My name is Maggie and I’ve been changing from slow lane to fast lane mindset ever since I finished the book. By some odd twist of fate, my mom also began urging me to quit my 7-year IT career and help her with the family business--at the time I got introduced to the book.
We have 2 family businesses. I need guidance for both since both are out of control, but I’ll tackle first the one that I am fully in charge (the other one is being managed by our partner far away from home).
Here’s is a not-so-quick history of family business 1:
Twelve years ago, my mom (who is very kind and charitable) invested on a trading business. She had 2 employees, husband and wife but mostly the wife managed everything and the husband was in charge for deliveries. Let’s call the wife LORAC. She invested on Lorac and her husband mainly because they were bankrupt and had 1 kid. I want to emphasize the Lorac managed everything, meaning bank accounts were named after her (for reasons I cannot divulge here), my mom trusted her and she proved to be trustworthy.
For twelve years Lorac remitted a fairly good amount of money every quarter. I’d say my mom started a good fast lane business without her even knowing it—she automated it, and had a pretty good chance for scaling up. On the other hand, Lorac did pretty well managing the small trading business and I say the persevering couple was a great team. In time, the company was able to buy assets such as delivery vans.
A few years ago things started to get sour between Lorac and mom. Lorac complained that the business was starting to decline and she will be remitting less. Despite that, Lorac wanted to buy a passenger van to help with the deliveries and to start a rent-a-car business using the money she will be remitting to my mom for that year. My mom did not agree and from then on Lorac cut all communications with us. A year or more has passed and lo and behold! Lorac bought an empty lot and built a big house in the same village we were living—less than a block from our house. Beside the house was also a warehouse—we’re guessing where she would put the goods.
My mom (who is a peaceful and reserved woman) decided to let Lorac get away with it. But this is where the plot thickens… my mom’s friend (let’s call him Winer) urged her to start a new trading company to compete with Lorac’s!
Back then when Winer presented his trading business proposal to us it seemed very profitable and as if everything will sail smoothly. But after reading the book I realized it actually violates letter “C” control which is causing a lot of problems to us right now. Nevertheless, Winer keeps on comparing our new company to Lorac’s saying “how come Lorac did it?”
I will end my post for now and begin a progress thread.
We have 2 family businesses. I need guidance for both since both are out of control, but I’ll tackle first the one that I am fully in charge (the other one is being managed by our partner far away from home).
Here’s is a not-so-quick history of family business 1:
Twelve years ago, my mom (who is very kind and charitable) invested on a trading business. She had 2 employees, husband and wife but mostly the wife managed everything and the husband was in charge for deliveries. Let’s call the wife LORAC. She invested on Lorac and her husband mainly because they were bankrupt and had 1 kid. I want to emphasize the Lorac managed everything, meaning bank accounts were named after her (for reasons I cannot divulge here), my mom trusted her and she proved to be trustworthy.
For twelve years Lorac remitted a fairly good amount of money every quarter. I’d say my mom started a good fast lane business without her even knowing it—she automated it, and had a pretty good chance for scaling up. On the other hand, Lorac did pretty well managing the small trading business and I say the persevering couple was a great team. In time, the company was able to buy assets such as delivery vans.
A few years ago things started to get sour between Lorac and mom. Lorac complained that the business was starting to decline and she will be remitting less. Despite that, Lorac wanted to buy a passenger van to help with the deliveries and to start a rent-a-car business using the money she will be remitting to my mom for that year. My mom did not agree and from then on Lorac cut all communications with us. A year or more has passed and lo and behold! Lorac bought an empty lot and built a big house in the same village we were living—less than a block from our house. Beside the house was also a warehouse—we’re guessing where she would put the goods.
My mom (who is a peaceful and reserved woman) decided to let Lorac get away with it. But this is where the plot thickens… my mom’s friend (let’s call him Winer) urged her to start a new trading company to compete with Lorac’s!
Back then when Winer presented his trading business proposal to us it seemed very profitable and as if everything will sail smoothly. But after reading the book I realized it actually violates letter “C” control which is causing a lot of problems to us right now. Nevertheless, Winer keeps on comparing our new company to Lorac’s saying “how come Lorac did it?”
I will end my post for now and begin a progress thread.
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