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  • What would YOU do?

    updated 3 years ago 0 Member · 1 Post
  • Charles

    Member
    August 29, 2019 at 5:49 pm

    Friend owns a small business. He has much better paying job. He asked me to run. Told me it did 220k in sales & had 9k in profit for the year. Anything I can do above that I can keep. I figured NP. I look at the books, they actually did 90k in sales and they lost 10k, which he admitted to floating to cover payroll. Fast forward 20 months, we are doing 25k a month in sales (6 net profit). I have an idea that can explode the business, adding 2-10k to a store. I also plan to open a second store in 35 days. Staff of 2.5. I have a second expansion idea for the business. It WILL add 1-5k a month in profit, per store. ​ Owner is 100% hands off. I do accounting, banking, inventory. I have never worked less than 55hours a week, average 65, yet I pay myself for 45 hours of work. I told him for me to do all these new things, I want 30% ownership. He was appalled. Called me entitled. I told him entitled is thinking I’m owed something. I am only focused on what I want going forward. He said we will work it out. I know him 20 years. He will not sign anything over to me unless I threaten to leave. Threatening to leave will ruin our friendship. If I leave so does our only tech (who has many better paying options). The business goes under. He is on the hook for lease. If I stay, I’m his bitch, building a business that will do 400k next year, with potential to double that, but projects safely at 500k. (I make 28k). I’m thinking of signing lease on new place in my name, starting new business with my branching ideas. The one idea is pretty solid, semi tested, and could be scaled across the nation. I have enough saving to run one month. I might be able to borrow from friends/sell my stuff to make it two. True sink or swim situation. What would you do? – by hq overview swm4urlife – –

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