least a decade away from retirement, but to avoid tax liabilities he's started gradually transferring ownership of the practice to Jimmy by giving him stock in the C corporation in lieu of a portion of his salary. When Sherri joins next year, he'll do the same for her. "I'd like to have 50% of the transfer complete within the next six years and the remainder within 10," he says. "Soon I'll be working for them instead of them working for me." --C.W.