I will give him props for being clear and to the point on the phone call. So many call in and don't have a clue what the numbers are and go on these long meandering stories about nothing.
Can we take a moment to give props to his dad that takes a real man to be able to realize that you're not good at something and to step back and let somebody who is better at it take over.
It sounds like dad started the company because he didn't want to (or can't) be an employee working for someone else, then figured out actually running a business is a whole nother ball of wax, now he wants the easyness of going back to just being an employee but with a boss that won't boss him around (his son) and let him do what he wants. This is not at all uncommon when you have family small businesses.
Listen, DONT DO ANYTHING like that!! I am a 50% business owner and the other 50% is my uncle. He provided the funding and now he is paid back in full. I am buying his other 50% on a long term payment plan because he doesn't do things around the business, thus disqualify him as a 50% partner in a small business. What you ought to do is to BUY your dad's business and put it on a long-term payment plan. Partners needs to have vision, execution, thinking, aligned. These things are much much more important than the blood relationship in the business. And given the situation, the caller and his dad doesn't have that at all. So only 1 can have ownership, the other one gotta go. He can pay his dad whatever amount as salary and then on top of that a fixed payment over long-term to pay for the ownership. And this is a win for the dad as well. He is going to run the business to the ground if he doesn't like the business aspect of it.100% of nothing is still nothing. If he quit and sells it to his son and his son use the business income to pay for it, then it can be successfully passed down.
This is very similar to my family business situation. My dad and I ended up doing a 50/50 partnership where he runs the field and I run the business. When my side slows down or I get all caught up I go out to the field work hard get my hands dirty keeping the respect of the team always backing them up and giving them full support. This has been working great business is booming relationships are all very healthy. Thank God 🙏
So what if Walker ultimately start to change a few things whether right or wrong, big or small, then possibly a few team members quit, this lowers the financial value of the company and that's the retirement money his father is looking for. He's not going to like that...
The value of a company isn’t measured by the number of employees on the payroll. It’s measured by how much money it makes. In fact a company that makes the same amount of money with fewer people on the payroll is MORE valuable. The fewer people you have to pay for the same revenue the more net income you have to put back into the business. Not that I agree with mass layoffs since it has such a negative impact on so many peoples’ lives but did you see what happened to the stocks of companies like Google, Meta and Amazon after significantly trimming down their workforce? They went up a lot.
I will give him props for being clear and to the point on the phone call. So many call in and don't have a clue what the numbers are and go on these long meandering stories about nothing.
Can we take a moment to give props to his dad that takes a real man to be able to realize that you're not good at something and to step back and let somebody who is better at it take over.
Some think that’s the definition of beta male .
It sounds like dad started the company because he didn't want to (or can't) be an employee working for someone else, then figured out actually running a business is a whole nother ball of wax, now he wants the easyness of going back to just being an employee but with a boss that won't boss him around (his son) and let him do what he wants. This is not at all uncommon when you have family small businesses.
Brilliant Dave!! Wonderful and insightful direction.
Good dude, your doing what was expected. But you wont get out from under it.
This will not go well. His dad will not let go. Keep your own business and don’t mix in with family. A written agreement isn’t going to do the job
Great advice.
You mean walls were considered critical to protect the city in Nehemiah's time? Well, isn't that interesting?
Listen, DONT DO ANYTHING like that!! I am a 50% business owner and the other 50% is my uncle. He provided the funding and now he is paid back in full. I am buying his other 50% on a long term payment plan because he doesn't do things around the business, thus disqualify him as a 50% partner in a small business.
What you ought to do is to BUY your dad's business and put it on a long-term payment plan.
Partners needs to have vision, execution, thinking, aligned. These things are much much more important than the blood relationship in the business. And given the situation, the caller and his dad doesn't have that at all. So only 1 can have ownership, the other one gotta go. He can pay his dad whatever amount as salary and then on top of that a fixed payment over long-term to pay for the ownership.
And this is a win for the dad as well. He is going to run the business to the ground if he doesn't like the business aspect of it.100% of nothing is still nothing. If he quit and sells it to his son and his son use the business income to pay for it, then it can be successfully passed down.
This is very similar to my family business situation. My dad and I ended up doing a 50/50 partnership where he runs the field and I run the business.
When my side slows down or I get all caught up I go out to the field work hard get my hands dirty keeping the respect of the team always backing them up and giving them full support.
This has been working great business is booming relationships are all very healthy. Thank God 🙏
Yea I understand that
So what if Walker ultimately start to change a few things whether right or wrong, big or small, then possibly a few team members quit, this lowers the financial value of the company and that's the retirement money his father is looking for. He's not going to like that...
The value of a company isn’t measured by the number of employees on the payroll. It’s measured by how much money it makes. In fact a company that makes the same amount of money with fewer people on the payroll is MORE valuable. The fewer people you have to pay for the same revenue the more net income you have to put back into the business. Not that I agree with mass layoffs since it has such a negative impact on so many peoples’ lives but did you see what happened to the stocks of companies like Google, Meta and Amazon after significantly trimming down their workforce? They went up a lot.
Same here
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Is anyone surprised that this is PRECISELY what Donald Trump is doing, right now?
No, and stop with the politics.
You and I are on the same wavelength.
@@jimroscovius sorry, how is linking two observable things, "politics"? It seems like your anger is misplaced.
@siegfriedbraun5447 I'm not angry. I'm happy!!
@@jimroscovius then your snark is misplaced.