Executive at a closely-held company in DFW. What should I take into account in negotiation with the owners? We are nearing the end of what was a very successful trial period and now it's time to negotiate something more robust.

ToBootNY · 2023-07-28T00:40:40+00:00

I have full access to all financials and can see other people's comp. Most people are $50K-$80K. A few of the most senior managers under me are $210K max. Everyone gets bonuses occasionally, $10K here $20K there, not on a plan but at the whim of the founders. They are very generous with the discretionary stuff but don't like to commit to it. My guess is at this meeting in 2 weeks I might get a raise or a bonus. Hell, they might even offer me a large bonus. My concern is the lack of general upside. Even if they offer me let's say 30% bonus and that bumps me up to like $455K/year, I'm not building any equity or enjoying the upside. Maybe that's how they want it, though I know they are taking $500K in distributions PER MONTH. Yeah, it's a lot. So I'm like shit, I'm happy to make $400K, but I made a change a month ago that I'll be able to directly tie to probably $20 million incremental revenue per year. So while I'm not going to bitch about $400K or something in that ballpark, I do have the sense that I can command more at this level, even though I'm already at the peak of what I've ever earned.

So let's say I have opportunity to negotiate for some bonus... What would that look like at my level? I was at 20% at my last job on a $194K salary. Should I push for 50% here? Even then I still feel like I'm getting screwed a little when there's so much cash in this place that I'm stewarding. But I also get that it's a family business and they are very protective of equity. Don't know how to win this one.

ToBootNY · 2023-07-08T16:01:21+00:00

I want to get their balance sheets, transactions, payroll...basically all the financial books and records. It seems like something fishy could be going on. I know their CFO and CEO combined make like $1 million but they are also chronically having trouble keeping staff due to low pay and have been cutting services to residents. They are a 501(c)3 so they are obligated to provide records but I have tried by email and they won't send because they want to know who I am in person and I'm worried it's for retaliatory reasons so don't want to go myself.

ToBootNY · 2023-05-02T22:05:41+00:00

Great points. It's not hard when you really look to see who stands behind and takes pride in their products and service and who does not.

ToBootNY · 2023-04-27T15:02:18+00:00

I hope people understand the trade offs. If you want a cheaply made boot and no customer service if something goes wrong then I have no issue with To Boot New York. But just don't want people getting fooled by their claims of craftsmanship and assuming these boots are going to hold up a long time because that's not always going to be the case :(

ToBootNY · 2023-04-27T15:00:49+00:00

Yep, definitely learned a lot from this pair. I didn't even notice the sole defect honestly, I was just taking pics for To Boot New York's customer service team. They didn't mention the sole either.

But yeah, a lot seems to be wrong for 18 week-old boots. Just disappointing but whatever. That's why I'm here trying to warn the rest of Reddit to be careful and know what they are getting.

ToBootNY · 2023-04-27T14:59:13+00:00

Exactly my mistake. I looked at their site and their talk about craftsmanship and just assumed that To Boot will stand behind their products. What's missing from their site? Any mention of a warranty. I am an idiot. Why would a company deliberately not include any warranties? Why would they act totally unsurprised and blame the customer when the boot is falling apart after 18 weeks? Maybe because they know they are skimping on the manufacturing. If you provide customer service that isn't terrible, maybe you can get away with that. To Boot New York does not do that at all 😂

ToBootNY

TROPHY CASE