Still way behind here… Things have
been interesting to say the least. Ryan
is leaving his business (I am not going to say the name of his business here
just so I can avoid it coming up in an internet search). The short version of a very long story begins
with Ryan trying to buy his business partner out. He had been trying to do that for almost 3
years, and they could never come to an agreement on price. John (business partner) was asking way too
much. John also would tell Ryan to put
something together, Ryan would, and then John would take 3 months to get back
to him (John lives in Hawaii). Repeat
this scenario for 3 years. So earlier
this spring, Ryan took a really hard look at the numbers and realized that the
business would have to change a lot in order to actually make money. They were making money, but not very
much. John had also been pretty shady
about several things, like many promises made to Ryan about getting more of a
stake in the business. When it was set
up, Ryan didn't get an attorney (major problem #1) and he didn't ask a lot of
questions. John forked over all the
money and Ryan got a 5% stake in the business with promises of more when he
built it up. Well, Ryan built it from
the ground up, putting ridiculous hours into it. He has made it into what it is today, yet he
never got more than 5%. Ryan was fed up
and he and John had some interesting discussions where Ryan told him he was
going to walk away. Then John came up
with someone to buy the business. This
guy is overpaying for it. We almost feel
bad for him. Almost. There is no way Ryan would have ever paid
that much because the business doesn't support it. Yikes for this guy. But what really sucks is that Ryan will be
lucky to get a few thousand dollars out of the sale. And yet, he IS the business. So frustrating!
We are not sure what will happen now…
Ryan is exploring a bunch of options.
Unfortunately, he wasn't able to start telling people until last week, so that means he has 30 days to figure something out. I guess we will see what happens! More to come…
