Thanks for the kind words guys...save wanker boy who hides well behind his name because he's got no jam to step out from behind a computer screen...I'd call you out tough guy but you would never show...wuss...
Anglers never had an 'investor', lets get that out of the way, it had two guys, one who has been in this business for close to 20 years, so no stranger to retail & tons of goodwill in the sportfishing business, the other had some non-sportfishing retail experience as well, little goodwill in the angling community, but shared the love for the sport and understood business set-up.
We each started with the same $$$...no extra bankrolling at all in the beginning. Obviously I had the contacts to get the lines, staff, customers, he had the back-end and banking experience, some fixtures, etc. I worked 50-60 hours a week at about $11hr to get things going...he worked and took about 80% of what I did, later 60% Other staff were hired to share the workload over increasing his workload. He managed his other businesses from the shop as well.
The reality was that when extra dough was needed he had come into some and put it there on his own regard, paid himself a nice interest rate and we continued on...simple as that, I trusted his ability to look after my interests. He clearly did not. Later he demanded I pay 1/2 his investment, including his owed wages and interest...hard to pay that on $11HR...
The moral of this story is that MY TIME WAS NEVER AS GREAT AS HIS MONEY...I work for 1/2 my value or less, he accrues interest. That is how it worked, things get busy, I work just as hard, he hires others to do his job and works less...but still accrues interest...he runs his other businesses out of ours, I get flak for SSBC meetings at our space...go figure...
so when its time for one to go over the other? What happens? In a buy/sell I have to bid him for my own lost wages...basically that is it...company is way too young to have real value.
The rest of the story is the banks didn't like the deal...but I pay some dough anyway, call me foolish, I just wanted it to work, this was a ten year project for me thank you. So when the banks don't like it do you change it to suit? reasonable people and friends would, he didn't want to, demanded payment etc.
So here we are, can't pull money from thin air and no matter how successfull you are S.S., in the first three years there are bigger bills to pay than a non-existent profit sharing...
I have no problem going on record as saying we made a real profit within three years, after paying ourselves accordingly to our value.
But that doesn't matter...its not about working out a deal that works for all, its about killing a business to get everything up front to suit the needs of that one individual...put everybody out on the street, and leave your old fishing buddy pretty much broke and %^%$ed...
So run down there and snap up some deals, fill your boots,this is not about business failure at all, don't forget it.
cuz thats how it is folks...
I'm going fishing.
Scott...
Author
Topic: Anglers West...from the horse's mouth so to speak. (Read 2422 times)