I’m Burned Out and I Don’t Think I Can Get out of This

I’m Burned Out and I Don’t Think I Can Get out of This
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[@pmeehan_3]

This is the problem when working in the family business. The parents don't want to treat you as an employee they still treat you as their child.

[@mifeke6149]

I would say that's just the problem working in THIS family business.

[@ConstructionHoney]

My husband had this... his parents lived off the business, my husband did the work and bought nothing home while I worked to support us. I will never like my inlaws. Never.

[@shirleeberman9131]

"If I'm going to suffer I want to get something out of it." This is a great way to get out of procrastinating.

[@AnnaAtl]

I love the explanation of fatigue vs. burnout. That is so true.

[@OneSmileAtATime.]

I haven’t thought of it like this before. Interesting perspective

[@milantaus]

I would also suggest hiring an accounting firm to verify the books and audit the expenses. There could be someone on the inside siphoning funds.

[@tobybrown1179]

Dissapearing profits somewhere that for sure

[@bluejedi723]

Even if you 10000% trust your employees, it's well worth the money to have an outside forensic accountant come in at least once a year (unannounced to the staff) and have said accountant tear your books apart to make sure no one is making simple innocent mistakes (or stealing) because it's good business practices.

[@sergionancy9581]

@@bluejedi723most multi millionaire or billionaire’s companies do this atleast once a month

[@silentwitness536]

He must have massive loan repayments.

[@largol33t12]

From what I hear him saying, I strongly suspect a sneaky employee, maybe even the father - don't ever rule out relatives as the suspects, is skimming from the piggy bank every so often and lying on the accounting books.

[@nhgriff1]

He said dad hasn't taken a salary in five years. Doesn't mean dad is not spending company funds on unnecessary things, i.e. junk.

[@TinyDancerO]

Pops along with other family members in the business are taking dividends.

[@SEANPOL203]

All that disappeared money 💰 has to be gone somewhere

[@ConstructionHoney]

My inlaws ran their lives through the business with my hubby. We never did.... that's the salary

[@Krinbo]

Dave really is best on his own.

[@lombardo141]

I agree.

[@austinkyle]

100%

[@io2503]

I could not disagree more. In my take, he is about him. His example points to his own events?

[@lombardo141]

@@io2503 its his own show and that's what built it in the first place. Anyways its our prefrence and you have yours.

[@murtajiz545]

⁠@@io2503yeah, because he’s speaking from *first-person experience.* You can’t give advice from a better place.

[@mominthe209]

I listened to this twice. 1. Is dad looking at this as “his” company and really doesn’t want his son involved? 2. If you haven’t actually seen the books, you really can’t have a clear picture. 3. Dad was best as ops, but sucks as a businessman?? 4. Dad is not telling you the whole story for some reason. 5. You’re concerned, and with good reason, that you will spend your life working here only to be broke at 50 and the company has disappeared. He doesn’t sound like the typical 3rd generation that “loses it”. I heard frustration that Dad is talking at you as a therapist, not to you as a partner. Who is the bookkeeper, pro, friend, wife, mom? The books need to be audited. Ask dad about thus and if he rebels, he’s hiding something.

[@Pneumatic123]

I worked with my dad for 30 years. I am great at my job and run the business but never saw behind the curtain of the finances. My father passed away 90 days ago and now I am having to figure it all out. The business is running fine but I wish I'd been brought into the financial side sooner. We are 100% debt free and I will keep it that way but I'm leaning on the CPA pretty hard right now.

[@Frank00]

@@Pneumatic123I’m in a similar situation, it will take you a good year to figure it all out, it’s a learning curve but don’t give up. You’re at a good place financially

[@aingeru5667]

Great comment. You are clearly an experienced individual!

[@mominthe209]

@@debbiec6216 yes to all the above. One thing I learned years ago. Follow the money and esp if it’s yours. Never completely trust anyone with the company books. Take the time to review invoices that match the checks you sign. Contact vendors to confirm business and take them to lunch so they are comfortable talking/spilling if something is up. When I was very young, there was a friend of my husband’s family that had way too much “stuff” on a bookkeepers salary. She helped herself to 8 million dollars of the owner’s money. So, if you pay your bookkeeper $20 an hour, you better question how she shows up at work in a 90k corvette and flies her plane to her house in Hawaii. Money magnifies what you already are. People with true wealth don’t flash it, they preserve it and make it work for them.

[@nevea.4621]

Definitely!!

[@oldgadfly8398]

A follow up call would be interesting.

[@kgdima8518]

I thought I was gonna go crazy because I owe $8700. Now I feel so great thank God😅

[@SEANPOL203]

😄

[@Anangelfromabove]

You’ll feel even better when you realize money is being printed daily. The only value it has is our collective belief in it. You can get your hands on money, it isn’t as hard as we think it is… we are energy….

[@DrFearCo]

This is business debt with a $30mm income. Big difference to your personal debt.

[@Bo_SH]

I wish I helped my dad more before he passed. It hit me hard when he said, “…he’s also by himself.” My Dad was alone in his ventures and would’ve loved me working with him by his side. The son is a good son for looking out for his Dad. Great episode. Good luck to them.

[@skandhaprasath2767]

I watch 100s of Dave's videos not only for money advice.. But actually for pretty Wise Life advices. Dave's the poor man's Guru for both life and finance.

[@h.nii-laryeamensah3055]

Humility is having an opened mind. Could you realize the exhibition of this in making $30million and still be open to new ideas towards a solution. I love this learning moment. When we open up to possibility that's when opportunities for a better change occurs. Love Dave's part as well. First started listening to Dave in September 2000 while I living in Nashville, TN on I think 99.7 :)

[@timmietz]

35 employees and $30MM in revenue! Wow! That’s an awesome revenue per employee!

[@AriesVarys]

All that and no cash 🤷‍♂️

[@emjayy1233]

@@AriesVarys just a question of time, as soon as they fix the leaks there will be

[@user-ei6kl1kl2y]

Revenue doesn’t mean much

[@benruss4130]

Its a great ratio, EITHER someone is siphoning funds OR/AND they have an exceptionally high material cost.

[@ConstructionHoney]

The employees made the money.... this guy knows that and is freaking out

[@gonnahavemesomefun]

This is the best I've seen Dave at. And that's saying something. Don't get me wrong, there's plenty I disagree with Dave, but a) I enjoy all his content and b) he is a rare individual - he has an opinion he can back up. This was emotional. I hope they do a follow-up of this.

[@cashkitty3472]

Need to do an audit and find out where the money is going. Fraud, personal loans .. Something smells bad

[@selenachiong1]

I am new to this channel but I love Dave!!

[@Mchawks61]

Dave and his team are just awesome. Anything you can read, listen to, or watch from them will be beneficial and help put you on solid financial ground. Can't go wrong with Dave Ramsay.

[@jusepjavierartolacompean1136]

GREAT VIDEO, WELL SAID DAVE.

[@ExequielSkidmore666]

investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good?

[@HonorinaLeemaster223]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic....

[@ExequielSkidmore666]

how do I get in touch with this consultant that assist?

[@HonorinaLeemaster223]

Jenny Pamogas Canaya, that's whom i work with look her up and thank me later

[@ExequielSkidmore666]

Thanks for the info . Found her website and it really impressive

[@joshuasales1733]

@@ExequielSkidmore666157 upvotes in 4 hours, huh? Scam

[@bjreeves-kempf6940]

I love that you expanded into this category for all those great people running world class business.

[@Bitcoinfam]

This conversation is what I needed to hear. Thanks 🙏

[@teasquared09]

Dave truly gives incredible advice.

[@tampabayrodeo2474]

As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research

[@champhallier8468]

Remember that investing in the stock market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.

[@Wistbacka]

​@@GwendolynCalliope950k over what time period?

[@Aidan-Moore]

​@@WistbackaThis is a scam - lots of Ramsay videos have virtually identical threads - report and ignore them.

[@michealjones3297]

I would not put a cent in the stock market after watching Wizard of lies

[@MrTmenzo]

Need to do an audit

[@Brian-ph3zj]

Excellent video, the part about drama queens and isolation resonated with me most. As a leader and also an employee, I need to know the truth and love to have friends and colleagues to confide in.

[@WilliamJohnson-le7zd]

Everyday should not be the same!

[@John-bd9fj4435]

I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.....

[@John-bd9fj4435]

I have experienced significant losses, and I am holding on with the hope of recovering them. It is evident that I am in dire need of assistance

[@John-bd9fj4435]

It seems that *JENNY PAMOGAS CANAYA* possesses extensive knowledge and a strong educational background

[@Luv2Ski4500]

What market crash? The market has been moving upwards. I’m up 25% in the last 12 months. Yes investing is a long term goal. I started investing with my first pay check in 1986.

[@EnglishInfidel]

Bots everywhere these days JENNY PAMOGAS CANAYA can suck my bawls.

[@halfhott]

​@Luv2Ski4500 its a fake comment

[@Wall2000x]

My experience is that there are senior management issues. Namely the dad is not being honest. He needs to open the books. Sonny needs to have a say in the operation if not you got to walk. This happens very day and so I think it would be best if the son makes plans for a new career. Life is too short to deal with 2nd generation nonsense.

[@littlebylittle1686]

Dave's right here. Around 30 million gross each year and only managing to pay off 1.5 million of the remaining debt each year with 30 employees is mental. At least your man was honest to admit he didn't have a clue about the financials. He sounded like a good man to me who is just feeling the pressure of keeping the family business going. He's proud to be doing his role and you can tell he loves his old man dearly. Just doesn't want to let anyone down. Hopefully they can sit down and sort it out pronto 💪

[@franziskani]

His old man does not have a clue either - or he does but sth shady is going on. And why is no one crunching the numbers ? His father did not take a salary, but that does not mean his father does not take money out of the biz.

[@farzana6676]

1.5m is a 5% net profit margin. Many industries operate on low margins like that including huge businesses like Costco, Walmart, United Airlines etc.

[@user-pw2vy5np7q]

11:59 Something weird about these numbers. The caller's 30ish dad's only 55, so he is admittedly clueless. Dad has a serious gambling problem or "something weird" like that maybe.

[@gustaftheone9279]

Yeah, I thought gambling immediately

[@djlowtek]

Yea the dad isn't going to be able to account for everything for sure

[@largol33t12]

@@djlowtekAfter hearing this story, I KNOW a completely independent investigation into the books will turn up a lot of very shady activity. Trust me, someone is cooking the books BIG time and skimming money somewhere. I bet it's the father. Sometimes, when in business and things go awry, your biggest suspect is the one at the very top, family be damned.

[@Charlies1970TA]

Wow, love this advice for all of us Dave. Thank you!

[@Cesar-pq2ck]

Wise words by Dave.

[@Luisjuliancardenas]

Dave really is THAT GUY!

[@user-hj9vo8sr8j]

12k in debt is your problem. 12M in debt is *their* problem.

[@PN-ve9lf]

Cut down expenses & wastage. Our employees can be very wasteful & I do the best to prevent that.

[@rochestergray4809]

Business debt works very differently. If he frees up 5M in expenses it’s still taxable income if he puts it towards the debt. That 5M is probably closer to 2.5-3M, Assuming he holds on to half for operational use that’s pushing a 1.5M payment a year. Add in how much is already going towards it and it’s a 5-6 year pay off timeline. What are the interest rates on those loans. This is definitely fixable, sometimes I miss being a CFO lol

[@franziskani]

At the moment (rates) a lot of this is interest - and that is a cost

[@rochestergray4809]

@@franziskani At least the interest is tax deductible, that’s definitely a plus for this situation. Numbers can look like you’re underwater but as long as you can operate everything will be on the up during tax time.

[@thomasdalton1508]

The debt is no different to personal debt - you have to pay your personal debts from after-tax income too. What works differently is expenses. Personal expenses aren't tax deductible and business expenses are, so when you look at cutting expenses you need to be looking at the after-tax expenses to know how much you have really cut.

[@rochestergray4809]

@@thomasdalton1508 The personal debt is paid from after tax money but the taxes have already been taken out from your paycheck where as your business it is not. Overpaying down debt personally isn’t as likely to put you in tax complications after the tax year is over or subject you to the same depth of an audit.

[@thomasdalton1508]

@@rochestergray4809 That has nothing to do with what the debt is. The same can happen with personal debt if your taxes aren't automatically withheld. If you aren't subject to tax withholding then you need to put the appropriate percentage of your income aside each month to pay the taxes. If, instead, you use it to pay debt, whether business debt or personal debt, you are going to have problems.

[@extremecarpetcleaning-wvwi86]

As a business owner nobody understands how much money goes into running a business. Every employee you have workers comp insurance, unemployment insurance, health insurance and half their social security plus 401k match. So each employee can cost you 1,000 a month or more not including payroll. Its ridiculous. Don't get me started on insurance for the business. Lease on building, electric, water, trash. Its endless. That is why only 1 in three businesses survive. Most people only make 5- 10 percent profit margins. Probably get better returns just owning apple stock and make 20 percent every year on your money. I've really been considering just selling everything and going into technology stocks. I could sell 15- 20 percent every year and make almost as much. Not having to work.

[@ggletsplay5041]

You are correct with how much an employee costs. I wouldn't be in business with only 5 to 10% profit margins but I know a lot of people are forced to live in that number. Most business owners believe that the business will eventually be worth something for them to sell, and that's the cash out opportunity. A lot of the time though, it's not.

[@JasonSpasoff]

If you could average 15-20% YOY returns, you'd be in the TOP of the TOP of investors and should be running your own firm.

[@doncorleone3901]

Thats why businesses are going to china. No such bs rules there

[@extremecarpetcleaning-wvwi86]

@@JasonSpasoff own nothing but technology stocks and you could. I'm getting 35- 40 per year on Microsoft.

[@JasonSpasoff]

@@extremecarpetcleaning-wvwi86 People said the same exact thing in 1999-2000, then wiped out. I'm talking YOY for the long term, not a few years.

[@dm9103]

How in the world do you run 30 mil revenue company without looking into spreadsheets of spending..? How are you doing your taxes???

[@lilolme69]

His dad does all that.

[@nevea.4621]

Dad is probably behind all of it !!

[@mithicash1444]

Best advice I would give is get involved in the finances at least as much as to understand them. i agree with Gordon, when you learn your finances you can hone in on things that can be cut out and because you already know the operations side, you are in a perfect position to decide what can realistically be cut.

[@RanThaMan]

Gordon? lol

[@LawrenceTimme]

So many bot comments saying really random things ​@@RanThaMan

[@bencortez9907]

Lol Gordon Ramsey is cooking up a solution.

[@darlenepaul2918]

It's Dave Ramsey not Gordon Ramsay ...lo

[@eileen21]

Lol😂

[@brentward1831]

I think Dave might have asked what the caller is drawing out of the business for his personal salary. I could handle slow debt repayment if the business was funding my personal life well enough. I would still try to pay down the debt faster, but having a decent income while paying down the debt would help me stay energized.

[@nelsongraber8987]

Yes

[@Joe67_]

THIS MAN IS A CHAMPION MORE SO THAN POLITICIANS HE CARRY 35 PEOPLE ALONG THE WAY WHERE POLITICIANS LIVE OFF THE PUBLIC POCKETS

[@hopandskip]

I'm glad this guy has Dave and his team on his side...hope he gets things turned around soon . God speed my friend.

[@maryjanegibson7743]

My first thought is that this son needs to be given a lot more information about the numbers side of the business. My second thought is they need to find out if there is some embezzlement going on in the firm they haven't uncovered. A forensic audit might give them some answers. I might be off base on this, but that feeling is very strong.

[@jvolstad]

Maybe I missed it, but who owns the company?

[@danielrn133]

Good advice. He has no clue what is going on. When asked where the money from the business is going he says "a lot of junk". The guy needs to engage and get answers. Sit down with everyone in a room and put all the numbers down and figure out what is actually going on. Then come up with a game plan and stay on top of stuff.

[@toms641]

What's the total debt?? How much is the debt now? If rate continue to go up, how much will debt service be in 5 years?

[@bets549]

Dave I like how the Lord talk through you to give some sense!

[@brettconv83]

I’m just about broke with three kids 18, 7 and 4. But I have almost no debt and we live well. I’m not sure what’s worse, my situation or appearing wealthy but being 12,000,000 in debt.

[@KST6382]

They mention 30M in annual revenue. Worse case scenario, they sell the business for 1x revenue minus the 12M debt…still seems like a better position to be at

[@SEANPOL203]

Debt that huge and not being resolved can kill you, literally. The toll these things take on you mentally is torture

[@jacksycz]

Interestingly in small business, if you can find some people in your network about this stuff, about strategy or whatever, you're going to be better off.

[@heatherm8748]

Something in the books that dad doesn’t want known. Sounds like even though dad is working without pay he still has ability to spend the company funds. Own piggy bank.

[@markfairman162]

There could be high cost of sales in the line of business. Really had to know with so little information.

[@user-bw7db7mi1l]

I’ve had 3 good friends who’ve each found a top employee siphoning 1 mill plus a year out of their companies. Either in the books, or in operations. Something strange is going on!

[@moonbalancedd]

The man needs a business coach. Someone who knows how to cut expenses, restructure, increase the business so that you're netting 10 million a year instead of 1.5. He clearly has a viable business. A skilled entrepreneur coach could 10x his business.

[@celticbedou]

Be interesting to hear how this pans out... hope you get some traction here and the skeletons can be dealt with. The bitterly cold beers will taste super once the debt is paid off... go for it.

[@Angelo80907]

Dad is ok having a debt paid off in 10 years, his son wants to turn the company around but, I think he got a lot more to learn before Dad hands him the reins. The guy don’t even know the accounting side books where all the money is going and I think his Dad wants to keep it that way.

[@reneel2441]

Sounds like someone's skimming from the top

[@maureenwhite5632]

I hope you are wrong.

[@trapperdude223]

@@maureenwhite5632I hope he’s right, because that’s an easy problem to correct.

[@rltreasure]

And the bottom!

[@tomstulc9143]

Got a corporate spending card problem. These are folks who think spending equates to generating real income.

[@waxmonkeys3841]

Just add, burnout is as described but missing a bit. Burnout also usually consists of a persons adrenalin glands being depleted and no longer being able to recharge them normally. Think of a rechargeable battery no longer able to hold a charge.

[@nelsongraber8987]

Hope

[@catherinewilke5583]

Not enough Q&A. Is it personal debt or company debt? How much does caller take for salary? Do they have a bookkeeper? This is too vague.

[@jimroscovius]

The guy didn't know. His Dad should have been the one calling.

[@precisionc3656]

I love how the guy has zero clue to answer any basic questions on the finances here, yet wanted an answer from Dave on what to do. You want a solution to something do some due diligence yourself first

[@becton98]

imagine you work there and this is the first you're hearing about this.

[@NS-mz8gq]

A really successful business person once told me to get off the tools and start running the business

[@tristanmolina894]

It was nice seeing the money hit 7 figures for the first time. Someone along the line got greedy. Something is not adding up

[@johnwrclinton]

The advice seems excellent overall, but...I would have dug into exactly what business he's in: "oil & gas" is RADICALLY different depending on whether it's exploration & production ("upstream") or refining & distribution ("downstream"). Upstream is boom & bust, it's huge investments with potentially huge returns - or nothing. Downstream is asset-heavy, with much more reliable cash flows & margins - but they're far tighter, far narrower. They sound like they're in the latter - lots of top line, but not so much bottom-line (thus the high revenue per employee - why you DONT measure every business by revenue per employee, but by GROSS MARGIN per employee). It would have been a far more SPECIFIC conversation if Dave had honed in on exactly what business they're in.

[@situated4]

First generation builds it, second generation grows it, third generation runs it into the ground or sells it. "From shirtsleeves to shirtsleeves in three generations."

[@UpkeepLLC]

Funds are bleeding out somewhere.

[@PITAH1]

Yes

[@annemariefrank]

I would suggest counselling/psychotherapist to help with dealing the emotional side of this. This is emotionally challenging, and having help in this factor is crucial!

[@BlueFinch]

The dad is definitely keeping his son in the dark. The dad is FINE with his son suffering when he doesn’t have to. Sickening. Dishonest.

[@anindividual3889]

Ok, so as someone who came from the oilfield, I can tell you that the equipment cost is eating you up. Best thing they can do is downsize until they get back to a stable financial state. Best thing I ever did with the family business that I inherited was to line it all up and sell it to get out of debt and move on to something where I could actually make money.

[@io2503]

Wonderful Dave, find a way to talk about your events and put that in. 16 hours for three days and platinum events - how do you ever accomplish all that?

[@lyndaspeight856]

How can you call in?

[@littleripper312]

I had a good opportunity to work for my dad but chose not too. You never really grow up if you're financially tied to them in any way. Maybe I'm wrong and there are times when it could be a great opportunity but I have never seen it.

[@SEANPOL203]

You are dead right 💯

[@janstolk486]

that guy should be involved with the finances in the company , to see where the money is going . every business can cut costs . that way they can get rid of that debt burden and stick these interest payments in their own pockets ! also make sure nobody is skimming money out of the business .

[@TinyDancerO]

Family members are taking large dividends. I'll bank on it.

[@devirachman5442]

If he hears about it, he should want to see the financials himself. So he can see where the money is going. That way he can figure out how to fix the problem. It's impossible he takes care of the operation, without knowing the finances when you're the owner of the company.

[@rltreasure]

Need to get a handle on where the money is going. Sounds like someone is stealing from them.

[@yns222]

Fatigue is NOT Tiredness... Totally different things,

[@stargazer57813]

I watch this channel because I have been in the financial dog house but have had my successes too. I agree with Dave's advise but I use credit cards as a tool but dont pay interest when I use them. I am almost debt free but I will be debt free by next month and I am building wealth again. It takes discipline and determination to get out of bad financial situations but as long as you have the right plan, and you are making progress, you will work your way out of it.

[@MichaelSavage-zq6gv]

Oil and gas is tough and extremely volatile i would bet the spending goes to capex

[@70s80sVintage]

Something is NOT adding up here. 30 employees - and let's be generous with average salaries - annual payroll should be less than 10% of top line. So where is the rest of the money going?????

[@matthysswanepoel2597]

Great response Mr Dave 👏 👏 👏 It would have been nice if the caller had more info wrt the numbers, would have loved to hear the response... I own a farm and have felt the same over the last 4 years. Agriculture has been tough over the last 4 years, and I'm at the point of selling all and moving to the Caribbean... but I also realize I'm only 40 years old and not old enough to retire.😂

[@GDuncan8002]

I have a shiny new quarter that says Dad owns the company outright and the caller has no stake.

[@awsomo53]

They need an oil and gas consultant to come in and go through their books. If i could see their books (which hopefully arent pen and paper), it would clear a lot of this up.

[@nistb2123]

30 million business, 30 employees. They should take 10million per year minus rates. But if is construction, that is 15%revenue max. About 4.5 million. Depends on the business

[@Adelbert-Koch]

At present, the most prudent consideration for everyone should be diversifying their income sources, ones not reliant on government support, particularly given the ongoing global economic challenges. This remains an opportune moment to explore investments in assets like digital currencies such as Bitcoin, Ethereum, and XRP, thanks to Karen Cosmann for her guidance in these fields her proficiency is outstanding

[@Anna_Moreau]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

[@BenMike-hd6ir]

Cosmann expertise in customizing investment portfolios based on changing market conditions and personal risk profiles is exceptional. It's not a one-size-fits-all approach, which is crucial in crypto investing.

[@MeyerAnneliese]

I'm new at this, please how can I reach her?

[@Manon-Bernard]

Productivity is never accidental; it is always the result of careful planning, dedication, and consistency. I am grateful to my advisor, Karen Cosmann; with her help, I am now financially secure.

[@Adelbert-Koch]

she's mostly on Telegrams, using the user name

[@teresaturner5621]

Does the dad refuse to show him the books

[@nevea.4621]

Someone definitely manipulating numbers and stealing money ... he needs audit like yesterday!!

[@andersonandrew112]

Daddy is taking money, as he should, and JR can go start his own company.

[@franziskani]

Has Dave established WHO owns the biz ? I think it is the father, he does not give the son any insight (which is stupid, because if he has an accident or cannot work for a while, his son, the HEIR most likely could be the backup). Sth is not right, either the biz plan does not work out (if they have one, sounds like they are winging it), or the father takes money of the biz (or someone else does - like an accountant that can do as they please (family member ?)

[@ALinn-vr3nl]

It's surprising that the caller hadn't insisted on dad showing him the books. Especially since he's carrying all this stress about it. I also thought the caller was oddly not forthcoming about why he hadnt insisted on seeing the books. I thought there was something strange with the caller, not just his father.

[@fsm12385]

The one involved with the numbers knows

[@Jupiter1423]

$30million/year over 5 years is $150million. How on earth you cant service a $12million loan is just fiscal irrespojsibility at its core.

[@caseydalbrught6608]

Hey Dave I have two post grad degrees and run my own consulting firm. Clinically I am "Brain Damaged " But its peoples mindset and use of those words in that way that kept me "locked in" for years once people found out they "lost trust" and most my job chose to strike outon my own and am doing very well.. My point please be more mindful of the choices you make in words

[@jimroscovius]

Words just roll off me.

[@dovemfg]

Hopefully they find who’s embezzling the money

[@andrelandry3314]

Something is missing from this story.

[@tracyb9144]

Get a forensic accountant asap. You have a serious hole in your bucket. The water's going somewhere...

[@sct4040]

If you are not making a profit then it’s a hobby.

[@coolwater55]

Sounds to me like the loan snowballed with increased rates.

[@sonicmoj1]

The 11th commandment for family owned businesses. NEVER EVER EVER HAVE ANY FAMILY MEMBER OR EMPLOYEE INVOLVED IN ANY CAPACITY WITH THE COMPANY RUN YOUR BOOKS. YOU HIRE AN INDEPENDENT ACCOUNTING BUSINESS FIRM and they are your eyes/years. Learned the hard way and was able to pivot with the latter. Business, family and pleasure never mix. 3rd party reputable firm and pay them every dime they ask for because they are worth it!