Give Up $1,600,000 and Start From Zero?
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- เผยแพร่เมื่อ 9 ก.พ. 2025
- Give Up $1,600,000 and Start From Zero?
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Thank you for standing up for actual owners that started with little to nothing and employees think they deserve.
ok but then for how long can this caller not deal with his former clients? "Forever" is not the right answer either.. and he's not a regular employee.
@@webfreakzI’m not sure what’s standard in this industry, but many others have predetermined non-competes.
You own your clients only during the time that you re providing them a service. Once it’s over the client can come back to you for new service or go elsewhere. Wether the « elsewhere » is your former employee or not is irrelevant
This is the type of ethics example that should be in business books
Absolutely not. Market is market. Clients are free to do buisness with who they want. Wether it is your former employee or not
Good on Dave! I've never seen him call somebody out like that. It sure seemed like it was the guys plan to leave and take as many people as he could.
Clients are not storage goods. They re free to leave service A to service B. Even though service B used to work with service A. Now service B contacting them directly is another issue
The clients owe ZERO loyalty to a guy who "bought" them from someone else. If a service provider is doing a good job for me and they go somewhere else, I'm following them, period. Don't like that? Cry about it.
Thank you. Dave is so wrong in this case. Like all the commentators on this feed. Clients are not storage goods
@@akbenyellesYea everything is fair game but I hate it when the same people cry about the same thing they done and it happens to them. Like this Caller, Dave ask him do he think it’s ethical and the caller was try to bounce around the question but he did say yea. Also remember Dave did say you can get sued for taking clients where you work or provide services.
@@jefflee1809 i agree with you. You could have some sort of agreement stating that the former employee cannot use the actual database. However, forbidding him to do buisness with someone you’re doing business with is not only unfair but also hard to apply
@@akbenyelles no one is forbidding him to do business with the business he is working in. Dave already gave him two options on doing business because even if he does what he want to do like “stealing” clients he has to make sure he doesn’t get into Legal trouble. Like Dave said he’s just providing service for the clients , but the company was providing everything else which is the ethical thing.
It's fascinating how much value is tied to the ownership of the book of business. Loyalty and longevity play a huge role in this field, but it's crucial to have a clear understanding of ownership rights and responsibilities.
If clients wander to him on their own... it's not his problem.
I would have them provide a signed letter explaining that they sought me out and why before I would take them on as a client.
If the book owner gets all up in a tizzy, provide the legal documentation to him that proves they sought you out and why. Would also be a shield from litigation.
That's fraud. Just because your client signs a statement claiming that they "totally didn't follow you as you left your previous employer" doesn't make it ethical or honest.
@8literbeater , if the client leaves the old boss because they don't want to work with them and seeks you out, why would it be unethical or dishonest to take them on as a client?
These are human beings, not trading cards. The old boss doesn't own these people. If over the next 5 years the old boss drives off all their clients and they go to you, there is nothing wrong with providing them your services as long as you aren't actively trying to poach them.
The Supreme Court has largely invalidated non-compete agreements. So even if you actively sought these people out it's not even illegal. It is, however unethical.
@@getinthespace7715 we're not talking about non-compete. Anyway, just because you can justify it to yourself, doesn't mean it's justifiable. You can understand what I wrote, or you won't. I'm not going to spend time explaining it. That's what attorneys and judges are for.
He's going to regret making this call. Now this is evidence lol.
Great ep
I feel like this guy was hinting that it was OK for him to take the clients because his boss borrowed money to buy the book. Therefore him stealing the client was OK.
If he doesn’t agree with his boss he should just leave or start his own business 🤷♀️ He can’t steal clients but he can* start over. Hopefully his boss will allow him to buy the book out. It doesn’t hurt to ask.
I truly hope the owner included in their contract that the "gentleman" servicing agrees not to take or accept any of the clients in the book regardless of them "wandering" over to him.
I m not comfortable with that. Clients are free to go for the service they want. I , as a client did this several times. I followed my lawyer when she left her job and created her own practice. Did the same with real estate agent: i liked working with the guy so I followed the guy . What s wrong with that ?
The caller said borrowing the money from him, it seems that the owner is taking profits from his book of business, if I heard him correctly. So I wonder if that’s the real motive, when the company grows or changes direction it affects his personal finances
without any access to credit as well.
If owners change brokers just stay put and work with new broker
Buying client lists sounds like an insane thing to do. It's not like these clients are contractually locked into this book. Buying the book doesn't create value for the client. You can claim ownership of the relationship between two other people all you want, it doesn't actually mean anything. An owner in this situation needs to make sure they're creating the value to keep everyone in place.
That’s what I thought…? I don’t know a lot about the business world so this call was confusing to me. How is it unethical to tell clients you’re leaving and starting your own business? The clients will decide who to go to based on who they trust the most.
@@voidfroze I get the it's unethical to leave an employer and take something they paid for with them. But the thing they paid for was stupid. You can't buy someone's trust by giving money to a third party. I think the clients would be very upset to learn that they were being traded around like this. I imagine the transaction is phrased like a recommendation - "I'm retiring so I'm transferring your account to a trusted colleague" without mentioning that the recommendation simply went to the highest bidder.
It happens all the time in the medical field and real estate industry. A person owns a private practice, they get ready to retire, and then they sell the business to someone else. All the customers are still used to the branding. They'll get a letter that the person retired, but many don't care, they just assume the same quality service will be provided no matter who it comes from as long as the same company is in charge.
This isn't so much the case with ginormous companies, but it is with small ones.
First and foremost this kind of business is way over me. But any business of any kind is cut throat. I my thought first have the conversation with your boss, feel him out. See what's what and go from there. What ever the book is don't "steal it" but you need a on your own plan and sale it and you don't have the money to go on your own than find a company you like their plan . What's the difference in insurance companies competing over my business. The only one that doesn't offer anything is the one I got. Again I really don't understand anything your talking about but basic business is what I'm thinking. What's ethical about business doesn't matter the business. Everybody is going to do what's best for them and find the best way to do it
He definitely needs to finish baby step 3 in his personal life before he even has that discussion with boss man. Cuz there's always the possibility that boss says look if you don't wanna be here doing this you can just go. I want willing volunteers not hostages.
Do the clients not have a right to choose who advises them? I get that it's one thing to lean on clients to move, but if you tell clients you're leaving and they come with you, I don't see that as being unethical.
Something seems off about this deal. It seems there is some kind of allegiance to this broker.
He got a big gift thrown in his lap, and now he acts like a brat.
Now if this guy opened his own business and charged less to the new clients thats one thing. If they charged the same. Then its not about the business its about the guy. And if the guy who replaces the guy who left isn't as good or better im gonna go look for the guy that left. Cause it wasn't the business that got me what i wanted it was the guy who left.
Can someone eli5, the situation? Not being part of the asset management world I don't understand what this guy wants and what Dave is calling unethical.
Basically they advise on financial matters for clients and the caller believes that the direction theyre going is not gonna be great for the clients and the company
His dilemma is the ethics of it since when he leaves he either wants to take the clients with him by buying them from the owner outright or just snatching them thru the list since he said the other ppl he worked with will follow him, then clients will follow
Clients will usually go with the one they build a relationship with
Arrogant employee.
Do it yourself, from scratch... if you're truly good enough.
My business serves clients that I used to serve as an employee. But I waited for my non-compete to end before working for them.
I might be ignorant on this topic, but if the clients trust him so much that they would leave with him, hasn’t he earned that? How is he doing something wrong if the clients were to choose him over his ex employee?
@charisginn6932 He relies on the infrastructure, colleagues, systems, and networks provided by the employer to serve those clients. Easier for the boss to replace one cog than for him to build his own machine. If one of my project managers took a client, I'd sue.
Nice ethics dude (not). These type of people creep me out.
It seems certain stocks are undervalued, flying under the radar despite their potential. You can't help but wonder when the market will recognize their true worth. How can I invest $600K wisely to ensure our future security?
This guy is a jerk.
Dave is wholly unqualified to be giving advice on this topic, he clearly knows nothing about how the financial industry works. While it may be the case that the caller will be constrained by a non-solicit agreement, there is no such thing as ownership of a client account. Clients can open accounys or move accounts anywhere they want.
I don’t know why you think you know any better. One click on your profile and it shows your history of autistically screeching in the comment section of all his videos.
I mean speaking of “wholly unqualified”.
Yes they don’t own the client, but no one ever said they did. What they own is the book of business which they bought and/or built.
Yes the clients are free to switch over, but there are rules regarding solicitation, usually for a predetermined period of time.
This guy doesn’t have the money to buy the book of business, but feels entitled to it. He brings up his boss financing the purchase of part of the book of business, which is non of his concern.
Imagine being a remodel company who has advertised and built a reputation that’s earned them their latest client. One of the remodel contractors employees then mentions to the client he’s leaving and going out on his own. The former employee signs the homeowner as a client. This employee doesn’t have the money to run the business properly and can’t afford licensing and insurance.
I mean what are you smoking dude? Just say you hate Dave and get it over with 😂