I Quit My Dad’s Company (He Wants Me Back)

[@drn13355]

I will give him props for being clear and to the point on the phone call. So many call in and don't have a clue what the numbers are and go on these long meandering stories about nothing.

[@donvirts4608]

Can we take a moment to give props to his dad that takes a real man to be able to realize that you're not good at something and to step back and let somebody who is better at it take over.

[@takeontravel9076]

Some think that’s the definition of beta male .

[@Kojow7]

​@@takeontravel9076There is no such thing as an alpha or beta male.

[@gedwardnelson]

@@Kojow7 no?

[@gedwardnelson]

@@Kojow7 I can tell you that Obama is the epitome of a beta male. Trump an Alpha. Probably even Biden in his earlier years. All RINOS are betas. Most democrats are betas. Milley is a beta. So is Mayorkas.

[@jrowlet]

​@@takeontravel9076It takes an alpha male to be man enough to humbly admit when he is not up to a task.

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[@gremlinmaster9996]

As a now retired manager, or what I preferred to be referred to as a leader, one of the best pieces of advice ever give to me is to never tell your employees what to do but instead tell them what needs to be done. Let them do it their way. Be there for them to give guidance if needed but they will bust their ass for you if you let them do it their way. As long as the result is a success, everyone wins and the employees feel more invested. As for the dad, I can understand why he wants to demote himself to a more public relations type position. That is probably where he really enjoyed the business and that’s where he wants to be in this point in his life. I’ve seen this many times over where someone really enjoyed the business but they were so good at it they started to climb the ladder. The higher they got the less they enjoyed the business because it required them to be to more engaged in the administrative, politics and whatever else it took to run a business. More power to dad. Kick back buddy and enjoy life. Watch your kid run things and be there for him if he needs you.

[@JeffKantin]

Yeah the guys who are really good at the work usually hate the administrative part of the business. When I heard they had no office people, I knew that's probably where most of the issues in the business were - you need at least one person in the office to make the payroll, bill the clients, collect from the clients, pay the invoices, file the taxes, etc. If the dad is a hands-on work type of guy, he would probably hate all that admin stuff...and he's probably been hating it for years 🙂

[@tate6809]

It sounds like dad started the company because he didn't want to (or can't) be an employee working for someone else, then figured out actually running a business is a whole nother ball of wax, now he wants the easyness of going back to just being an employee but with a boss that won't boss him around (his son) and let him do what he wants. This is not at all uncommon when you have family small businesses.

[@mattchimeseconandfinance8895]

100%

[@mattchimeseconandfinance8895]

With immunity by way of guaranteed lifetime salary

[@PeezyReacts]

I had a shop I work close with approach me with this exact position. He wanted 15k for the business and to be an employee once I purchased. He said I could make the 15k back in a month but he had no books to support the claims so I passed.

[@tate6809]

@@PeezyReacts So basically "just give me a months worth of profits and you can have the whole thing? Yeah thats not shady at all. I wonder if he meant 15k was a months worth of sales, and didn't realize it was running at a loss or something like that, hence not wanting to keep any kind of books

[@PeezyReacts]

@@tate6809 He runs a good business but was thrown into the position through inheritance. He doesn't spend enough time working on the business. He definitely meant a month of sales.

[@satyagirl1797]

Dad will never change- you fool yourself....he will try anything to control his image and you part of it.

[@sheenabees]

Brilliant Dave!! Wonderful and insightful direction.

[@laserwizard1]

Love the way Dave coaches the callers!

[@NVDAbets]

Listen, DONT DO ANYTHING like that!! I am a 50% business owner and the other 50% is my uncle. He provided the funding and now he is paid back in full. I am buying his other 50% on a long term payment plan because he doesn't do things around the business, thus disqualify him as a 50% partner in a small business. What you ought to do is to BUY your dad's business and put it on a long-term payment plan. Partners needs to have vision, execution, thinking, aligned. These things are much much more important than the blood relationship in the business. And given the situation, the caller and his dad doesn't have that at all. So only 1 can have ownership, the other one gotta go. He can pay his dad whatever amount as salary and then on top of that a fixed payment over long-term to pay for the ownership. And this is a win for the dad as well. He is going to run the business to the ground if he doesn't like the business aspect of it.100% of nothing is still nothing. If he quit and sells it to his son and his son use the business income to pay for it, then it can be successfully passed down.

[@BusArch42]

This will not go well. His dad will not let go. Keep your own business and don’t mix in with family. A written agreement isn’t going to do the job

[@BirdDogey1]

Great advice.

[@MichaelMartin-nq8hp]

And you KNOW this how??

[@BusArch42]

@@MichaelMartin-nq8hp I’m going to play the I’m old and have seen a lot card. Odds are very high it will go badly and likely damage his family relationships. It’s very difficult to do any business with family. Taking over a business can work but only if dad steps down and retires. Otherwise stay the course on your own business.

[@MichaelMartin-nq8hp]

@BusArch42 Everything has risks, I would do it as a trial run type of thing personally. Try this for a year. If in that year things transition smoothly with me as owner, then fine, if not, sorry dad, go get a 9 to 5 somewhere else

[@BusArch42]

@ I would not be willing to risk my relationship with my father.

[@carinaderoos576]

Sounds great. Also sounds like this will be the 80/20 rule : 80% of the headaches and timecost in this while having less time and energy for his already great and successful businesses.

[@mareemays7180]

What about the brother? Inheritance

[@sevenRyeh]

Good dude, your doing what was expected. But you wont get out from under it.

[@jrowlet]

What do you mean?

[@youiyoui9942]

So helpful

[@mikesawyer4707]

Daddy needs to sell that company and retire if the son wants to buy the company outright, or possibly work for the new owner fine. But his dad needs to retire and this idea of dad hanging on with a lifetime salary at this time of dads life B.S. God bless.

[@joeriveracomedy]

Pops wants to hang the losses & responsibillties on junior

[@jrowlet]

How do you know that he is losing money?

[@joeriveracomedy]

​@@jrowlethyperbole gramps

[@ainnovate88]

This is very similar to my family business situation. My dad and I ended up doing a 50/50 partnership where he runs the field and I run the business. When my side slows down or I get all caught up I go out to the field work hard get my hands dirty keeping the respect of the team always backing them up and giving them full support. This has been working great business is booming relationships are all very healthy. Thank God 🙏

[@Aaron-fb1pq]

WOW. This is almost identical to the situation I am in.

[@maryannanderson2213]

You mean walls were considered critical to protect the city in Nehemiah's time? Well, isn't that interesting?

[@Kojow7]

How is it interesting?

[@awsomrapper]

He's unnecessary bringing politics into this ​@@Kojow7

[@lindalav1477]

@@Kojow7 You know what she's getting at. It didn't take long for someone to say it.

[@jrowlet]

​@@Kojow7It is an interesting point relevant in the border conversation in our modern American politics.

[@joepfeiler5911]

If the career you have now is working for you, stay away. I was in the family business for most of my life and left 10 years ago. Life is so much simpler not being involved. This may sound selfish but you may have to look at what's in it for me. My career with my family came to an end when I proposed some changes and my dad said you can't do that when I was in as 50 % owner of the operating entity. Now that time has gone by, it appears as though I was right. The changes I proposed have been adapted but the "you can't do that" without even entering into a actual discussion created a situation where I had to leave.

[@DanielGunter-mv4un]

Yea I understand that

[@robertsayre9341]

Run

[@cashway0420]

I want you BACK SON!!! NO Dadyy, I wanna be MY OWN MAN!!!!!

[@elliebellie7816]

How can you guarantee the company will survive long enough to provide lifetime income for your father upon retirement? That sounds like bad idea to me.

[@allenkwilliams2871]

Read the book “The First 90 Days” by Michael D. Watkins.

[@darscassel]

1.8 for 10 people and he’s doing 250 k with one employee? Dont do it!!!

[@Dimka2012Bo]

$1.8m? For 8 people? Need to grow the business

[@RNBarbaraP]

Rachel does not give great advice. Sorry Dave. I have thought that for years. I wondered why she was kept on. Only found out recently that she is your daughter. Not trying to be mean here, just being honest.

[@jrowlet]

Why do you think that her advice is not good?

[@coderider3022]

Unfortunately we don’t inherit experience from our parents. Kids pick up things but it’s different from growing business yourself, no substitute.

[@justintuttle137]

She gives great advice you’re just hardheaded and set in your ways. You better show some goddamn respect for Trump….

[@jrowlet]

@justintuttle137 What does Trump have to do with this?

[@webfreakz]

So what if Walker ultimately start to change a few things whether right or wrong, big or small, then possibly a few team members quit, this lowers the financial value of the company and that's the retirement money his father is looking for. He's not going to like that...

[@tomw485]

The value of a company isn’t measured by the number of employees on the payroll. It’s measured by how much money it makes. In fact a company that makes the same amount of money with fewer people on the payroll is MORE valuable. The fewer people you have to pay for the same revenue the more net income you have to put back into the business. Not that I agree with mass layoffs since it has such a negative impact on so many peoples’ lives but did you see what happened to the stocks of companies like Google, Meta and Amazon after significantly trimming down their workforce? They went up a lot.

[@amerlin388]

Ronald Reagan - 'There is no limit to the amount of good you can do if you don't care who gets the credit.'

[@DanielGunter-mv4un]

Same here

[@siegfriedbraun5447]

Is anyone surprised that this is PRECISELY what Donald Trump is doing, right now?

[@jimroscovius]

No, and stop with the politics.

[@maryannanderson2213]

You and I are on the same wavelength.

[@siegfriedbraun5447]

@@jimroscovius sorry, how is linking two observable things, "politics"? It seems like your anger is misplaced.

[@jimroscovius]

@siegfriedbraun5447 I'm not angry. I'm happy!!

[@siegfriedbraun5447]

@@jimroscovius then your snark is misplaced.