Here we go, my first post.
I'm currently 34 years old, married with my first baby on the way. My wife has a good job with a six figure salary and I work in family business my father started. My father worked his butt off to build what he did and I've been there the past 15 years full time trying to take it further and let him slow down if desired. The company is roughly 70 employees and has annual revenues around $60 million. Everything sounds great right? Read on.
I won't go in to too many details about the industry, will likely do so when on the Inside, but I can say it's in wholesale distribution. While $60 million sounds great, net profits are around 2%. If you do the math you'll say that's a nice living and it certainly is, but it's a lot of work and risk for the reward. The other major problem is that roughly 60% of our business is from one customer. The relationship over the years seems to be headed in a negative direction as they know their position of power and often wield that power without respect to us. Lastly, this business certainly violates Time as I'm currently involved in all aspects of it as well as Scale. We are in a large market but not likely to expand beyond our region. I'm extremely grateful for what my father has built and provided but have always had a burning desire to build something on my own. I read, research and think constantly when not at work, but have not acted yet. I guess that makes me a wantrepeneur and it's driving me nuts.
I can say that having a lead position at the family business has definitely helped me develop skills needed to succeed as an entrepreneur. From dealing with customers and staff, the stresses needed to overcome, and most importantly being presented with problems that don't seemingly have solutions, at least not with my skill set, but having to solve them regardless are lessons and experience that have been earned.
I've read TMF and right when I finished it, I read Unscripted . I have to say that chapter 35 in Unscripted is the best chapter I have ever ready in any book. Discussing the Need commandment and especially giving the reasons people don't start struck a chord. I've joined this forum to gain knowledge and light that spark. I know once it's lit I won't stop.
I don't want to make this intro too long so I will stop here but I look forward to interacting and learning from you all.
I'm currently 34 years old, married with my first baby on the way. My wife has a good job with a six figure salary and I work in family business my father started. My father worked his butt off to build what he did and I've been there the past 15 years full time trying to take it further and let him slow down if desired. The company is roughly 70 employees and has annual revenues around $60 million. Everything sounds great right? Read on.
I won't go in to too many details about the industry, will likely do so when on the Inside, but I can say it's in wholesale distribution. While $60 million sounds great, net profits are around 2%. If you do the math you'll say that's a nice living and it certainly is, but it's a lot of work and risk for the reward. The other major problem is that roughly 60% of our business is from one customer. The relationship over the years seems to be headed in a negative direction as they know their position of power and often wield that power without respect to us. Lastly, this business certainly violates Time as I'm currently involved in all aspects of it as well as Scale. We are in a large market but not likely to expand beyond our region. I'm extremely grateful for what my father has built and provided but have always had a burning desire to build something on my own. I read, research and think constantly when not at work, but have not acted yet. I guess that makes me a wantrepeneur and it's driving me nuts.
I can say that having a lead position at the family business has definitely helped me develop skills needed to succeed as an entrepreneur. From dealing with customers and staff, the stresses needed to overcome, and most importantly being presented with problems that don't seemingly have solutions, at least not with my skill set, but having to solve them regardless are lessons and experience that have been earned.
I've read TMF and right when I finished it, I read Unscripted . I have to say that chapter 35 in Unscripted is the best chapter I have ever ready in any book. Discussing the Need commandment and especially giving the reasons people don't start struck a chord. I've joined this forum to gain knowledge and light that spark. I know once it's lit I won't stop.
I don't want to make this intro too long so I will stop here but I look forward to interacting and learning from you all.
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