Lewis, It’s your business and you can do what you want to with it and I won’t judge anyone for that.
We do do profit sharing at the end of the year. I guess it’s just a different cultural approach to business, while it’s true I do have all the risk, we wouldn’t be anywhere even close to where we are today if it weren’t for the dedicated employees and that I have. Yes some of them are high maintenance, but they bring talents and ability to the company that has kept it moving forward. > On Aug 23, 2020, at 8:09 AM, Mark Radabaugh <m...@amplex.net> wrote: > > Or do the compromise between you and Matt - the ESOP where the employees end > up owning it. You get nearly the same money out and they eventually get the > same deal - if they can keep it going and build it. It’s harder because you > have to figure out how to both get it to cash out and build at the same time. > > Mark > >> On Aug 23, 2020, at 7:59 AM, Lewis Bergman <lewis.berg...@gmail.com> wrote: >> >> This isn't the feel good kumbaya that might be popular, but I'll say this on >> the subject of division of profits: >> I started my WISP by myself. All of you who started with your own checkbook >> and sweat know what that took. My family sacrificed as I worked massive >> hours. I did everything from accounting to server builds maintenance to >> installs and tech support. All while I was making about 1/3 of minimum wage >> while I did it. We lived off my wife's school teacher salary. >> >> I did that for a pretty short time as we had some early success and after a >> couple of years I started hiring people. By the time I sold I did what I >> wanted when I wanted. The people I hired I paid better than average hourly >> wages for the job and gave bonuses paying them for their work as they did >> it. I never asked any of them to sacrifice like I did nor did they offer. >> >> I took all the risk. If we failed I was the one in financial ruin. They >> could all walk away inconvenienced but fairly unscathed while I was >> personally liable for all company credit cards, vendor payments, carrier >> contracts, etc. >> >> And of course you can tell where this is going. Myself and the other >> shareholders kept every dime and I sleep fine at night. I worked to help get >> all the best employees jobs. Sure some were angry because they somehow felt >> they deserved something. Those were also the same employees I could have and >> probably should have already gotten rid of as they were problem children. >> Risk and reward. I took the risk, I get the reward. You want rewards? Take >> the risk. >> >> I did give a few people bonuses, help setup two in related businesses >> without loans (funneled business their way) but it was not any kind of % or >> really all that significant.I did that because they had been good people >> first, hard workers second, and last but not least, made my life easier when >> we were doing our thing. >> >> I am a capitlist and make no apologies for it. >> >>> On Sun, Aug 23, 2020 at 6:16 AM Matt Hoppes >>> <mattli...@rivervalleyinternet.net> wrote: >>> Now that I think about it - I wonder if my plan of C would be a way to >>> reduce income taxes too on the amount received? >>> >>> Either by funneling the money through the company and paying the employees >>> or having the buying company write a check to each of the key employees. >>> >>> I’m not sure which would yield better results for everyone. >>> >>> The way I look at it though - I don’t have hard partners. That often leads >>> to problems. But everyone who sticks with the company and especially if >>> they make a career out of it should be compensated nicely - both each year >>> out of proceeds they helped make as well as out of a major sale if it ever >>> happens. >>> >>> If anyone here has ever worked for a company where the owner sold and got 2 >>> million and you had worked there for 10 years building it up —— well, how >>> did you feel? Slap in the face. >>> -- >>> AF mailing list >>> AF@af.afmug.com >>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> >> >> -- >> Lewis Bergman >> 325-439-0533 Cell >> -- >> AF mailing list >> AF@af.afmug.com >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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