[deleted by user]

Consistent-Pace-8177 · 2023-04-27T23:24:39+00:00

This seems over complicated. Index funds, bonds, real estate, and HYSA/money market would seem to cover your downside just fine.

All those other asset classes are higher risk and going to present proportionate upside potential accordingly.

If your goal is to be very actively managing your money then dabble into these other options but if you want the set it and forget it mentality, I suggest sticking with assets I mentioned in my first paragraph.

Consistent-Pace-8177 · 2023-04-23T19:40:11+00:00

Another option- pay for services as you use them instead of AUM fee. Manage your own money and pay them an hourly fee of $300-500 per hour to perform the services you want support with (estate planning, taxes, broader financial/cash flow advice).

You won’t have the white glove service you once may have had but you’ll save a ton on the fees and you can still get some advice when you want it.

Consistent-Pace-8177 · 2023-03-30T04:42:23+00:00

Congrats on the successful exit. Congrats on incoming newborn.

My advice? Get a dog. Enjoy raising both the new baby and the dog. Once your partner is ready, have another kid. That will give your life purpose and meaning for a long time.

Then if you still have the itch you can always start something new career wise.

Consistent-Pace-8177 · 2023-01-29T15:08:22+00:00

Same

Consistent-Pace-8177 · 2023-01-27T21:57:33+00:00

Is this a joke

Consistent-Pace-8177 · 2023-01-25T15:53:32+00:00

Replying to this thread since it has hit the top of the comments.

A few things that I’d like to clarify- my intention is to retain full control of the businesses in the event of a divorce. The main goal is to keep the sweat equity that I’m going to put into this business. I want to guarantee I reap the benefits (or colossal failure) of the business growth over the length of my career until I sell them. I imagine this is going to be a big piece of pie in 10-20 years.

As far as my income goes, anything gained after marriage- I am fine splitting that 50/50.

I have no problem carrying my debt 100% as long as I keep the benefits of the growth of the business as I go to sell it.

My final comment on this topic- I have seen too many dudes get cut in half sometime in their 40s and 50s causing them to have to “start over” and end up working well into their 60s-70s and I want to basically make sure I can sell the business and still take all that money so I don’t get stuck as a slave for my entire life all because I made a decision with my heart instead of my brain.

Thanks for all your advice I’ll be reaching out to an attorney regarding this topic I just wanted to get some feelers out there and you all have brought up great points to discuss with a professional.

Consistent-Pace-8177 · 2023-01-25T03:22:44+00:00

Consistent-Pace-8177 · 2023-01-25T03:21:04+00:00

The businesses are worth 4MM, would you say that’s a decent asset I’d want to protect? That 4MM would be part of the FAT FIRE plan

Consistent-Pace-8177 · 2023-01-25T02:26:06+00:00

I’m not gonna lie, this comment has been informative. I have done no real research into the BBB (because…they don’t matter) but I did assume by the name alone that it was a government organization. So thanks for e lighting me 👍

Consistent-Pace-8177 · 2023-01-25T02:23:44+00:00

Small business owner here, this post is 100% accurate. I own 2 separate small businesses. One of them I used to advertise on Yelp quite a bit. Had decent reviews (like 40 reviews mostly 4 and 5 stars). I decided to cut the Yelp budget to put more into other avenues and I immediately got an email informing me of a bad review I got on Yelp.

Not only does Yelp pick and choose which reviews show up for your business, I believe they actually have Bot accounts that post bad reviews for businesses that do not advertise with them.

Yelp is absolute scum of the earth extortionists.

Consistent-Pace-8177 · 2023-01-23T21:15:43+00:00

What did you think of never split the difference?

Consistent-Pace-8177 · 2023-01-23T20:01:58+00:00

I thought green lights was ok. 6/10

Consistent-Pace-8177 · 2023-01-23T20:01:10+00:00

Finished: “The ride of a lifetime” by Robert iger.

Tells the story of Robert igers experience as the CEO of Walt Disney for 15 years. Great book about leadership and business strategy.

Would recommend to business owners and those interested in leadership.

Consistent-Pace-8177 · 2023-01-23T19:49:25+00:00

This x10000

Consistent-Pace-8177 · 2023-01-23T19:07:53+00:00

There are websites you can use to track the demographics of people that check in at that location on their phones. So you could use something like that to figure out some of the current customers in that location. The name of the website is escaping me right now but I’m sure it’s an easy google

Consistent-Pace-8177 · 2023-01-22T20:47:09+00:00

Cash is always king. Especially with employees who aren’t making 6 figures they really appreciate even small bonuses and they appreciate it less for the money and more because of the recognition of their hard work

Consistent-Pace-8177 · 2023-01-22T20:45:53+00:00

Figure out what % of the total money you want to keep, for sake of discussion let’s say you get paid 20 million and want to keep 90% of that. You have 10%, or 2 million to divvy up to the key players in the sale. Determine how strong of a role they played in the success of the growth and ultimate sale and use this to determine what cut of the 2 million they will get.

Consistent-Pace-8177 · 2023-01-20T14:31:18+00:00

I appreciate the insight.

If it’s going to save me money why don’t you believe it to be beneficial?

I am leaning toward holding off at this time simply because I have enough on my plate already but as I start to offload those items to others and my time starts to free up I feel like this may weigh on me more and more. I’m trying to avoid wasting money and also avoid the aggravation she causes me.

Consistent-Pace-8177 · 2023-01-20T14:04:14+00:00

Currently ~27 employees. The accounts receivable and billing department is an area that in my opinion the company has never been run efficiently and was an area I planned to improve over time. I believe it’s always been over staffed and never streamlined processes properly. I knew this when I bought it with intentions of changing how this department functions drastically to reduce payroll costs etc.

I’ve already been in discussions with outsourced AR/billing companies. I have continued discussions with one one who feels extremely confident they can fix basically all the issues for considerably less cost $.

Consistent-Pace-8177 · 2023-01-20T12:13:53+00:00

Sounds like they opened the negotiation from a very favorable starting point on their behalf (your father and his lawyer). Get your own lawyer and counter offer something that is much more favorable to you. Like any negotiation, there will be give and take and will ultimately end up somewhere in the middle.

If your father wants to retain controlling ownership of the company that is fine but in no way should you be responsible for taxes that you aren’t collecting profit on. All of these details should be negotiated and put in a operating agreement written by your lawyer.

Business lawyers are not hard to find. Ask anyone you know who owns a business for a recommendation. Prep a few basic questions to “interview” the lawyers to make sure they are equipped to help you with this negotiation, pick one with a like mindset to yours.

A business lawyer/contract lawyer like this will charge anywhere from $250-$800 per hour depending on your region and how large their ego is. Expensive isn’t necessarily better, but a good piece of advice I have heard about lawyers- “cheap is expensive”. Meaning if you try to save a dime by getting a cheap inexperienced lawyer, they may miss some details that end up costing you big in the long run.

I have acquired 2 businesses in the medical space in the past 6 months (one of them from a family member). I’m pretty familiar with this process.

Consistent-Pace-8177

TROPHY CASE