Making 6 figures at 23 and can’t see upwards progression? Dude you are well ahead of the curve. Keep making that wage for the next 10 years and you are still going to be ahead of the average wage for your age. Keep learning the business and hopefully the old man will pass the business to you when he feels you are ready, meanwhile you are killing it!
I listen to every single podcast Dave puts out. As a third generation business owner I 100% advise that young man to go out on his own. He is me 20 years ago. While I wasn’t ready at 23 I can say that I was grossly take advantage of most of my career. The only regret I have about my business is that I didn’t do it sooner. Dave didn’t ask what the revenue is of the company.
Idk he didn’t sound ready to me. He didn’t understand that he was just running a new business for his dad and thought 40k was a lot but 130k wasn’t enough.
He definitely needs to go out on his own. If he fucks up, daddy will still take care of him. If he succeeds, he has his own business and is his own man.
The first dude has no clue what is going on. Before they call do they even think this through. He doesn't even know who is getting the money coming in. He asks Daves opinion. Dave tells him. Then he disagrees with Dave. Not sure why he even called.
@@r.rodriguez4991nah, the kid is 23 years old and doesn’t want to spend his life building his fathers business just to get shafted 20 years later. He’s hungry and wants to build something of his own rather than sucking at his daddy’s tit for the rest of his life.
Fueled by the opinion of his young wife who only sees the gross revenue of the transactions but has no real clue how the business is ran or the costs that go into it.
This stupid arrogant snowflake obviously called for a pat on the head and be told *Dude you're killing it*. This boy has no idea of what's going on or what he's doing. He isn't an important part of daddy's business so Daddy screws him over because he's such a clueless drip.
For the last caller what I would recommend is looking into hiring a separate sales force. I worked in an insurance company that did this. I was the 1st line sales person. Get them in the door and lock down the initial sale then move on to find the next sale for the company. Then we had a customer solutions and satisfaction team that did the follow up and add on sales. It let us each become specialized in the specific products we offered and let those willing to go out and find the sale to focus on that and those that wanted to build the relationship and continue the sales to focus there. We each had different pay and commission structures and it worked out really well.
The first caller goes to show that job satisfaction for younger generations is less about how much money you are making, and more about how much you feel like you are growing!
First caller should propose that dad helps him start his own arm of the company. Let him run it. Let him learn. Let him grow. Give him some working capital to play with and have him pay it back with interest. Whatever he kills he keeps. If he fails, it’s a small investment on his kids growth. Have him pay dad back whatever he borrows plus 3-5%
The young fella doesn’t recognize the benefits he has gotten from being able to work under his father. He is paid well for a tradesmen. Why not help build the business so much that you can negotiate even more income? That would be a win win. Starting a business from zero is way harder than being successful in someone else business. I just made partner in the company was employed by for 7 years and as I learned more about the business I didn’t want to go out on my own. There are parts of the business I don’t want to have to do solo, mainly compliance. I’m also someone who has created processes, trained/hired people, brought in a lot of revenue, have licenses/certifications, and am constantly learning. A lot of the clients I’ve closed are do to the business being established and I didn’t have to go out to find the lead and there a laundry list of business skills I haven’t mastered. I did close and service a lot of these clients but I never discount what the president has had to do to make this all possible.
A 23 year old today with that kind of drive. His father should give him a huge raise and more power in the company. That father doesn’t realize what kind of son he has
I think he could honor his father and build his own business at the same time. I’m thinking franchise off to his own store using his family’s name. That way he’s building his own business but the original company gets a slice of the pie.
That 23 year old doesn’t appreciate what he has. He’s not involved in the business side, therefore he can’t see how good he has it and the cost of running a business. He’s making as much as my 50 yr old husband who has been in business 15 years. It would be nice if dad let him into the business side to understand this better- but sounds like he’s burnt out a bit and might not have the energy to do more. He’s making the mistake of what our customers do. They go online and see prices and think we are pocketing everything above that. It’s so expensive running a business.
Actually, that’s not what he said. They didn’t lose business they lost government money. They did not see a dip in customers. They had to increase customers to make up for the lack of government money, so they did not see a dip in customers but actually an increase to compensate. This guy was blaming cyber attacks when cyber attacks had nothing to do with losing the c-vid money. The guy was not up front and Dave had to beat it out of him because he knew it wasn’t adding up.
@andreanease4215 I see. I couldn't follow the conversation because of all the back and forth. I thought he said they were getting money for seeing patients related to the pandemic and that ended.
Just a hunch, but I think it may be the wife driving the discord for the first caller. "Honey, if you did this and that you could make more money". Meanwhile he is making 120K at 23.
I sense some serious boundary issues with the first guy. Let’s take the father son thing out of it. He as an installer found a way to create extra revenue with his employers equipment while he was at work. Great job. That may even be worth a bonus. Oh wait. He is already being bonus paid 50k+per year over his installer pay for things like this. Does he feel entitled to that just because he’s dads son? There is some sort of disconnect here where he isn’t recognizing this. Somehow he has fabricated in his mind that he created his own “side hustle” inside of another man’s business. Wow. How about the next idea you have you save up the 100k or whatever for a cnc machine out of your 130k income and do it on your own time. Nights and weekends after work at your regular job. That’s a side hustle. When it makes enough to keep you alive step out on your own and leave dads business. You are thinking you are Babe Ruth while you are smashing balls off a T-ball T.
If Dave calls a grown man hun or hunny, look out. You’re probably doing something real dumb and you better pump the brakes. Or you’re peeing in your boot and it’s about to get full, better switch to the other boot.
I think this first caller should do what he’s thinking, and get his slice of humble pie the hard way.
I agree! He needs to go bump his head a few times and get a wake up call
dave ramsey is a pessimist
@@criticalthinker-ys7vt No he's just not dumb
Making 6 figures at 23 and can’t see upwards progression? Dude you are well ahead of the curve. Keep making that wage for the next 10 years and you are still going to be ahead of the average wage for your age. Keep learning the business and hopefully the old man will pass the business to you when he feels you are ready, meanwhile you are killing it!
I listen to every single podcast Dave puts out. As a third generation business owner I 100% advise that young man to go out on his own. He is me 20 years ago. While I wasn’t ready at 23 I can say that I was grossly take advantage of most of my career. The only regret I have about my business is that I didn’t do it sooner. Dave didn’t ask what the revenue is of the company.
Idk he didn’t sound ready to me. He didn’t understand that he was just running a new business for his dad and thought 40k was a lot but 130k wasn’t enough.
He definitely needs to go out on his own. If he fucks up, daddy will still take care of him. If he succeeds, he has his own business and is his own man.
I love listening to Dave while working on my business
The first dude has no clue what is going on. Before they call do they even think this through. He doesn't even know who is getting the money coming in. He asks Daves opinion. Dave tells him. Then he disagrees with Dave. Not sure why he even called.
To get validation. He was looking for, "Oh, you're so smart. You're the next Elon Musk!"
@@r.rodriguez4991nah, the kid is 23 years old and doesn’t want to spend his life building his fathers business just to get shafted 20 years later. He’s hungry and wants to build something of his own rather than sucking at his daddy’s tit for the rest of his life.
Fueled by the opinion of his young wife who only sees the gross revenue of the transactions but has no real clue how the business is ran or the costs that go into it.
This stupid arrogant snowflake obviously called for a pat on the head and be told *Dude you're killing it*. This boy has no idea of what's going on or what he's doing. He isn't an important part of daddy's business so Daddy screws him over because he's such a clueless drip.
For the last caller what I would recommend is looking into hiring a separate sales force. I worked in an insurance company that did this. I was the 1st line sales person. Get them in the door and lock down the initial sale then move on to find the next sale for the company. Then we had a customer solutions and satisfaction team that did the follow up and add on sales. It let us each become specialized in the specific products we offered and let those willing to go out and find the sale to focus on that and those that wanted to build the relationship and continue the sales to focus there. We each had different pay and commission structures and it worked out really well.
Great advice for John in Columbia South Carolina. He is being a little impetuous.
Wow you have to pull it out of the first caller. This isn't a side hustle. It is the owners LLC. Crazy
The first call was driving me bunkers
The first caller goes to show that job satisfaction for younger generations is less about how much money you are making, and more about how much you feel like you are growing!
The look on Dave's face around 9.50 is brilliant 😂
First caller should propose that dad helps him start his own arm of the company. Let him run it. Let him learn. Let him grow. Give him some working capital to play with and have him pay it back with interest. Whatever he kills he keeps. If he fails, it’s a small investment on his kids growth. Have him pay dad back whatever he borrows plus 3-5%
Nurture your small dream. GREAT idea!
The young fella doesn’t recognize the benefits he has gotten from being able to work under his father. He is paid well for a tradesmen. Why not help build the business so much that you can negotiate even more income? That would be a win win. Starting a business from zero is way harder than being successful in someone else business.
I just made partner in the company was employed by for 7 years and as I learned more about the business I didn’t want to go out on my own. There are parts of the business I don’t want to have to do solo, mainly compliance. I’m also someone who has created processes, trained/hired people, brought in a lot of revenue, have licenses/certifications, and am constantly learning. A lot of the clients I’ve closed are do to the business being established and I didn’t have to go out to find the lead and there a laundry list of business skills I haven’t mastered. I did close and service a lot of these clients but I never discount what the president has had to do to make this all possible.
10:20 That was some pure papa Dave right there. That was exactly what that kid needed to hear.
I'm also in the overhead crane business, only on maintenance, repairs and supplies. So I'm the one picking up the work they left behind.
Hard truths cut both ways.
A 23 year old today with that kind of drive. His father should give him a huge raise and more power in the company. That father doesn’t realize what kind of son he has
The young man at the beginning of the call should make his own business in the area. This is America. No monopolies.
I think he could honor his father and build his own business at the same time. I’m thinking franchise off to his own store using his family’s name. That way he’s building his own business but the original company gets a slice of the pie.
There won’t be enough demand in the area to sustain both companies and those companies do well.
The first caller should wait his turn at running the family business. He's 3rd generation
That 23 year old doesn’t appreciate what he has. He’s not involved in the business side, therefore he can’t see how good he has it and the cost of running a business. He’s making as much as my 50 yr old husband who has been in business 15 years. It would be nice if dad let him into the business side to understand this better- but sounds like he’s burnt out a bit and might not have the energy to do more. He’s making the mistake of what our customers do. They go online and see prices and think we are pocketing everything above that. It’s so expensive running a business.
I don’t think it’s unethical for the first caller to open up shop but it does sound stupid
Dave cool it on the second guy and just let him explain. 🤣
He's saying they lost business and income dipped. Pretty simple.
Actually, that’s not what he said. They didn’t lose business they lost government money. They did not see a dip in customers. They had to increase customers to make up for the lack of government money, so they did not see a dip in customers but actually an increase to compensate. This guy was blaming cyber attacks when cyber attacks had nothing to do with losing the c-vid money. The guy was not up front and Dave had to beat it out of him because he knew it wasn’t adding up.
@andreanease4215 I see. I couldn't follow the conversation because of all the back and forth. I thought he said they were getting money for seeing patients related to the pandemic and that ended.
Great close on Dave’s side - young guy is riding the family business and doesn’t know what it took to get to that point.
Just a hunch, but I think it may be the wife driving the discord for the first caller.
"Honey, if you did this and that you could make more money". Meanwhile he is making 120K at 23.
1 st caller , unthankful boy
I sense some serious boundary issues with the first guy. Let’s take the father son thing out of it. He as an installer found a way to create extra revenue with his employers equipment while he was at work. Great job. That may even be worth a bonus. Oh wait. He is already being bonus paid 50k+per year over his installer pay for things like this. Does he feel entitled to that just because he’s dads son? There is some sort of disconnect here where he isn’t recognizing this. Somehow he has fabricated in his mind that he created his own “side hustle” inside of another man’s business. Wow.
How about the next idea you have you save up the 100k or whatever for a cnc machine out of your 130k income and do it on your own time. Nights and weekends after work at your regular job. That’s a side hustle. When it makes enough to keep you alive step out on your own and leave dads business. You are thinking you are Babe Ruth while you are smashing balls off a T-ball T.
If Dave calls a grown man hun or hunny, look out. You’re probably doing something real dumb and you better pump the brakes. Or you’re peeing in your boot and it’s about to get full, better switch to the other boot.
Sounds like Theo Vaughn 😆
Survival of the fittest.
Gravy train of Covid
This guest sucks. Had to turn the podcast off
What makes you say that? I enjoyed the interview and their leadership philosophy.