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    Home Unlabelled Gift ideas for a client who brings in more than half of my business' revenue? He's around 50 years old, married, two children. Can be anything up to $2000. small business

    Gift ideas for a client who brings in more than half of my business' revenue? He's around 50 years old, married, two children. Can be anything up to $2000. small business

    December 03, 2017

    Gift ideas for a client who brings in more than half of my business' revenue? He's around 50 years old, married, two children. Can be anything up to $2000. small business

    Gift ideas for a client who brings in more than half of my business' revenue? He's around 50 years old, married, two children. Can be anything up to $2000.

    Posted: 03 Dec 2017 03:19 AM PST

    Moral Dilemma - Should I quit my job to start my own business and in the process jeopardize any chance of employer selling the business?

    Posted: 02 Dec 2017 09:13 AM PST

    Some background on my current employer and it's financial situation:

    • Company consists of 2 employees (myself and 1 other person) and the owner.
    • I have been with the company for 10 years and have 20+ years experience in the industry.
    • Company has $120K+ in accounts payable outstanding and approx $ 40K in accounts receivable projected to come in between now and the end of they year. Of the $120K - $11K is for rent on office that is 6 months behind and $11K on payment to payroll company that is owed for 2 weeks. (Side note: I was paid last week direct from the company account. Was not paid this Friday but owner tells me I will be paid on Monday. Co-worker was not paid last week and was only given 3/4 of his pay for this week.)
    • There was a buyer that was interested in purchasing the company but as of last week it looks like the deal fell through. My feeling is that they saw what the current a/p vs a/r was and decided it was not in their best interest to invest.
    • There is another potential buyer but they only know of the clients we currently have and how our process works. They are not privy to the current financial situation of the company.
    • The owner of the company took out a credit line last year on which $40K is still owed. In addition, he co-signed a business loan with his now deceased partner a few years ago which has a balance of $70K. This is not included in the accounts payable debt. In addition, for the past year the owner has put in approx. $80K of his own money into the company to keep it afloat and has paid himself back roughly half of that.

    I realize that, unless the company is bought out, the chances of survival are very slim. Our next large billable job (profit of approx. $30K) would not be until April. In between now and then there may be a couple of side projects but that would only generate a few thousand in profit. Definitely not enough to cover the monthly costs of operation.

    Last week, during Thanksgiving diner, I was talking to a couple of close family members who run a successful business (in a totally different industry than mine) and they tell me that I should go out on my own and that they would like to invest in me. I explained to them the current situation of the company as well as the potential profit that can be made in the industry. (The main issue as to why my current employer is failing is because the owner refused to cut expenses and payroll is way more than what it should be. Unfortunately for him he does not have the skill sets to be able to work on the clients projects on his own - thus why he needs at least 1 employee.)

    Here is my dilemma: If I decided to leave him and go on my own my current employer would not be able to complete any upcoming projects. In addition, we met with a representative of the interested buyer last week and that person saw that I was an intricate part of the process and even told me in private that if the deal was to be made I would have to be a part of it in order for it to be beneficial for them. By leaving I am sure that he will have no choice but to bankrupt the company and possibly file for bankruptcy personally as I am not sure how he would be able to pay the outstanding credit line and loan. On the other hand - I do not believe that the potential buyer would still be interested once they saw the numbers and if they were interested, I am sure that the process would not be a quick one. The previous interested company took almost 6 months to decide on whether or not to purchase he company. A great deal of this had to do with the widow of the previous partner who did not want to let go of her share of the company (she has controlling interest - 60% v 40% - but has no say in the operations of the company).

    So - with all this being said - what should I do? Stick it out and see if the company can be saved (and I get to keep my job - or at the least work for another company)? Or should I resign and start my own business?

    submitted by /u/moral_dilema_smb
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    SocialGrow apparently shut down... anyone know why?

    Posted: 02 Dec 2017 09:12 PM PST

    SocialGrow is a tool that basically helps you get more followers on Instagram. My most recent payment was refunded the other day so I just checked their website to see that it's been shut down... can't find any explanation. Anyone know what's going on?

    submitted by /u/Gilokee
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    Spouse is starting a manufacturing company. How can we protect ourselves (and my business' assets!) in case it fails?

    Posted: 02 Dec 2017 08:23 AM PST

    He's getting a 10 year non-bank SBA loan for ~300k. We're investing most of our savings into it. We believe he'll succeed, otherwise we wouldn't be taking this risk, but we must acknowledge the business might fail.

    If it fails, bankruptcy is a possibility, but we think it's more likely we'll end up on a long term payment plan.

    I'm also a small business owner. I am CEO of an S-corp in which I sell video game currency for Real Life money. Because I know you're curious, I get the game currency by making and selling things that people want in game. I make enough that our family could live on my income alone in a pinch. If we sold our house.

    I don't believe that my business's assets would be siezable in the case we defaulted on my husband's business loan, but if I paid myself, the money would be. Is that correct?

    While my husband is working on his startup, he will be paid enough that we could get by without my income. Is there any benefit in not paying myself until his business seems to be succeeding or until we're past its failure? I don't like this since money depreciates, and I like to invest money we're not using. However, in the unlikely case of bankruptcy, it would be nice to have something to start out with. For my situation, there's also the option to keep my business's assets in video game currency form. We're already controlling my "earnings" year to year to make our taxes more favorable. However, I don't think there's any benefit to holding on to game currency for a whole year while we see if his company will float or not.

    Alternatively, it looks like I could pay myself normally and simply put all my earnings into education accounts for our children and our retirement accounts for a couple years, and my earnings would be protected that way.

    Thoughts?

    submitted by /u/CanIHaveASong
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    TONS of interest and compliments with my new company! .. however few are pulling the trigger.

    Posted: 02 Dec 2017 10:41 AM PST

    Hello everyone,

    I started a fairly unique home remodeling service. Its a new type of service that (as far as I can tell) is not offered anywhere. You can check out our website below if you would like to check it out before reading my issue.

     

    http://www.virtualviewstudios.com/

     

    I did a small launch in my surrounding neighborhoods by advertising on local facebook groups. I figured this was a good test before "officially" starting to market the company. The response and feedback has been fantastic.. Everyone is Super impressed... and they leave lots of comments on how impressive and helpful the service can be. That said, the actual number of individual homeowners that are ordering the services is unimpressive.

     

    THE SOLUTION (so I thought)

     

    So then I had an idea to create a LIGHT MAP on the facebook groups. This map would show where the houses with the neat holiday lights were, and drive traffic to my site. This worked pretty good, In the last week I got about 1200 people to come to that light map page. However, the conversion rate for people that checked out the rest of the site was VERY low (around 10 or so visitors).

     

    I let that soak for a day or so... then I attempted to run a contest giving away a free service to create an email newsletter list. It was a No brainer!! I KNEW damn well this would work.... It didnt. The response has been dismal.

     

    Then I created a facebook page... and did some Marketing that way. I managed to get around 1500 people to the page.. and literally 1 person liked the page.

     

    ....

     

    So this whole story is regarding individual homeowners, I want to see if its worth pursuing them at all. When it comes to Contractors, Designers and such they seem to instantly get the value in the service and sign on fairly quickly. But I feel its too early to give up on the individual homeowners.

     

    All that said, I would love to hear your thoughts.... the company website is below. I thank you all in advance for any help or suggestions.

     

    Thank you in advance for your thoughts!

    submitted by /u/BurntRhubarb
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    Seeking information about retiring and selling a business.

    Posted: 02 Dec 2017 12:44 PM PST

    Hi /r/smallbusiness, my father built and sincec operated his own plumbing business in 1991. Its not a particularly large organization, but its been his life work and has been relatively successful. While he initially hoped my brother or I would take over, our paths took us in different directions, and now my father is getting more and more serious about retirement. This includes selling the business.

    He mentioned to me the other day that he went to barnes and noble to get a bit more info about it but came across nothing on the topic. Because of this I want to see if I can dig up any books on the topic, or even other useful resources like links to articles etc. that I could collect and gift to him this year for Christmas.

    So with that in mind, does anyone have reccomendations for books about selling a local business? Or even just useful links or other resources on the topic?

    If its important, it is a trades business, specifically plumbing and we are in the Pacific Northwest region of the U.S. If needed I can also provide more info about the business to an extent.

    Thanks!

    TLDR: Seeking information or resources to help educate small business owners about retirement and selling their business!

    submitted by /u/CowherdAndCanada
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    Are business deductions staying with new tax bill? What about itemized deductions?

    Posted: 02 Dec 2017 07:44 PM PST

    Please ELI5

    submitted by /u/ArmedShadowfox
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    A Study Of Engagement & Challenge And Work-Relevant Outcomes

    Posted: 02 Dec 2017 06:46 AM PST

    Hello Everyone,

    I'm working on a psychology project examining people's engagement and challenge in their work and how this impacts various work relevant outcomes. I pretested the survey for length, if you have just 20 minutes to spare, are currently working in a paid capacity, are 18 years old or older, and speak English fluently you can participate. I will be granting participants access to their personal results through a password-protected system. If you would be willing to help a young student out, I would really appreciate your time and effort.

    Thanks again,

    https://www.surveymonkey.com/r/Work_Experiences_and_Outcomes

    submitted by /u/DocHolidayPhD
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    Any small business ideas for this winter?

    Posted: 02 Dec 2017 01:50 PM PST

    Low cost website design for small business. Start Now!

    Posted: 02 Dec 2017 04:13 AM PST
    Read more
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