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Forums Forums Business I need to decide if I want to take over the small biz I work for. I don’t believe I’m boss material and business is slow.

  • I need to decide if I want to take over the small biz I work for. I don’t believe I’m boss material and business is slow.

    updated 1 week, 1 day ago 0 Member · 1 Post
  • Katie

    Member
    January 14, 2022 at 2:48 pm

    TLDR I don’t see myself as boss material. I don’t feel I’m assertive enough, can’t see myself as a real negotiator. Worried I’ll get walked over. Scared of failing and nervous about being in this alone. I have an SBA consultation coming soon, which will help me. Long, rambling mess below. Apologies. Company is owned/operated by a husband/wife team. 65 and 70 years old and they’re ready to retire. Business does purchasing/exporting from US to the Caribbean. Breweries, supermarkets, restaurants, hotels. We buy what they need as they have limited access to goods where they’re located. We charge a service fee based on the value of goods. We’re currently kept afloat by one whale customer. We have just 2-3 other consistent customers. We are also the North American distributor for a brand of products made in Germany in the general market of home improvement/construction. Margins are slim, competitors are cheaper and they own the market, and we have to raise prices due to inflation. Business is slow as shit. Team consists of husband, wife, myself, warehouse employee (he’s unreliable). My mother is recently retired and is wanting to help me out a few days a week in the office but I’d need to hire another full time employee. Found out I have/had cancer (was recently removed a few weeks ago, no chemo/treatment necessary at this time) so that’s something up in the air, maybe relevant, maybe not. The owners are only asking for me to purchase existing inventory of the goods we import from Germany which we sell domestically, around $70-80,000. I need a loan for that, of which I was denied by Chase due to limited assets and insufficient outside income (my wife’s salary wasn’t sufficient). Owners would like a lump payment, but if push came to shove, I don’t know if they’d consider terms of payment with me. I’ll also need a line of credit to make purchases, pay payroll and rent, etc while I get some money in the bank. I don’t know quite how much I’ll need there, $50-75k. The SBA has a SBDC (Small Business Development Center) locally and I’ve requested consultation. Owners would be leaving me everything the business owns essentially. Computers, office furniture, forklift, warehouse shelving, etc. All this hinges on me getting approved for a loan. I’ve started my own S-Corp, which will DBA as our current company, but I’m not buying the company itself (I didn’t see it worth it to spend on an audit when I can just start my own). I just almost wish I had a partner in this. Our whale customer is a luxury resort island and has new ownership. They have plans to invest a bit of money into the island which bodes well for business, but these supply chain issues have just begun and the future there scares me. I’ve estimated we’d profit $50k after paying myself just $30k the first year. I struggle to see how I’ll manage to improve both aspects of the business at the same time, while handling day-to-day stuff. My bosses have worked here together since the 90’s, never had kids. They’ve had the freedom to devote everything to this. I don’t see myself as a strong negotiator. I don’t know how to set prices/rates. I’m ready to spend $500-700 on a solid resume/LinkedIn writing company and hit the job market. Thing is, I need to decide wtf I plan to do, like yesterday. I’ve sent out another loan request through the SBA and will go through the application process to see if I’m approved. Credit is solid (wife 750+, me 800+) but we have little in the bank ($15k) and no retirement yet. I’m rambling. I’ve posted about this before and here I am again, probably just doing anything I can to avoid making a decision, just lying in limbo, like a loser. I’ve felt so detached from work the last few weeks. I really don’t know if I want it, but my wife wants me to do it and believes in me. We need the extra income. I make $44k right now, wife makes double my salary but we live in a high cost of living area and have high expenses in our future (disabled family who will end up living with us within 10-12 years). Figure with the right resume I can land a job paying a bit more. Done rambling. I think I should drop the $650 on the resume service and call it a day. – by /hq/askingsomething1 – –

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