I am being given a business

Brad2770

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Quick update-

The guy I’ll be partnering with is a hillbilly millionaire. He has property and assets that make him worth quite a bit, but doesn’t live like it. He will be paying for all the start up, but it’s going directly into my name. My final test is scheduled at the end of Feb. and we will then be legit.

There are a few personal things that I have learned about him that makes him a somewhat strange guy, but ultimately is a good person. I’ll go into that here soon when I find out more. Mostly it involves his wife, the lady he loves and who gets what when he dies.
 
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GuardianX

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Brad2770 said:
Mostly it involves his wife, the lady he loves and who gets what when he dies.
Click to expand...

Whelp this should be interesting...don't get fucked!

Have everything signed and detailed by a lawyer. Arms length transactions are messy as fuck when it gets rough, even if "everyone is cool".

My dad and uncle ran a car repair business that both the families plus my aunts kids basically assisted in running. Dad decided to retire and settled it all with the uncle. Uncle tried everything in his power to fuck that retirement, blood brothers.

Approach with caution, make sure everything you want is clearly defined in a legal sense and break a leg man.

Working for yourself is a blast, best part is, after you've done it once, a pivot to a different industry is simple if you have the requirements already. You'll know the accounting, the "Best Practices" business side..
 
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Sanrith Descartes

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So rando millionaire wants to start a business and give it to you free and clear. I have seen this in movies before. Usually it goes with either guy is laundering cash for the cartel or he is gay and wants to tap your ass.

I hope for your sake this is an original screenplay with a new storyline 😀
 
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Brad2770

Brad2770

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Since 2014, I have helped take care of a friend’s 72 year old uncle. One of his buddy’s he worked with for 20 years is the guy I’m starting the business with. He didn’t want the work he has already put into it to go to waste. It was never meant to be a business. It started out helping a few people and word of mouth, he now makes a decent amount per month, he didn’t want to to fade into nothing. I have known the guy for a couple of years now, but didn’t start to get to know him until this last Oct. I trust him. He’s a good guy, part of the local Elk’s lodge and does a lot of charity stuff and has a lot of friends. If I ever had a chance to be independently wealthy, it’s with this guy’s help.
 
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Brad2770

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Yeah, it is. But my whole life has been turns of good luck (and bad) sprinkled with childish decisions. Everything that’s happening in politics happened to go to shit right as I start paying attention to it. I’m convinced I’m the main character in the Truman Show.
 
Noodleface

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Everyone does

And by fuckin weird I meant no judgment. I want to hear all about this as it goes down

This could be the greatest moment of your life or your Jurassic Park Jeep purchase
 
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Sludig

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No, illuminate me?


Good luck op. Hobby interest casual friends does it for one of the big ones on the commercial side. Sounds like a really good gig even just being an employee.
 
BrutulTM

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Whether this goes good or bad is all about your relationship with the guy. This happens with farms and ranches sometimes where a guy is getting old and doesn't have kids or his kids don't want to be farmers so he takes some young couple under his wing and promises to give them the ranch when he dies. It seems too good to be true and sometimes it is and the guy turns out to be a control freak who wants you to work like a dog for very little pay, criticizes everything you do if it's not exactly like he would have done it, and expects you to kiss his ass for what he's giving you, but also reserves the right to back out of the deal whenever he decides he doesn't like you as much as he thought he did. Oh and he winds up living for another 25 years even though he was 68 when you started the deal and he never wants to give up control of the business. Shit sometimes the same thing happens when it's the guy's kids too.

Not saying that's going to happen to you, but make sure that you take the time to spell out your expectations, and he does the same, and put some timelines on it and get it in writing. You don't want to put years of your life into this and then have the guy change his mind because you got into an argument or something.
 
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Brad2770

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I take my commercial applicators in two weeks. Once that is done, we can get the insurance and then the business license. He’s paying it up front and everything goes into my name. I have already been meeting the customers and getting to know them. Some know I’ll be taking over. The guy is legit. His personal life (when it comes to women) is strange because he lives with his ex wife because he made a promise to always take care of her. They don’t love each other anymore (in a couple sense), but get along well. The woman he truly loves lives about 5 minutes away. They will be getting married soon and he will move out, letting his ex live in his current house per their agreement. His ex has health problems. They have been divorced for 10 years. That’s the basics. I don’t know details. I just listen. When I learn more, I’ll post it.
 
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BrutulTM

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It sounds like there's not much capital involved in this business. What you're getting is mostly just the name and the reputation/connections as well as training from the guy? That definitely makes it lower risk. With a farm or ranch there's a multi-million dollar piece of property involved which makes the whole thing a lot higher stakes.
 
yamikazo

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It's also an unlicensed rodeo flaunting all sorts of legalities and some shady P&L. The costs and risks associated with turning a black-market business legit aren't small.
 
TheBeagle

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You can start making a fuck ton pretty quick doing pest control in DFW if you hustle a little bit and you do business above board with no shady shit. The work is out there. Hardest part is hiring decent help in this economy. I've brought on two young guys this past year that were leaving pest control due to shitty ownership/management. Already fired one of em and the other guy is on his last straw.
 
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Tarrant

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I have a few buddies who do it and I dont envy their line of work. They are on call all the time and come summer they do some shit in those suits that I don't envy at all.

They own their own business so they have the luxury or turning down work but I've never known them to. Some of the hardest working dudes I know.
 
BrutulTM

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That is one downside of small business. You don't *have* to work all the time, but when you don't know what the next month is going to bring it's hard to say no to anything.
 
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Brad2770

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We just pulled up to his attorney. He is changing his Will. He supports his ex wife and a mentally disabled man he adopted when he was a boy. He just told me now the changes in his Will involve me getting everything that pertains to the pest control. He said he would talk to me later about it.

He is 68 years old and about to go into to surgery donating a kidney to an ex navy seal. Like I said, this guy is a pretty stand up guy. He has done a lot of good for people.

As for advertising, we are set to go. I want to do everything legit, so holding out on advertising and fliers until we have everything legit. He has two previous clients (when he worked for a local pest control company) that are ready for us to take over their contracts. One account is a management company with over 500 rent houses in DFW that wants quarterly service for each house.
 
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Sanrith Descartes

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This is probably worth the investment since I believe you dont have a business degree. Small businesses tend to struggle on the back end, not the front line serving customers. This set is a good broad primer. So much of a successful business comes from ordering, inventory managment, bookkeeping, cash flows, scheduling, employee management etc.

 
Sanrith Descartes

Sanrith Descartes

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Not sure where to put this, mods can freely move it. Good article about people getting into business with no knowledge of business. Not saying it directly relates to the OP here, but it touches on things that have been discussed about the importance of understanding the back-end of running a business.

I feel bad for a lot of these people. A lot of it could have been caught with basic Business 101, but they didnt have the knowledge to know what was wrong with the business model.

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