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I bailed on buying out my old employer.
One man band consulting firm with 4 seasoned employees and 5 interns or "green" individuals.
Went back and forth on price. Saw all the company financials and document flow.
Secured approval for a small business loan with plans to throw in some of my 401 k to dampen the blow.
Boss weaved in and out of what the deal was supposed to be.
First, I was getting 51% and he'd hang around a few years till I got the swing of things.
Then went to saying 100% with him staying 5 years.
He explained that me owning the company would have made the business 3 great things:
1. A minority owned business. (My response: what the fuck does that mean? I get a hand out because I'm a black business owner? My business is inferior and can't survive in the white world without this tag or something? I'm a normal business just like everyone else.)
2. A female owned business. (Same response above, just replace black with female and white with male. What the fuck is wrong with this country?)
3. A veteran owned business. (Ok, I can see this being a benefit I guess. Mainly because its for serving the country and not for my gender and ethnicity- something I had no control over at birth, you know?
How did we become so fucked up?
He was adamant that all this would make it rain money so I was in.
Long story short… he strung me along kept changing the deal.. I just quit and went to a competitor and will soon buy in and become one of the principles.
The end.
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