this is exactly what I think. He made one or more bad business decisions. He might make it sound simplified and put the responsibility on one customer, but he put himself in the position to somehow have his entire business fail, and have to declare bankruptcy because of whatever that situation actually is, if he is being truthful. I think this is just like someone reaching out and saying hey, I just need some more money to turn my business around it has all this potential… But you know they’re going to continue on the same way and any influx of capital will just be a temporary bailout. I would avoid going into business with him. Partnerships are already tricky, and I see at least one giant red flag.

exactly. They are saying “terms” like 30 days to pay an invoice or something like that. and you asked them what their preference was.

why not network with business owners, join the Chamber of Commerce and attend functions? Got to be other networking groups too.

this has been my experience, too. They will feed off of your excitement about your invention, charge you money to put together a prospectus, and then you’ve got nothing. But they have your money.

have purchased a couple of vehicles over the years in my name and consider them 100% business expense/asset, put them on my own insurance, and benefited greatly. No issues at all. CPA is fine with it. Big tax advantage too.

I think even 5% is generous and wouldn’t be automatic for most people. Obviously, if you have a superstar performer, that’s different, but somebody who is mediocre, or nothing special, I would have a hard time with some idiot coming up with his own imaginary math and something that ridiculous. it would probably make him even less desirable to keep around after that.

I think if it’s not a full-time serious business for somebody then they can choose to be open four days a week and alternate hours. My business (car stereo) is usually Monday through Saturday, but a few years ago we decided to be closed Sun-Mon, so everyone gets two days off together and we just have same staff that works five days a week together. Customers are fine with it, and every now and them someone will mention coming by the store on a Monday without realizing that we were closed. Not sour about it though, they seem to understand the need for us to have two consecutive days off. If I was semi retired and worked by myself I would probably just be appointment only.

I think if it’s not a full-time serious business for somebody then they can choose to be open four days a week and alternate hours. My business (car stereo) is usually Monday through Saturday, but a few years ago we decided to be closed Sun-Mon, so everyone gets two days off together and we just have same staff that works five days a week together. Customers are fine with it, and every now and them someone will mention coming by the store on a Monday without realizing that we were closed. Not sour about it though, they seem to understand the need for us to have two consecutive days off. If I was semi retired and worked by myself I would probably just be appointment only.

not sure if it’s feasible, but I remember working at one place and we changed from weekly to biweekly and cut our expenses in half. Most people can budget well enough for that, and it’s 1 million times better than a monthly paycheck. At my own company and now I do semi monthly, every first and 15th. Paychex still seems expensive, but I would not want to process payroll weekly on top of paying a weekly fee.

I would say that people complain about the economy and prove themselves right by driving business away all the time. It can be a mindset. I hear from people who are negative and cite a bunch of examples, or pick up tidbits on the news, sometimes from biased sources. Meanwhile, we’re busy, sales YTD similar to last year. Yes, some businesses are more resilient and some more sensitive to the economy ups and downs, but be smart with investing and inventory but don’t buy into the doomand gloom of others who basically are excusing their poor biz practices and resulting sales. Overall I honestly think the economy is strong right now.

Make friends with landlord. I personally have made myself the landlord’s “pet”. I am the place they keep keys to the complex, so if a maintenance company or prospective tenant needs access it saves LL or agent from having to be here every time. Keeping a human relationship whenever possible provides some security and works both ways for LL. YMMV

If you’re the only one who put in money, and continues to, and he has earned payroll/income, not sure what value he has created if you’re doing most of the work. Does the company really have value at this point? Profit year on year where it could even be sold?

don’t be too concerned about bad reviews, people should not be able to bully you with that being a possible outcome. You have the opportunity to respond to reviews, and you can simply show that you are the levelheaded one, that you communicated the differences in pricing because of what they described versus what the actual reality was. People can make their judgment based on that. I find those responses far more helpful in reviews than someone just having all perfect five star reviews which looks suspicious. You just can’t make everybody happy.

After this it might be wise to look at providers like Elavon, if you’re a Costco member it’s generally a very good deal. I get money same day or next day in my bank and they don’t trip out over large transactions course long established. But at least it’s a big provider.

Yes! And that’s also the name of the podcast where I first hearsd the story. Also great.

Everyone seems to want some well produced content for IG, FB, Tiktok, so if that’s what you’re offering then some samples will help pique interest I’d think. I remember a company a long time ago pitched me and had an example short video ad (before these other formats) and there was low production quality, I responded what about the visible camera shake? No response.

No one legit has all good reviews. You can’t make everyone happy-some people are just unreasonable, or assholes, and this situation is yet another possibility with this poor old lady. I make it a point to respond to the reviews in a calm, matter of fact and earnest manner. Let people draw their own conclusions. I think I learn more about a biz by reading owner responses to mixed reviews, personally. Having all 5 star reviews look suspicious to me.

there was a woman who initially thought that she could develop a device that would diagnose disease by sampling blood through the skin, and also provide therapeutic medication by injecting it through the skin. Took one semester of fluid dynamics, dropped out of college, ignored actual experts since she felt determination could overcome anything. Conned investors, abused employees, put medical patients at risk and finally was exposed by a Wall Street Journalist. Elizabeth something or other… ;)