Starting your own business
- Thread starter ruxCYtable
- Start date
You do realize he's going into business with his college frat buddy right? And his wife already makes all the money, provides all the benefits, watches the kids, right? It literally won't affect her at all. She just needs to deal, bro.
Do I still need the pirate?
I get it. I get it big time. My wife bought a small business 10 years ago that has evolved into more of a hobby than anything else. I supported the **** out of it even though I knew it had very little chance to be a money-maker because it was my wife's dream. So spare me your judgment on my marriage and what kind of contributions you think I make to the home. I guarantee you I do more around the house than most males and I see no reason that won't continue no matter what. You can call me ignorant if you want, but I assure you I'm not.
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fair enough. But maybe you should ask yourself why your wife is so against this if it is as great as you say.
What's a pirate have to do with any of this?
Your sarcasm went right over my head - my apologies.
It seems like you are looking for validation over advice. Nearly everyone is saying you should address the reasons why your wife is so against it. But instead of taking the advice, you are becoming defensive saying why that doesn't matter. No one is saying "don't do it" only that you should make an effort to understand why your wife thinks the way she does.
Or you'll get a divorce if its not (or possibly even if it is).
If your wife is non-supportive then this is probably a good thing. Especially since he supported her previous failed venture.
What if she just has a different risk-tolerance than he does? Just because someone isn't ok with putting a lot of their nest egg into a risky business, that doesn't make them "non-supportive."
But it sounds like they are in a great position financially, so personally I don't feel there is a lot of rish there for them.
A successful franchise isn't exactly what I would call risky. If the OP wanted to go drop $200k in Vegas on a hand of black jack...risky. Following a business system that works, not a high amount of risk.
Im in agreement with curt on this.
Also, doing some quick research on Papa Murphy's website, you need $265,000 roughly to start a store. Split that between the OP and his business partner, that's $132,500 each. A decent amount of cash, but not that much compared to a lot of businesses.
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but you aren't the spouse in this case.
The idea that his wife was against it was important enough for him to put it in his question.
I would love for someone to bring a chain named resturaunt/bar & grill to Grimes. Dining options are very limited right now for a town that is really growing fast. Usually find ourselves going to Urbandale or WDM to eat when we go out. Grimes has the Corn Patch, The Radish, Mustang Grill, and Burger Daddy just opened up where El Torito used to be that I need to check out but all are small niche places. Can go not too far south to the Chicken Coop on Meredith but a place like Applebee's or some other similar American style bar and grill chain would I think would go over well. I hope a Hy-Vee is in the near future there too. Fareway and Super Walmart are OK for groceries but having a Market Grille that comes with a Hy-Vee would be a great option for something quick to go meal.
I'd like to say I am a pretty good and successful business banker. At the time of "interview" I'll look the potential client in the eyes and ask "Is your spouse fully supportive?" If their answer is no, I kindly inform them that we are not the bank for them.
I do this because, when starting a business there is 2 absolutes. 1) It takes a lot more money than what is expected, and you will cover the overages, not the bank. 2) It will be year 3 before you turn a profit. I don't care what company or what the business: from shoe sales or widgets, your not turning a profit until year 3. Manipulate the numbers all you want, but truth is take off the rose glasses and understand your numbers.
So let's get hypothetical, as shown on your balance sheet you do not have a mortgage on your house. Year 2 rolls by and you need additional termed out operating capital. Take a guess at what I'm requesting for collateral (all your original collateral is pledged to the start up loan). Take a guess at who also needs to sign their half of the mortgage. Take a guess at the conversation in the car ride home from the bank with that same 2nd half. You also said your wife is the primary breadwinner. Absolutely nothing wrong with that, but take a guess who is going to need to sign the personal guaranty as well since they own half the family assets. You said she isnt involved with the business? Let's be honest, she owns half your stake.
I'm sure you are happily married. I'm confident your business could succeed what you briefly told us. But if the spouse isnt involved, neither am I. I'm giving you the view point of bank and how they protect themselves.
I do this because, when starting a business there is 2 absolutes. 1) It takes a lot more money than what is expected, and you will cover the overages, not the bank. 2) It will be year 3 before you turn a profit. I don't care what company or what the business: from shoe sales or widgets, your not turning a profit until year 3. Manipulate the numbers all you want, but truth is take off the rose glasses and understand your numbers.
So let's get hypothetical, as shown on your balance sheet you do not have a mortgage on your house. Year 2 rolls by and you need additional termed out operating capital. Take a guess at what I'm requesting for collateral (all your original collateral is pledged to the start up loan). Take a guess at who also needs to sign their half of the mortgage. Take a guess at the conversation in the car ride home from the bank with that same 2nd half. You also said your wife is the primary breadwinner. Absolutely nothing wrong with that, but take a guess who is going to need to sign the personal guaranty as well since they own half the family assets. You said she isnt involved with the business? Let's be honest, she owns half your stake.
I'm sure you are happily married. I'm confident your business could succeed what you briefly told us. But if the spouse isnt involved, neither am I. I'm giving you the view point of bank and how they protect themselves.
That's great that you wouldn't find it risky, that doesn't mean that she has to agree with you. None of us really know why she isn't on board with it, but to call her non-supportive without knowing all the facts is foolish IMO.
I would say it is more risky than other investment options, but that is just my opinion. Yeah, it sounds like a good set-up right now but who knows what the future will hold. At one point Blimpie subs and Bonanza steak houses looked pretty solid. Where are they now?
Dumb question but why enter into something like this that could end up costing you money when you are in such good financial shape?
What's the best case scenario if this takes off?
What's the worst case scenario if it fails?
How expensive would it be to wash your hands of the business?
Would you be ok if your business partner worked 10 hours a week and you worked 80? Vice versa?
Fun read!
I just want Papa Murphy's now, gonna get the wife to pick it up after work, unless she'd dead-set against it, then I obviously wont get my pizza.
I just want Papa Murphy's now, gonna get the wife to pick it up after work, unless she'd dead-set against it, then I obviously wont get my pizza.
While I don't own a big business or employ people, I am a self employed carpenter and and wouldn't change it for the world. Hardest part is trying to figure out what to pay for taxes (just starting out) but the best part is that I can make my own hours, dont have to deal with the normal drama that usually happens at a workplace. So being self employed back its advantages but you are going to be doing something way bigger. You have overhead, other taxes and a lot more risk. You are correct though that sometimes risks are needed to make a great reward.
