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  #11  
Old 08-18-2014, 11:24 PM
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TPendagast TPendagast is offline
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Location: Wasilla, AK
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Quote:
Originally Posted by Efficiency View Post
heck, id buy in if your profit numbers were legit
This is what I was thinking… is that "net" before owners salary?

Im somehow doubting the correctness of the ratio of numbers.
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  #12  
Old 08-18-2014, 11:29 PM
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TPendagast TPendagast is offline
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I do not think "partners" in anyway dictate, or open doors to size.

In many cases they add a variable that can limit them.

I would strongly advise against any partnership.

Key people, and good salaries and possibly motivation through profit sharing create a situation where you can get more family time, and learn to give long time employees more reign to help grow.

However, if an employee misuses or abuses that trust, they can be stopped/replaced.
Not so easy when a partner does what you don't want them to.
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  #13  
Old 08-19-2014, 06:49 AM
ajreeves ajreeves is offline
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Originally Posted by TPendagast View Post
This is what I was thinking… is that "net" before owners salary?

Im somehow doubting the correctness of the ratio of numbers.
Yes before owners salary
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  #14  
Old 08-19-2014, 07:06 AM
whiffyspark whiffyspark is online now
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300k with two owners plus employees won't leave you with much

Better idea would be to hire a manager. At least you could fire him.
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  #15  
Old 08-19-2014, 07:53 AM
hackitdown hackitdown is offline
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Location: Groton, MA
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Originally Posted by whiffyspark View Post
Better idea would be to hire a manager. At least you could fire him.
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This is the correct solution. A manager with incentives to maintain or grow profits is the way to go. Why mess up a good thing by partnering? Keep subbing work to the other guy if that is working.
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  #16  
Old 08-23-2014, 08:04 PM
ajreeves ajreeves is offline
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Yeah I have thought about having a manager, but I just worry what will happen when and if there is turnover in the position.
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  #17  
Old 08-23-2014, 08:06 PM
ajreeves ajreeves is offline
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I was thinking if he brought his revenue and equipment and paid me 100k that would be a fair deal for us to move forward as partners. Any thoughts?
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  #18  
Old 08-23-2014, 08:54 PM
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Efficiency Efficiency is offline
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Yeah I have thought about having a manager, but I just worry what will happen when and if there is turnover in the position.
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EVERYONE is replacable. Read that again.

My key employee (manager) walked two Mondays ago. I didn't know what to do. Tuesday after, it's business as usual. Guys got promoted from within, brought in new tallent, it's all good again. Don't let fear push you into something that isn't best for you long term.
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  #19  
Old 08-24-2014, 08:28 AM
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wbw wbw is online now
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Join Date: Oct 2004
Location: houston tx
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Quote:
Originally Posted by ajreeves View Post
My numbers:
In biz 7yrs
Last yr Revenue 200k, net operating profit of 95k
This year projected revenue 390k projected net operating profit- 187k.
Equipment value - 180k
Loans- 56k
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Help us understand. You are on track to make 187k this year. Unless you live in Manhattan or Honolulu that is big money. Explain why you want to screw with what you have.

The only reason to take on a partner is if they can provide something you can't hire.
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  #20  
Old 08-24-2014, 08:52 AM
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McFarland_Lawn_Care McFarland_Lawn_Care is offline
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Don't let fear push you into something that isn't best for you long term.
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GOOD advice - I need to be reminded of that! Thanks.
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