Key facts
- A mother and her 10-year-old son co-own a vending machine business.
- The business was started after the son noticed demand at a basketball tournament.
- They secured a location at a community center through a proposal and contract.
- The agreement includes a 26% commission to the venue and a 50/50 profit split.
- Initial costs included the machine, shipping, credit card reader, and inventory.
Christina Nicolson shares the experience of co-owning a vending machine business with her son, Landon, who was 10 when they started over a year ago. The idea came to Landon after observing snack and drink demand at a basketball tournament. Christina, a business owner herself, guided him in starting small. They secured a location at their community center by submitting a proposal, agreeing to a contract that allocates 26% of commission to the center and splits remaining profits 50/50. Initial investments included $1,500 for the machine, $843 for shipping, $385 for a credit card reader, and $265 for inventory. While still recouping costs, Landon has learned crucial business lessons, such as differentiating between revenue and profit, and understanding that initial excitement can wane. Christina emphasizes patience and encourages Landon to review the business's financial performance monthly.