Sunday, April 19, 2009

I'm going into business... maybe - part 2

See part 1 below...

I schedule a meeting with my uncle. We see eachother on holidays and family gatherings. He isn’t married and has no kids, so in some ways we have developed a closer relationship than one normally would. I tell him about the idea, and without much effort on my part he likes the idea. Really? All I had to do was just briefly pitch the potential?

I then see my grandfather while on vacation he likes the idea. He not only is willing to invest, but tells me if I have any more ideas he wants in. He’s most interested in real estate among other things. It’s odd because my family is SO conservative. They save and save and save.

And then; I realized something. We often are hardest on ourselves when it comes to understanding our talents; furthermore, passion rubs off on others. You constantly hear about doing the things that you love and pursuing them. It’s for one simple fact. We inspire others and put out our best when we do exactly what it is we want to do. My pitches weren’t hard sales because I believe in the product and the business. More importantly they trust my financial background and my professional credentials (CPA very shortly).

The Follow Up
The Company sent me their franchise agreement and I read through basically all of it. All 185 pages in several hours; as with most legal documents it’s very long, wordy and full of a bunch of cover your butt crap. I came out with a list of questions. My main goal is to develop a pro forma set of financials based on how I think the business is run, determine a break even point, etc. I don’t have the information yet to do that and that is where we are in the process. In a few days I may or may not hear back. Even if things don’t work out and I don’t get the franchise just the process has grown me and made me more confident. With franchises you have to always be willing to walk away if the numbers don’t work. ALWAYS
So to be continued….

The Crossroads
I sat in bed for two and a half hours last night after talking with my uncle over the phone and going over what I have basically documented above with a little more detail. He’s still interested, and I’m real nervous. I want it so bad, but I mean let’s face the facts. If I go down this path it is risky, exciting, adventuresome, and UNKNOWN. I have no idea at the end of the day if this will work; regardless of how confident I am in my projections they are just that… projections. No guarantees or certainties lie in entrepreneurship. And more importantly I know that I can never go back to corporate america and allow someone else to profit off of me. From the day I dive in going forward I create value and then reap the rewards. No more no less.

So this path has permanence it means that the safe, corporate, high paying, comfortable job is gone forever. I’m going on a much more challenging, difficult path, but the rewards are o so sweet. It’s scary, exciting, and down right crazy. What will happen? Stay tuned.

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