10-24-2021, 04:38 AM | #23 |
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10-24-2021, 07:59 AM | #24 |
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I bailed on buying out my old employer.
One man band consulting firm with 4 seasoned employees and 5 interns or "green" individuals. Went back and forth on price. Saw all the company financials and document flow. Secured approval for a small business loan with plans to throw in some of my 401 k to dampen the blow. Boss weaved in and out of what the deal was supposed to be. First, I was getting 51% and he'd hang around a few years till I got the swing of things. Then went to saying 100% with him staying 5 years. He explained that me owning the company would have made the business 3 great things: 1. A minority owned business. (My response: what the fuck does that mean? I get a hand out because I'm a black business owner? My business is inferior and can't survive in the white world without this tag or something? I'm a normal business just like everyone else.) 2. A female owned business. (Same response above, just replace black with female and white with male. What the fuck is wrong with this country?) 3. A veteran owned business. (Ok, I can see this being a benefit I guess. Mainly because its for serving the country and not for my gender and ethnicity- something I had no control over at birth, you know? How did we become so fucked up? He was adamant that all this would make it rain money so I was in. Long story short… he strung me along kept changing the deal.. I just quit and went to a competitor and will soon buy in and become one of the principles. The end. |
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12-22-2021, 01:08 PM | #25 | |
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12-22-2021, 01:50 PM | #26 | |
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To echo what MKSixer, Rmtt, and NorCalAthlete said: Surround yourself with people who are smarter than you. Listen to them. The CEO isn't necessarily the biggest expert in their field, the CEO is the one that can bring all these ideas together and execute–it's even in the title: Chief Executive Officer. Oh and I can't stress how important it is to have a good accountant. I spared little expense when it comes to an accountant.
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05-10-2023, 07:00 AM | #27 |
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11-05-2023, 03:46 PM | #28 |
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11-05-2023, 07:40 PM | #29 | |
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My son did this, acquiring literally hundreds of business contacts. He picks their brains, then parses the information. He now runs a multi-million dollar business, and its still growing. And this isn't his primary job. Resources and contacts.
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