EntreLeadership - Helping Mom Get Ownership of the Business

Episode Date: May 29, 2020

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This is the Dave Ramsey Show and Entree Leadership theme hour this hour on the Dave Ramsey Show. We're answering your questions about business. Ken Coleman, Ramsey Personality, and Daniel Tarty, Executive Vice President of Entree Leadership are my co-hosts this hour. Thomas is in North Carolina. Hey, Thomas. How are you? Hey, Dave. I'm good.

How are you? Better than I deserve. What's up in your world? All right. Yeah. So I am actually calling on behalf of my. mom. I'm a high school senior about to go out to college, but my mom owns a small business in Belmont, and she teaches ballet. And so she was trying to apply for one of the PPP loans,

but my dad, who separated two years ago from my mom, he left us, did not agree to co-sign and he is a partner. He owns 50% of the business. He did not agree to cosign. And so I'm calling because I was just wondering what the best way for my mom to get my dad out of the business would be so that she's free to have full autonomy in the business. Has there been a divorce? So yeah, is there a divorce? They just separated. Yeah, no, they sadly have not divorced yet. And it's been, It's been about two and a half years. He left the summer before my sophomore year, and I am now... Why have they not divorced?

You know, I honestly couldn't tell you. Well, that's how you get to business. Well, yeah. So my dad has multiple sclerosis, MS, and he was diagnosed with that a few years ago. So he has been living off of not unemployment, but another government system where he basically just gets money to live. But he has threatened, because he's in such a good position to take so much for my mom, he's threatened that if my mom gets a lawyer for the divorce,

that he's going to go after my dad's, sorry, my mom's stocks, which she has about almost 100,000. Yeah, good luck with that. Get a lawyer. Well, look, Thomas, here's the thing. Get a lawyer. I don't think he's going to get it. And I just want to talk to you.

I mean, as a high school senior, I hear you caught in the middle of all this and wanting to help. There's only so much influence you're going to be able to have. And I know you love your mom and your dad and you're trying to do everything you can. I think they're going to have to get a divorce. There's going to have to be a lawyer to figure out in the settlement what happens to the business. And that's like to Dave's point, that's how you ultimately make it clean. But you're going to be a great leader someday. I mean, I can already tell, like, you're trying to figure out how to help this and solve the problem.

And, you know, I would just, I would encourage you to hang in there and support mom and dad the best you can. But it's also not your problem to solve. And you don't need to bear that burden as a high school senior. You know, the answer to your question is your mom needs a longer. Yeah. Call is bluff. It's a bluff. Yeah, he's, um, yeah, he can't do what he thinks he can do or what he's convinced her he can do.

And he's been acting this way for a long, long time. This is not the first time. Well, she's running, I mean, she's effectively running the whole business. and so. Well, she's not going to hold up. And he's got her buffalo out of the corner. She needs an attorney desperately.

I don't know if you can talk them into doing that, Thomas or not, but regardless of your dad's threats, your mom needs to get in a lawyer today, today. Painter, get off the ladder. Sorry, man. Leo's in Arizona. Hi, Leo. What's up?

How are you, Dave? How are you been? Great, man. How can we help? Oh, thank you for receiving my call, Dave. I have a big question for you for the panel. I arrived to this couple of five years ago. I'm a financial controller.

I work for a big company. The region that I manage is bigger than half a billion dollars per year. And I've been working for the last two years more than $14.60 a day, sometimes Saturday, Sundays, but I don't mind. But right now, it's taking the time of my family, my kids. I have two kids into the autism spectrum. I like to help people with their finances too. but right now how can I scheme my career

having a more balanced time doing what I love that it's finances I'm very good at it so right now I don't have anybody inside of my company helping me I don't have a financial level of this I'm a person who can't help me

so I'm the whole orchestra and to be honest with you I do 110% every day but I'm starting to start getting tired I can not bet well yeah yeah I got because so Leo first of all amazing

I love immigrants They're so inspiring. Yeah. They just work. My question, though, Leo, is, have you brought this up to leadership to say, hey, this is a big-time company? Or at least you're serving big companies? I want to know, have you brought this up to leadership to say, hey, I can use an admin

or some help? Has that conversation happened? I already did. And the answer was, well, this is how the things have been done for the last 10 years and nothing is going to change. All right. Well, then it's a simple answer. I think that's start looking.

Don't jump. Start looking. You know, here's the good news. You're absolutely clear. absolutely clear and I think you're qualified. And I think it's working now connections. And let's find another job, a guy like you who works as hard as you do, is as talented as you are and experience as you are. You are a absolute diamond for somebody else. Look for something else. But before you move over there, check the culture. Do your homework. Find out if that kind of

culture that you're going to leave exists somewhere else. And you get in a healthy environment like a Ramsey Solutions where the company is known for two things, for developing you, and promoting you. And then the balance will take place. It'll come when you get into position in a place where they value you, not just as somebody who gets work done, but as a human being. I think that's what you look for. Well, I think Ken's exactly right, especially if you're going to look at another company. And I also want you to hear Leo, I have a lot of friends who are very successful, small business owners, and they've been at it for 10 to 15 years, and they're making millions, and they've got big teams. And they were exactly where you were right before they started

their business and you've got the makeup of an entrepreneur. You're working your tail off. You have the vision. You know what it takes. You've got the skill set. And it might be a time to consider starting your own thing. On the side. Unless he's got the financial wherewithal to just jump into that. I want to make sure he starts that on the side, begin to offer his services on the side and build that up. Agreed. Yeah, doing that in a way that is not in conflict ethically with where he is. That's right. Yeah, that's true. So, yeah, you know, Leo, all we're saying to you is what you all we're already knew that you're not going to be doing what you're doing today one year from today. You know, in some form or fashion are going to leave.

You're going to take another position with more reasonable folks and working more reasonable hours, probably for more money. Or you are going to start your own thing on the side, and as it builds up, you're going to be able to move from this to that seamlessly without causing havoc in your personal finances. by doing that. So, very interesting, very interesting. Well, there is a lot going on out there.

There's a lot of opportunity in chaos. It's really sad and heartbreaking what some of the folks have gone through. The level of fear, and in some cases just outright hysteria that people have gone through, is, you know, it's mind-boggling. But in the midst of that, that the entrepreneur finds a way to serve, finds a way to help, finds a way to compassionately love their customers and their customers as my friend Rabbi Lappin says

return the favor by giving them certificates of appreciation with president's faces on them. And that's the way I feel as a customer when I went to my friend, I went to three different friends restaurants this week to make sure that I was there, socially distanced, spaced apart, all kinds of things going on. The people all look like bank robbers in there with their little masks, and I left them nice, big, hairy tips, because I want to make sure those servers hear us say loud and clear, thank you.

They're out there serving. Harry tips. Big, big old hairy tip. That puts this hour of the Dave Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily. with the Prince of Peace, Christ Jesus.