I am being given a business

Brad2770

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The last three were jokes.

He wants to go with Good Neighbor, but I keep thinking Fallout 4. We want to stay away from having “Green” in the name.
 
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Izo

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Brad and the Mysterious Stranger.
 
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Brad2770

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I have known this about a week and wanted to wait until I got more info, but we haven’t met together yet to start to discuss things. This is still a busy time for us both.

He owes a considerable amount to the IRS.

Again, I don’t know the details, but he said he would disclose everything as we work things out.
 

Sanrith Descartes

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I have known this about a week and wanted to wait until I got more info, but we haven’t met together yet to start to discuss things. This is still a busy time for us both.

He owes a considerable amount to the IRS.

Again, I don’t know the details, but he said he would disclose everything as we work things out.
Shocked Schitts Creek GIF by CBC
 
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Fogel

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I have known this about a week and wanted to wait until I got more info, but we haven’t met together yet to start to discuss things. This is still a busy time for us both.

He owes a considerable amount to the IRS.

Again, I don’t know the details, but he said he would disclose everything as we work things out.

Yeah, he's totally not going to use the business as a slush fund to pay off his debts. No way that's going to happen at all!
 
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Brad2770

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Well, I’m still going to hear him out, but it definitely freaked me out.

On a positive note, most of the stuff I had been paying off finally fell off my credit. Pretty good chance I’ll be over 750 by the end of the year. I was at 480 in June of 2020.
 
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Sanrith Descartes

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Well, I’m still going to hear him out, but it definitely freaked me out.

On a positive note, most of the stuff I had been paying off finally fell off my credit. Pretty good chance I’ll be over 750 by the end of the year. I was at 480 in June of 2020.
There is nothing to hear out. He could have said he was a closet tranny and I would be like... "Well maybe he was a good businessman before he put on his tits".
IRS debt? Nope the fuck out. There is truly no positive spin. Even if he is completely legit, the IRS has magical powers to fuck you that no one else has. It ain't worth it.
 
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Mizake

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Listen to Sanrith. Never enter into a partnership with anybody with debt, especially to the IRS. That applies to business and marriage. You do understand that if you form a company or partnership with this guy that you could end up responsible for his debt?

Think about the type of person who ends up with owing the IRS. Are these people who responsibly pay their taxes on time? Report their income? Clearly someone not good with money.

The VAST majority of people are not on the IRS's radar. There is zero reason to do business with someone like this when there are so many other responsible people around.

Honestly, if you end up doing business with this guy, the onus is on you, and you will have no one else to blame but yourself.
 
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Onoes

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Its funny because I was just listening to someone talking about the hard and fast rule he lives by, which is no matter the situation, if he gets a bad feeling, or the person he is dealing with tries to make any change to something agreed upon, he just backs out. He said it doesn't matter how small, he can be in a million dollar deal, and the second the guy says "Ohh there's one little thing here but its not a big deal, just wanted to be upfront" or whatever, he just nope's out.

I thought about what he was saying and yeah, that would have been excellent advice for me to have taken at multiple points in my life. Everyone remembers my car buying fiasco. Deal wasn't too good to be true, but seemed fair. I showed up and the front windshield had a huge crack across it, despite the fact they had told me it was in excellent condition with no damage. I should have just fucking driven off right there, but didn't and it cost me months of suffering and financial and emotional hardships. Another time I had a friend who needed help and a place to live, I helped him out, but day by days bits of his story weren't always adding up. Little things, but I was questioning if I did the right thing 2-3 days in. 6 months later I'm having to forcibly throw the guy out after finding him stealing from me and lying about basically anything he told me.

But yeah, basically the guy got you all excited and then when you were already invested he's coming at you with the "Ohh little thing with the IRS, no big deal", nope. He may be a cool guy you get along with, but he's fucked up his personal finances and is looking for options,. You might be his get out of jail free card. I'd listen to these guys and not attach yourself to him. If you absolutely want to, work something out where you just partner up in name only, he gives your company X dollars for X work, but you are still two separate companies.
 
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Sanrith Descartes

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There are various reasons someone can owe the IRS and not all of them nefarious. The non-nefarious stuff is almost always related to financial naivety. I have had potential clients who didn't understand they needed to put money aside during the year to cover their taxes. There is a reason the IRS likes quarterly filings from companies.

The problem is we are talking about a joint business venture which means both malfeasance and financial naivety are both hard stops.
 

Cutlery

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Listen to Sanrith. Never enter into a partnership with anybody with debt, especially to the IRS. That applies to business and marriage. You do understand that if you form a company or partnership with this guy that you could end up responsible for his debt?

Think about the type of person who ends up with owing the IRS. Are these people who responsibly pay their taxes on time? Report their income? Clearly someone not good with money.

The VAST majority of people are not on the IRS's radar. There is zero reason to do business with someone like this when there are so many other responsible people around.

Honestly, if you end up doing business with this guy, the onus is on you, and you will have no one else to blame but yourself.

Normal people would take this advice.

But, this is Brad, so he won't.

And the thread will live on in infamy!
 
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Sanrith Descartes

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Brad2770 Brad2770 I have been thinking about your situation. You have a business/industry you seem to enjoy and have some knowledge of it. You appear to lack capital/credit worthiness and general business experience.

At this point I forget if you are back working for the guy you were working for before you went out on your own or another guy. Either way, assuming they know your eventual goal is to have your own business and assuming they aren't a corporate chain company (and are individually owned), maybe you sit down and discuss the possibility of a small ownership stake via a sweat equity agreement.

If, I say If, they are amenable to selling you a 5% or 10% equity stake for sweat, this would benefit you in getting to know the financial/managerial side of the business with less risk to you. Assuming the company you work for makes positive earnings this could generate some distributions for you down the road and allow you to continue building your credit score. At some point down the road if you decided to sell the guy his equity back so you could go out on your own, it would allow you to show the bank or other potential investors experience as an owner in the industry.

The owner may not be interested, but doesnt hurt to have the convo.
 
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Brad2770

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Brad2770 Brad2770 I have been thinking about your situation. You have a business/industry you seem to enjoy and have some knowledge of it. You appear to lack capital/credit worthiness and general business experience.

At this point I forget if you are back working for the guy you were working for before you went out on your own or another guy. Either way, assuming they know your eventual goal is to have your own business and assuming they aren't a corporate chain company (and are individually owned), maybe you sit down and discuss the possibility of a small ownership stake via a sweat equity agreement.

This business is pretty incestuous, so everybody knows everybody and has pretty much worked with other companies at some point.

The guy that is my direct boss now was my direct boss two other times, including the previous place I was at. The guy that owns it used to be high up management for sales in a big national lawn and pest company.

They currently think I have given that up. Considering what happened before, it’s best I let them believe that.

If, I say If, they are amenable to selling you a 5% or 10% equity stake for sweat, this would benefit you in getting to know the financial/managerial side of the business with less risk to you. Assuming the company you work for makes positive earnings this could generate some distributions for you down the road and allow you to continue building your credit score. At some point down the road if you decided to sell the guy his equity back so you could go out on your own, it would allow you to show the bank or other potential investors experience as an owner in the industry.

The owner may not be interested, but doesnt hurt to have the convo.

Well, my goal was to stay on with this guy for now while I built things up with the other guy on the side. I wanted to learn more of the scheduling and office type stuff. They have told me I would be given more of a shop/office/customer retention type job within a year, so that kind of stuff would mostly take me off of grunt work. It would give me a chance to learn that stuff.

The guy I’m supposed to partner with; I have known him now for 4 years and the guy is a pretty stand up guy that I can tell. I have never worked with him, only with him through sone contract work and he had given me a lot of his personal time for free, mainly advice on lawn and tree/shrub. He’s been a good friend and was the guy that convinced me to reignite a relationship with my methhead parents (it’s been good for them and comforting for me, though I’m extremely cautious.)

Anyways, I still want to hear him out and find out the reasons he owes it and the amount. I can’t run just yet. Not saying I won’t if it’s too crazy. It’s why I have this thread and all you big brains to help me out.
 

Mizake

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The guy I’m supposed to partner with; I have known him now for 4 years and the guy is a pretty stand up guy that I can tell. I have never worked with him, only with him through sone contract work and he had given me a lot of his personal time for free, mainly advice on lawn and tree/shrub. He’s been a good friend and was the guy that convinced me to reignite a relationship with my methhead parents (it’s been good for them and comforting for me, though I’m extremely cautious.)

How many times have you heard of someone date someone for like 4 years, think they are the love of their life, they get married, and the same person turns into a cunt?

If anything observing other people can show you, is that marraige and money changes people, not always for the better.

Everyone thinks "well that won't happen to me!".....until it does.

Just be careful, is all. Don't think you owe this guy anything just because he's a friend. In fact, if he is a really good friend, that is a valid reason NOT to enter into a business arrangement. You wouldn't want to lose a true friend in case this venture turns sour.
 

Brad2770

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I’m still figuring things out. I have still been talking to the guy that owes money to the IRS.

I found out that it’s actually his wife that owes. She’s a real estate agent. They didn’t pay on a few years of income, at least that’s what he says. Now they have late fees and interest or whatever.

I was going to get the poop scooping business going, but I’m holding off because I may get a lawn chemical business going on my own.

I’m just undecided right now. I don’t want to rush like I did before only to have no money to cover myself if something bad happens again.

I haven’t stopped. Just getting my ducks in a row and making up my mind.


As for the poop scooping business, I think I have a really good idea. Name it Backyard Butler. Start by just picking up dog poop. Then offer deck and patio pressure washing. Then offer outdoor kitchen and grill cleaning. Then offer pool cleaning services. I don’t have any pool cleaning experience, so I would have to hire someone for that if/when the time comes.
 
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