How Do I Take Over The Family Business?
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- เผยแพร่เมื่อ 24 ส.ค. 2024
- How Do I Take Over The Family Business?
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My long term goal is to have my family take over my business in the future and hopefully blow it out of the water better than I did.
Right? Me too!
KASKEN imagine the legacy! When they see you at a young age. Love that idea
Not a lot of fathers think like that. Cheers to you, sir 🍻
Eddie Wow appreciate that Eddie! 🙌🏽. That’s why I’m documenting my journey on this platform! 🙏🏽. Have a great weekend!
@@raulgolfs a local gun shop did that and it took the daughter 2 whole years to destroy what her father built in over 20 years
It’s hard to mix money, business and family! But clear guidelines from the beginning will help mitigate problems. It makes sense to be an “employee” of a company you own because then you will be a w2 worker which looks better to lenders. I know debt is against Dave’s philosophy but this is the best way to have consistent income in the event you do need to borrow to expand the business or go into real estate.
I’m a huge fan of paying off debt (particularly if that debt has a higher interest rate than 6%)
I was using my credit card until I realized my interestwas slightly higher than 26%. 🙄oh no no no. I stopped!
@@ukrd94 Yeah, credit card interest is no joke. It's just shocking--and people don't realize it when they are spending above their means. I'm glad you stopped!
@Sir We Are About to Die Yeah, actually same here. My student loan interest rate (after I refinanced) was between 3-4% and I still wanted to pay it off (even though, technically, I probably would've been better off investing it). For me it was a mental thing--I wanted to get rid of the debt because it was weighing me down.
Paying off debt is a basically a guaranteed return on investment.
Zachary Laid Finding Freedom completely agree!
Caller: “Company, company, company, company company” 😂
Love the show, I hope the best to you and your company.
We have a family friend who owned an extremely successful company. He was the chairman of the board, and eventually as he got old he was forced out by the remainder of his family. I never understood how that was possible.
Watch Meet Joe Black.
How much does he make?
I’ve seen that a lot where the original owner gets forced out by his heirs who don’t want the business to fail when they see the scales are tipping due to the old guy. There comes a point when the owner won’t step down due to his history of holding the power, and he doesn’t recognize that it’s time to let go even if it means changes that he doesn’t agree with. It’s hard to keep in mind it’s for the good of the company. This is when what used to be his strength (tenacity, etc) becomes a weakness.
@@evenbiggeral5089 interesting I guess I can see that happening
It's nothing personal, it's just business...maybe he was deemed incapable by the rest of the family and was forced to retire. Well i hope he still gets commission.
It’s hard to take over certain businesses. The founders built them so they understand it and know what to do
I look forward to the day you release said book!
Yes please, family business book.
🤔Paying someone who isn’t employeed by the company isn’t weird.... thats “FRAUD” 🤷♂️😏
Not if the company is ok with it.
Someone on payroll that isn't an real employee falsifies business expenses.
Owners also get paid from the profit.
@Harry Smith its not false income if shes being paid.
The type of call that makes me not want to start a family business 🤦🏾♂️
Exactly. Living it and it’s a MESS.
they are not experienced business owners .
1) you don't take wages out of a business , you take a bonus or diffident on the end of the year if there is any !
2) you don't admit to fraud on television !
: )
theklrdude oo You’re right...the unwritten rules of business ownership! You speak from experience, my friend.
What do you mean you dont take wages out from a business?
i CANNOT believe momma is getting a paycheck without doing work. that is insanity.
I bet it’s common in family businesses. My husbands family and my friends family both have people on the payroll that do nothing. Nuts.
Probably 100 Ramsey family members with the title Office Manager at Ramsey Solutions, lol.
Im 38, own a 10% stake in my families business. I work about 20 hours a week. A family business is there to benefit from, not contribute to. S-Corps are amazing.
Would be great to see you do another book, Dave!
First took comment. I love Dave Ramsey.
hello everyone, i would like to know what program can be used to create those Thumbnails at the beginning of the video, anyone who knows? thanks.
Gonzalo Cardenas you can use Adobe photoshop or even Canva (free). I use photoshop for my thumbnails.
@@Erika2 thankyou very much.
Gonzalo Cardenas no problem!
Canva 🙌🏾
Casey Burns Investing canva is surprisingly intuitive! There’s a really cool podcast called How I Built This that featured the founders of Canva. It’s pretty inspiring.
Dependent upon the interest rate of your debt, sometimes investing is better! But all depends on the risk you feel comfortable with taking! Thoughts?
Have you ever listened to Dave? He never recommends that - just a heads up!
Penny Dickinson I have! And that’s one thing that I would disagree with him on! If your student loan debt is at 3%, and you could average 8-12% on investments, then it would make sense! But it all depends on your risk tolerance!
If you're disciplined, invest and the debt can wait. If not, get out of debt.
Why do kids/people just follow their parents businesses or occupations?
I’d LOVE to own my own business because that would mean No Boss!
Takes a lot of blood sweat and years.....it is no picnic...
You have multiple bosses, every client is a boss
As a business owner, the customer directly is your boss. if you dont do your job the customer will fire you. nobody takes the heat but the owner
Yelpers are your boss lol
sounds great.. but in reality it's not that simple.
David you may not believe this, but I’m your cousin
You don't , you do what most do and sell the business , then you purchase luxury vehicles, jet skis , boats , expensive furniture and other toys and in a few years, you won't have anything to worry about.
First
first
“The next book I’m gonna do” bruh you’re old when are you gonna retire?
See Kevin O'Leary's video on "retirement". To sum up, never.