It's gonna be fine. I mean you and him both have to know his strengths, like if your strengths are development and his say marketing, you have to recognize that and build on that. That will determine the direction your company heads too. If he is marketing driven then marketing will be one if the key pillar, development driven then technology will be one of the key pillars etc.. Recruit rest of the people as needed by giving them GREAT incentives DO NOT be cheap in this.

Many times I have heard this, children should get experience in other company and utilize that experience in family business. You don't know what they are learning there and at what standards. They may be on Reddit all day long, all you know and if they know that daddy is rich and they don't need to work, then they may not give their best effort in other company either. So, entire argument that kids must work somewhere else is moot. Of course, unless they insist on it, so definitely ask your son as well.

Also like you expect your son to behave like an employee, also make sure other employees also respect him. Otherwise plenty of people like in this sub will intentionally disrespect or ignore him. This is important too. He has to feel that it is HIS company and you have to make sure that he feels that way.