Yes, as long as you don't take it for granted, and upset the others who have worked there for years, I'd say it's a reasonable thing to do IFF you can do it. If it turns out you're not fit for that job, you should probably try something else.
I'm bothered by the failure to graduate from college, but I guess it depends on the reason for that. If you're unable to stick to a difficult task until it's done, you should focus on that until you can before you try to take over a business. OTOH, you father knows you and how you are...
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