Same here. Absolutely love this, and love that Dave is doing it. This is the type of content I would actually be willing to pay for if I could watch a few of these a week. This is very similar to how Dr. John does his show and I watch every episode of his, this is just very similar but with another type of content I enjoy.
29:23 - How Barrett Rifles made and sold their first product without taking out a loan or getting outside investors 33:39 - Tell customers upfront, that since you are a small business, you build the customers product after they purchase it. So it might not be delivered super fast. 35:30 - Tell first customers, you are starting out of your garage, and they are your first customers, so they get a $25 coupon. Thank you for supporting me.
Absolutely love Dave’s excitement for the guy with the idea for the gun accessory, n how he takes the time to brainstorm ideas for him… 4 orders down and they don’t even know what it is 😂
We are living that inheritance nightmare. My father-in-law (had a trust set up) & left our company, an S corp. 50/50 to my husband & his brother. We do NOT get along---that every family has a crazy thing! We made a proposal to buy it all & at the end of the month we have a pretrial conference. Our lawyer is going to present our proposal to a judge and like you said Dave....either we own it 100% or we walk away. Thanks for reinforcing that decision!
Not to sound crazy, but have you considered just talking about it directly with the other owner, and trying to find common ground, and using logic and reason?
@@charlesg7926 I guess we have been screamed at too many times. Some people are just toxic & he is one of them. Thankfully my husband is the one who talks directly with our customers or we wouldn't have many customers. Thanks for taking the time to reply though....your plan sounds reasonable but not with who we are dealing with.
I like how Dave talks about enjoying his money. He works hard, provides a valuable service, donates to charity, so I'm glad he and Sharon had a $1,000 meal. Good for them!
The first caller with the family business. We had this happen. Despite excellent relations in our extended family when we were young, our parents and their siblings (the aunts and uncles) went sideways. My siblings and I (all seven of us) got nothing. The other side of the family somehow got the proceeds. The takeaway: never do business with friends and family. If things go sideways, you lose the business and permanent family alienation. 2nd takeaway: never, never, ever be a minority partner unless it's a publicly-traded stock and you can get your liquidity easily, by selling the stock. I feel sorry for that guy, I know what it's like to have parents who intended to set things up for you, then to get zero. It's a real shock, the actions that my parents' siblings took. When money is involved, 'new behaviors' can emerge from people you were SURE you knew. .
Dave, I would like to know your general rules for generational succession in a family business. It is something that keeps me awake many nights, I don't want our family business to end with me.
I wonder if Dave has a magic number where ‘saved’ turns into ‘hoarding’ no matter the intent. Because you can say this is for my family tree, but at what point will your family never ‘need’ again and at that point, should every penny go to the ‘giving’ category? Just a thought. In my mind, there’s got to be some rationale there. I wonder what that number is.
I think that might be his percentage thing. I don't recall the numbers, because it doesn't apply to us yet. But I recall him saying something like this: when you reach a level of wealth, it stops being about can you afford it, and more is the percentage of your wealth disposable? And then he had some general suggested guidelines for the categories of give, save, and spend. And he has said that you need to be matching your spending for pleasure with your generosity of it as well. You should check his book about legacy!
As a business owner of myself that owns 100% of my company, I feel like the first caller is in an unfortunate situation. Because the business is making so much money every month, but this person is lazy and wants to sell the business. I do think they’re entitled to a certain amount of the profits each month, for sure. But they also need to pull their weight, it’s not fair they get 47% if they’re not really doing any work and the majority owner is doing like 90% of the work. But ultimately, that’s why it’s not good for a family to split up a business like that.
Basically, when you have a business, making that much money every month, it’s a terrible idea to sell it. That’s like killing the goose that laid the golden eggs. You’re trying to get some short term cash, but then make your future children generationally poor.
I also think it’s very unfortunate that Dave Ramsey is encouraging the dissolution of a successful family business, just because -one- of the owners doesn’t want to continue it anymore. It’s not fair to close the business for everybody else, because that other owner probably uses the business as their primary job and needs the business to continue in order to feed their family. And ultimately, closing it is a bad deal for the family in general because they lose a lot of future wealth.
Just some truth here. #1 God is not pleased with an unbeliever no matter the situation. Being an unbeliever, you can be fully sure that they are not doing it in faith, and anything not of faith is sin. It’s literal sin to do anything, no matter how seemingly good, if it’s not done in faith. #2 - if you, as a born again believer are going to take advice from an unbeliever (rabbi), be aware that you need to discern correct application of a passage vs incorrect application that occurs because of unbelief. Similar is true of a believer who you are being taught by, but that person at least understands why the Bible exists. They have the Counsellor to help them teach properly. I generally shy away from taking biblical advice from unbelievers, though they may get stuff right at a certain level.
I like this long-form practical content. Real people, real questions, real solutions. This is what I prefer and want to hear from entreleadership 👍
Same here. Absolutely love this, and love that Dave is doing it. This is the type of content I would actually be willing to pay for if I could watch a few of these a week. This is very similar to how Dr. John does his show and I watch every episode of his, this is just very similar but with another type of content I enjoy.
Dave Ramsey needs to write a book on business succession
29:23 - How Barrett Rifles made and sold their first product without taking out a loan or getting outside investors
33:39 - Tell customers upfront, that since you are a small business, you build the customers product after they purchase it. So it might not be delivered super fast.
35:30 - Tell first customers, you are starting out of your garage, and they are your first customers, so they get a $25 coupon. Thank you for supporting me.
Absolutely love Dave’s excitement for the guy with the idea for the gun accessory, n how he takes the time to brainstorm ideas for him… 4 orders down and they don’t even know what it is 😂
Love it! 😂
DAVE ON HERE TALKING MORE BUSINESS THAN SHARK TANK...I LOVE IT🔥🔥
We are living that inheritance nightmare. My father-in-law (had a trust set up) & left our company, an S corp. 50/50 to my husband & his brother. We do NOT get along---that every family has a crazy thing! We made a proposal to buy it all & at the end of the month we have a pretrial conference. Our lawyer is going to present our proposal to a judge and like you said Dave....either we own it 100% or we walk away. Thanks for reinforcing that decision!
Not to sound crazy, but have you considered just talking about it directly with the other owner, and trying to find common ground, and using logic and reason?
@@charlesg7926 I guess we have been screamed at too many times. Some people are just toxic & he is one of them. Thankfully my husband is the one who talks directly with our customers or we wouldn't have many customers. Thanks for taking the time to reply though....your plan sounds reasonable but not with who we are dealing with.
Love the podcast! Dave hosting was a great idea, hearing these stories and the advice is excellent.
I like how Dave talks about enjoying his money. He works hard, provides a valuable service, donates to charity, so I'm glad he and Sharon had a $1,000 meal. Good for them!
The first caller with the family business. We had this happen.
Despite excellent relations in our extended family when we were young,
our parents and their siblings (the aunts and uncles) went sideways.
My siblings and I (all seven of us) got nothing. The other side of the family
somehow got the proceeds.
The takeaway: never do business with friends and family. If things go sideways,
you lose the business and permanent family alienation.
2nd takeaway: never, never, ever be a minority partner unless it's a publicly-traded
stock and you can get your liquidity easily, by selling the stock.
I feel sorry for that guy, I know what it's like to have parents who intended to
set things up for you, then to get zero. It's a real shock, the actions that
my parents' siblings took.
When money is involved, 'new behaviors' can emerge from people you were SURE you knew.
.
too many ads Dave, love the show though so I'm sticking it out. LOVE your transparency Dave
That's why it's not a paid for program, the ads cover the $ aspect. It's worth it.
Great advice for great people! Be an entrepreneur, be American!
This show is exactly what I needed
Best. friggin. Podcast.
“Seem like EVERBODY in this country got a real problem tryina figure out everone else’s business instead of minding their OWN!” 49:45
Love it... keep it coming
Thank you Dave
Thank you for sharing!
posting for the algorithm because Dave asked me to :)
Well done!
Dave, I would like to know your general rules for generational succession in a family business. It is something that keeps me awake many nights, I don't want our family business to end with me.
I wonder if Dave has a magic number where ‘saved’ turns into ‘hoarding’ no matter the intent. Because you can say this is for my family tree, but at what point will your family never ‘need’ again and at that point, should every penny go to the ‘giving’ category? Just a thought. In my mind, there’s got to be some rationale there. I wonder what that number is.
I think that might be his percentage thing. I don't recall the numbers, because it doesn't apply to us yet. But I recall him saying something like this: when you reach a level of wealth, it stops being about can you afford it, and more is the percentage of your wealth disposable? And then he had some general suggested guidelines for the categories of give, save, and spend. And he has said that you need to be matching your spending for pleasure with your generosity of it as well.
You should check his book about legacy!
"They see business as a Godly act of services as a high calling..."
As a business owner of myself that owns 100% of my company, I feel like the first caller is in an unfortunate situation. Because the business is making so much money every month, but this person is lazy and wants to sell the business. I do think they’re entitled to a certain amount of the profits each month, for sure. But they also need to pull their weight, it’s not fair they get 47% if they’re not really doing any work and the majority owner is doing like 90% of the work. But ultimately, that’s why it’s not good for a family to split up a business like that.
Basically, when you have a business, making that much money every month, it’s a terrible idea to sell it. That’s like killing the goose that laid the golden eggs. You’re trying to get some short term cash, but then make your future children generationally poor.
I also think it’s very unfortunate that Dave Ramsey is encouraging the dissolution of a successful family business, just because -one- of the owners doesn’t want to continue it anymore. It’s not fair to close the business for everybody else, because that other owner probably uses the business as their primary job and needs the business to continue in order to feed their family. And ultimately, closing it is a bad deal for the family in general because they lose a lot of future wealth.
Dave, every business needs classes with your knowledge before it becomes a business. I found out the hard way (small farm, but 6 stepkids).
I was under the impression dividends *had* to be paid to all shareholders in proportion to how much they own, irregardless of the state.
"WE'RE NOT STAYING WHERE WE ARE!"
"they see business as Godly act of services..."
mike welch juniors dime
unpaid taxes is a crime
fifty three year rhyme
❤
three quarter shower
bills mass electric power
kristens muck cower
a dance with lisa
christas death rocchis pizza
spider mite meets her
that damn rock n roll intro is too loud on my speakers
steves stationary
charpentiers seminary
gregs secretary
Just some truth here. #1 God is not pleased with an unbeliever no matter the situation. Being an unbeliever, you can be fully sure that they are not doing it in faith, and anything not of faith is sin. It’s literal sin to do anything, no matter how seemingly good, if it’s not done in faith. #2 - if you, as a born again believer are going to take advice from an unbeliever (rabbi), be aware that you need to discern correct application of a passage vs incorrect application that occurs because of unbelief. Similar is true of a believer who you are being taught by, but that person at least understands why the Bible exists. They have the Counsellor to help them teach properly. I generally shy away from taking biblical advice from unbelievers, though they may get stuff right at a certain level.
In your own city….
bytes redundancy
john goffreds moms infancy
warm plates sals nancy