Reply With QuoteMike Horton Talk about a power couple His wife Jennifer is a V.P. of Bank of America (for private banking) and her father is V.P. of Ralphs
NO WAY!!! I totally shoppped at a Ralphs once,what a small world....LMAO.......J/K
I just did what you are talking about, minus the loan.
Be very careful talking to your customers before you leave. Do not tell them what you are doing until AFTER you leave. You have a legal duty to be "faithful" to your current company while still employed. Conspiring with their customers while employed is not allowed.
After you leave its OK to contact their customers. Be careful using any "proprietary information" that belongs to your old employer.
DO NOT under any circumstances take any documents, information or destroy any information that belongs to your old employer (or at least so they can't prove it, if you know what I mean)
I did the same thing you did. (but we said f-ck the old owner and left without making an offer) We did some research and consulted an attorney on this before leaving.
Also our attorney told us that by making an offer it could backfire if it is subsequently turned down and then you leave and start your old business and take their customers. It can be construed as an admission of guilt.
PM if you wish, I'll be happy to share some info.
Good luck. (go for it!)
You have some good info. The plan we came up with is if they ask for more than $30k, then we will break off and do our own thing. We can get a business off the ground for $30-50k.
The reason we dont want to offer a buy out before getting the funds is, we could offer a buyout on Friday and be out of jobs on Monday leaving a scramble to get our business off the ground. I have talked to a few of my customers and they are willing to go with, since they dont know anyone else in this business but me and my partner. (We never signed agreements).
Mike Horton Talk about a power couple His wife Jennifer is a V.P. of Bank of America (for private banking) and her father is V.P. of Ralphs
NO WAY!!! I totally shoppped at a Ralphs once,what a small world....LMAO.......J/K
I must have missed it,what kind of buisness will this be?Type of work?
NO WAY!!! I totally shoppped at a Ralphs once,what a small world....LMAO.......J/K
When I worked at the Claremont Ralphs during high school, I worked with the CEO's son. The CEO calls up the store manager one day and says "my son has an interview with you tomorrow." A few days later, he was hired. Now that guy was power guy. Came walking in all the time with his Presidential jacket for donating so much money to Clinton and the DNC.
And SBA loan to do the buyout. That way you don't have to have collateral. Although you will have to promise your house, kids, toys, etc. etc.
A line of credit on the receivables. It makes life really easy if you can get that. Again, history is the key here. The bank they currently do business with is the best place. In addition, a friendly buyout would be helpful with the bank.
Best of luck. Hope you get it done.
As a backup, equity in your homes?
As a backup, backup.......venture capital....but the deal would be pretty small and they WILL own you forever and pay outrageous interest on the money.
Rob
Dean Owen, Dean@owencpa.com, I set up lines of credit for business owners every week with different banks. Call if you need a hand - 888-OWENCPA
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