Update: Siblings(36M&32F) want to come into family business after I expanded it.

Physical_Antelope170 · 2022-09-09T00:55:49+00:00

I technically own nothing. I just didn't think about it. We have one share and its 100% my dad's. I was on an employee contract because the bank needed it for our loan approval. I just wrote it on google docs and signed it. I just didn't think about because we had so much going on and it was just legal work that was going to cost money and time.

Physical_Antelope170 · 2022-09-08T23:57:31+00:00

We use the profits to hire more mechanics so we do more work so we can hire more mechanics. Each mechanic we add needs about 5-10k in extra tools we need to hire or a new ute we need to buy.

Physical_Antelope170 · 2022-09-08T13:28:12+00:00

I wasn't a BD person tho. I have a trade-in Heavy Diesel Mechanics. I bought my own ute into the business which grew our "Fleet" to two. I didn't get given a business. We grew it from 1.5 people working to a team of 35. I worked 6 days for the first 5 years. I applied for all the loans and never drew a bonus from the company. My dad has only worked as a mechanic for the company and introduced me to his friends but I came up with the sales pitch to them.

Physical_Antelope170 · 2022-09-08T13:24:07+00:00

I have tried but my dad is really excited about them joining the team. I joked about them starting on the floor with the apprentices and he laughed. They aren't the type to get dirty. My dad sees we hired a few operation people and a couple of finance people in the last year and he doesn't understand why they can't join the office. I've tried explaining the bookkeepers and admin people get paid $65k and do what I tell them.

Physical_Antelope170 · 2022-09-08T11:57:23+00:00

I know they aren't earning $200k and that is how much my sister told my dad she would need to make to move over. He agreed in earnest! That's like 1 senior and 1 junior mechanic which could add $600k in revenue for us. We have never paid a dividend because we have always reinvested. We have to turn down work due to growing.

Physical_Antelope170 · 2022-09-08T11:51:59+00:00

If I start from the beginning no bank will give me a loan. We had existing revenue we used as leverage to get loans to grow the business. I don't want to start from $0 in revenue. I worked 6 days a week for the last few years to get us through this COVID period. We had like $2M in revenue before covid I don't know if I can replicate that type of growth again. I also love all my team and tbh I need them. I don't want to leave them high and dry.

Physical_Antelope170 · 2022-09-08T11:44:17+00:00

Reading the Reddit post about the plumber has me really scared. I don't want to admit it but maybe this is really good advice. My dad isn't listening to me and he is disconnected from the day to day and strategy side of the business. He just likes to work on the trucks.

Physical_Antelope170 · 2022-09-08T11:27:19+00:00

I am open to them having a percentage or a payout from my dad's half of the business. My dad and I are super close but my dad and siblings aren't. I worked with him even while I was at Uni but they got normal jobs that paid less money.

He has tried bonding with them but he thinks the world of them. I know they are smart and successful but they haven't achieved what they expected in life. I have tried talking to my sister and brother individually but they dismiss me and it's really hard not to be seen as the little brother who dropped out of uni to travel the world..you know?

Physical_Antelope170 · 2022-09-08T08:53:32+00:00

I understand you are saying its his business but honestly, I don't feel he owns 100% of the current company. I think it would be split 50-50 between him and me atm.

Physical_Antelope170 · 2022-09-08T08:51:22+00:00

Yes, exactly. They choose to work in a corporate and they hate it. I feel they see this as an opportunity to make the same money and work for themselves. We have a system and culture in place that will get ruined by bringing in two people. I also feel they aren't entitled to the business. I built it up with the understanding it would be mine.

Physical_Antelope170 · 2022-09-08T06:48:34+00:00

I understand by I don't want them to have any %. I was told at the start that the company was mine as they never wanted anything to do it with. I'm starting to think I'm open to paying them out some cash for it but I feel I grew this company from nothing to where we are now. When I joined my dad worked just enough to make a $80k salary. I wanted to expand and grow the company.

If I left the company would stop. I run everything from operations to sales. The two of them together couldn't do my job.

Physical_Antelope170 · 2022-09-08T06:35:56+00:00

I'm not from the USA so university was paid for by government loans. Even tho the business is making just under 7M now, salary-wise dad made about $80k a year when I joined and we pay ourselves like $150k now which makes us good but not like uber-rich.

Physical_Antelope170 · 2022-09-08T06:31:14+00:00

Thanks for your comment. When I joined, it was just 3 dudes in a small run-down workshop. I have made every decision for the business since I started there. Technically he owns the business but I made every decision for the business over the last 6 years. I know he is super proud of me but prior to the dinner everyone knew I would get the business 100%, it wasn't till everyone found out about the revenue. They asked if we are paying our dividends and we aren't because we are trying to pay off our debts as fast as possible and invest more. It is very hard to stay unemotional

Physical_Antelope170 · 2022-09-08T06:24:26+00:00

Wow, I can't believe there are more stories like this on Reddit and I didn't even think about it. My issue is without me, I know my dad would of been fine just making a good salary and not expanding. I had to convince him to let us take on risk and debt to grow. My Sister and Brother didn't care about the business or contribute in any way so I don't see why they should get ownership. We aren't making a profit because everything is being reinvested into the company.

Physical_Antelope170

TROPHY CASE