"That's fine, just go ahead and do it according to this plan, and if anything comes up and you need my involvement, just let me know. I'll be waiting here a bit longer before leaving, and if you need me, look for me. Here's my business card; give it to your son when you get home, and let him decide whether he wants to continue with college or come work with me."
Attending college now is also a very good choice. Since college graduates are somewhat scarce at the moment, I would accept that choice too. I don't fuss about academic qualifications here; as long as someone is capable, they can stay by my side to work. If not, they can do some odd jobs."
"As you gradually find your footing, you might be able to make money with me. So think it through carefully, and if it doesn't work out, don't blame me. I have limited abilities, and it's not possible for me to help everyone."