What should I do to not be "greedy"

[kaz]

This actually was a choice I had to make:

After a career in management and management consulting where I was embarrassingly overpaid, I risked everything and started my own business. I bought five businesses over three years. I spun two back off and merged the other three. There were a lot of difficult times, but over the last two years we have settled into year over year stability and profit and revenue growth. My life is pretty easy now and I have enough money. Sure, if I had a lot more it would change my life, but unless it's a lot more, it won't make any difference.

A year and a half ago, I had lunch with a friend of mine. He ran a business similar to mine, but about half my size. I proposed we merge and he would be COO and run operations and I would be CEO. Besides knowing each other, he knew my staff, I knew his, it would have been a good fit if he wanted to do it. We had a nice lunch and he said he'd think about it, but he said it would probably not work because we'd both want to run the company. I figured that before I asked, but I figured I'd throw it out there. About two weeks later, he had a brain aneurism and died pretty much instantly. We were the same age, wow.

---------------------------------------------

So here's the problem. I wanted to help out his widow and keep his staff employed, but liberals keep telling me that if I earn more than I need than I'm greedy, and I din't want to be greedy. So here were the choices, which would have I have done? The business was worth far more to me than anyone else because I knew his staff and I knew his business and I knew it folded right into mine. I also had the cash to close on a deal right away, and the widow wanted that badly.

1) Turn down the deal, let the widow know I'm sorry and let the jobs go. It's a difficult time to sell businesses, but she probably could get something for it and maybe they would have kept some of the staff, but hey, I can't earn more, I earn enough and I didn't need the money so it would have just been wrong for me to do that.

2) Buy the business and give all the earnings to the widow and her employees. OK, they turn out better, but I have to put up the money to buy the business, more money to operate it and I have to work harder to integrate it into mine and continue to run a company doing more work. I care about the people, but damn, I have to do all that and get nothing out of it?

3) Buy the business for a fair price so the widow is set, hire the people so they have jobs, and keep the money. But damn, I didn't need the money, so that would make me greedy.

So, those are the choices. Do I let the jobs go because I have enough money, do I spend my money and work for free or do I earn money that won't in any way change my life?

These BTW are the real choices you are giving business people and investors when you tell us we earned enough. What do you want us to do exactly? Please clarify

 

[Book of Jeremiah]

Question for you. Why do you believe that in order to justify earning money and keeping it - you must first "need it"?

 

[Luddly Neddite]

Ask Judicial review

 

[HenryBHough]

Let it go.

If you do what seems to be the right thing you'll have a stroke from the high blood pressure it'll give you.

In fact, if you have enough, watch who buys the business and, while they're in a spending mood, take their money to buy yours two and run like hell. Your own "Atlas Shrugged" moment!

 

[C_Clayton_Jones]

'What should I do to not be "greedy"'

You should be more concerned about looking ridiculous, this thread being one of many examples.

 

[TemplarKormac]

Your money is yours. Don't be ashamed of being prosperous. And for the life of you, don't succumb to those liberals who think you're "greedy" for making a lot of money!

Do what you think is best, kaz.

 

[kaz]

Question for you. Why do you believe that in order to justify earning money and keeping it - you must first "need it"?

I think you missed the entire point of the thread

 

[occupied]

Sounds like a personal problem, but it's like this: Don't work yourself into an early grave, don't take food off of a poor man's table and most importantly, don't let your possessions own you.

 

[Book of Jeremiah]

Question for you. Why do you believe that in order to justify earning money and keeping it - you must first "need it"?

I think you missed the entire point of the thread

Was there one?

To be fair to you - I do see one. You seem to be concerned about what others think of you. You shouldn't be. You answer to Lord only. If the Lord blesses your business and you acquire wealth give Him the praise for it. So long as you consider everything to be in His hand I do not see the problem. Your conscience is well able to let you know if you are in the wrong about some thing.

 

[rdean]

This actually was a choice I had to make:

After a career in management and management consulting where I was embarrassingly overpaid, I risked everything and started my own business. I bought five businesses over three years. I spun two back off and merged the other three. There were a lot of difficult times, but over the last two years we have settled into year over year stability and profit and revenue growth. My life is pretty easy now and I have enough money. Sure, if I had a lot more it would change my life, but unless it's a lot more, it won't make any difference.

A year and a half ago, I had lunch with a friend of mine. He ran a business similar to mine, but about half my size. I proposed we merge and he would be COO and run operations and I would be CEO. Besides knowing each other, he knew my staff, I knew his, it would have been a good fit if he wanted to do it. We had a nice lunch and he said he'd think about it, but he said it would probably not work because we'd both want to run the company. I figured that before I asked, but I figured I'd throw it out there. About two weeks later, he had a brain aneurism and died pretty much instantly. We were the same age, wow.

---------------------------------------------

So here's the problem. I wanted to help out his widow and keep his staff employed, but liberals keep telling me that if I earn more than I need than I'm greedy, and I din't want to be greedy. So here were the choices, which would have I have done? The business was worth far more to me than anyone else because I knew his staff and I knew his business and I knew it folded right into mine. I also had the cash to close on a deal right away, and the widow wanted that badly.

1) Turn down the deal, let the widow know I'm sorry and let the jobs go. It's a difficult time to sell businesses, but she probably could get something for it and maybe they would have kept some of the staff, but hey, I can't earn more, I earn enough and I didn't need the money so it would have just been wrong for me to do that.

2) Buy the business and give all the earnings to the widow and her employees. OK, they turn out better, but I have to put up the money to buy the business, more money to operate it and I have to work harder to integrate it into mine and continue to run a company doing more work. I care about the people, but damn, I have to do all that and get nothing out of it?

3) Buy the business for a fair price so the widow is set, hire the people so they have jobs, and keep the money. But damn, I didn't need the money, so that would make me greedy.

So, those are the choices. Do I let the jobs go because I have enough money, do I spend my money and work for free or do I earn money that won't in any way change my life?

These BTW are the real choices you are giving business people and investors when you tell us we earned enough. What do you want us to do exactly? Please clarify

You said: I wanted to help out his widow and keep his staff employed, but liberals keep telling me that if I earn more than I need than I'm greedy, and I din't want to be greedy.

Liar. No one told you that. Why mess up a good delusion with a lie?

 

[eagle1462010]

Want versus need..............You don't really need it............but you had already wanted it..............as you wanted to merge before...................

It's a business and personal decision...........whether you want the business or not............If you make more money but then have no time to enjoy it............

If the Widow's staff is as Jam up as you say.............then you could recommend that one of her Senior Staff members run the show for her...................You could offer a consultant fee for helping her keep the business going during transition..................and get the fee later after keeping it afloat..............and training..............If you have an ethical issue with it.............then donate the fee to your favorite charity....................

Seems unusual, if this other business was doing well that it would simply fold after his death...........Seems the staff could have kept it going.

 

[kaz]

Ask Judicial review

This thread is for you, Luddy. Well, maybe not personally you. But you're the Marxist demographic. This is your change to provide some actual content, why don't you do that for a change?

When we earn "enough" what are you looking for us to do then? Please clarify

 

[kaz]

'What should I do to not be "greedy"'

You should be more concerned about looking ridiculous, this thread being one of many examples.

Why is that? Why is it none of you lefties can answer the question to clarify the position you constantly espouse?

Obama: At some point you've earned enough.

I'm stipulating to the the point. Uncle. I earned enough. I'm not fabulously wealthy, but I'm comfortable and if I earn a bit more it will change nothing in my life.

So, what do I do now? That is the question, what say you?

 

[The Professor]

I have always acknowledged that I am not the brightest bulb in the chandelier; however, I offer my humble opinion for what it's worth. Whether one is to be considered greedy depends on two facts: how he earns his money and what he does with it. If you acquire riches thorough honest effort you are not greedy no matter how much wealth you accumulate . However if you pursue wealth for the sake of amassing a fortune which will not meaningfully better your life or the lives of those around you, than I suppose one could call you greedy.

To live comfortably is not greedy. To wallow in wealth while those around you suffer is the epitome of selfishness. Live well and do what you can to alleviate the suffering of others. If you do that only a fool would call you greedy.

 

[Luddly Neddite]

Ask Judicial review

This thread is for you, Luddy. Well, maybe not personally you. But you're the Marxist demographic. This is your change to provide some actual content, why don't you do that for a change?

When we earn "enough" what are you looking for us to do then? Please clarify

Because you used this thread as a vehicle for a really stupid lie about liberals, I knew you were lying and posted accordingly. Now, you've followed it up with a lie about me. (Please take the time to familiarize yourself with the definitions of words you obviously don't know or understand.)

But, pretending your question is real, its your money and "greed" is a subjective term. Decide what is important to you, decide you want to accomplish and do it.

I am in the position of not needing more money and it gives me the opportunity to do things I could not do in my younger years.

There. How's that for content?

 

[kaz]

Let it go.

If you do what seems to be the right thing you'll have a stroke from the high blood pressure it'll give you.

In fact, if you have enough, watch who buys the business and, while they're in a spending mood, take their money to buy yours two and run like hell. Your own "Atlas Shrugged" moment!

Very reasonable advice. As I'm sure you would have guessed, I did buy the business. It worked out great. Their staff and mine had worked together and they fit right together. We didn't lose any customers we are aware of and I didn't fire any of their employees. I'm not saying it was perfect and there was never an issue, but everything that came up was addressed and resolved. It was the smoothest integration of any business I ever bought.

Anyway, it also worked out financially. I paid half down and the rest over time. The employees all kept their jobs and I make more money which hasn't in any way changed my life. It was a bunch of work for me during the integration, but now it's not a lot more work than it was before.

The problem for me to follow your advice is that as long as I'm still in the game it's hard to stop playing. Imagine you're a football player and you're up 35-0 early in the second half. I am still working to grow the business, but organically instead of through acquisition. We have started a nice new business line in that we are building websites. I have a staff of graphic designers and that was a nice application. I'm not looking to retire yet. I am trying to figure out where I want to go from here. Until I do, I am going to keep playing the game and not start kneel with the ball.

 

[occupied]

'What should I do to not be "greedy"'

You should be more concerned about looking ridiculous, this thread being one of many examples.

Why is that? Why is it none of you lefties can answer the question to clarify the position you constantly espouse?

Obama: At some point you've earned enough.

I'm stipulating to the the point. Uncle. I earned enough. I'm not fabulously wealthy, but I'm comfortable and if I earn a bit more it will change nothing in my life.

So, what do I do now? That is the question, what say you?

I gave you the answer but you didn't read it. It's a personal decision that requires no answer from any of us. I get the idea you are not one of the super wealthy so quit taking criticism of them personally, you are not in their club, you have no way to get into their club and they do not need you to jump to their defense.

 

[DarkFury]

1, buy out the widow.
2, Tell the employees you have work for those wanting work.
3, YOUR buying that half of the company SAVES their jobs. Remind them.
4. Try and find someone from his employment lineage to lead that part of the crew..
6, What the employees need to understand is with his death and your purchase who and what they worked for no longer exists.

 

[Rozman]

This actually was a choice I had to make:

After a career in management and management consulting where I was embarrassingly overpaid, I risked everything and started my own business. I bought five businesses over three years. I spun two back off and merged the other three. There were a lot of difficult times, but over the last two years we have settled into year over year stability and profit and revenue growth. My life is pretty easy now and I have enough money. Sure, if I had a lot more it would change my life, but unless it's a lot more, it won't make any difference.

A year and a half ago, I had lunch with a friend of mine. He ran a business similar to mine, but about half my size. I proposed we merge and he would be COO and run operations and I would be CEO. Besides knowing each other, he knew my staff, I knew his, it would have been a good fit if he wanted to do it. We had a nice lunch and he said he'd think about it, but he said it would probably not work because we'd both want to run the company. I figured that before I asked, but I figured I'd throw it out there. About two weeks later, he had a brain aneurism and died pretty much instantly. We were the same age, wow.

---------------------------------------------

So here's the problem. I wanted to help out his widow and keep his staff employed, but liberals keep telling me that if I earn more than I need than I'm greedy, and I din't want to be greedy. So here were the choices, which would have I have done? The business was worth far more to me than anyone else because I knew his staff and I knew his business and I knew it folded right into mine. I also had the cash to close on a deal right away, and the widow wanted that badly.

1) Turn down the deal, let the widow know I'm sorry and let the jobs go. It's a difficult time to sell businesses, but she probably could get something for it and maybe they would have kept some of the staff, but hey, I can't earn more, I earn enough and I didn't need the money so it would have just been wrong for me to do that.

2) Buy the business and give all the earnings to the widow and her employees. OK, they turn out better, but I have to put up the money to buy the business, more money to operate it and I have to work harder to integrate it into mine and continue to run a company doing more work. I care about the people, but damn, I have to do all that and get nothing out of it?

3) Buy the business for a fair price so the widow is set, hire the people so they have jobs, and keep the money. But damn, I didn't need the money, so that would make me greedy.

So, those are the choices. Do I let the jobs go because I have enough money, do I spend my money and work for free or do I earn money that won't in any way change my life?

These BTW are the real choices you are giving business people and investors when you tell us we earned enough. What do you want us to do exactly? Please clarify

I bought five businesses over three years.

At this point the Libs here started to feel uncomfotable....

To have one business and not rely on government freaks them the fuck out.
To have more then one business drives them nuts....
At this point you are way past greedy....

And remember what Lizzie and Obama said....
You really didn't build those businesses up....

 

[kaz]

Want versus need..............You don't really need it............but you had already wanted it..............as you wanted to merge before...................

Well, I already know you're not a liberal, so you aren't going to answer their question. Not that I object to you sharing your opinion anyway, appreciate you are doing so. As to your specific points:

It's a business and personal decision...........whether you want the business or not............If you make more money but then have no time to enjoy it............

Fair enough, but I am not retired, I am in my early 50s and I am running a company. I thought most of the extra work would be temporary and it was. Not that it's not a bit more work now just because the business is bigger, but since the integration is done it's not much more. So I'm good.

If the Widow's staff is as Jam up as you say.............then you could recommend that one of her Senior Staff members run the show for her...................

Love the brainstorming, and this is an excellent suggestion. His right hand man (actually a woman) was actually offered that opportunity. She didn't want to do it. She likes running the operations, but the thought of running the business was daunting to her. She works for me now. We discussed that actually a couple months ago, I was curious if she thinks she made the right choice to not do that. She said YES! She runs my customer service department now. She loves it. I am a lot like the guy she worked for, my friend who died. She said she's very happy considering what happened.

You could offer a consultant fee for helping her keep the business going during transition..................and get the fee later after keeping it afloat..............and training..............If you have an ethical issue with it.............then donate the fee to your favorite charity....................

Another great suggestion, but I'd rather just buy it, which I did. It would have been no less work to do that and no one would have ended up ahead, the answer to your last point expands on this as well.

Seems unusual, if this other business was doing well that it would simply fold after his death...........Seems the staff could have kept it going.

Great question. I did not mean to imply the firm would actually fold. By buying it, I maintained all profitability the business had and actually expanded it by being able to cut out redundant costs. The biggest of which is the president since me running a company 1 1/2 times my size which is in the same business is not a lot more work than running my own company.

If I had not bought it, it was an unknown. They were fine operationally, but they were not sustainable without a chief executive to make business and financial decisions. Profitability would probably have been reduced since someone probably would have had to hire someone to run it and they still would have wanted profits out of it. The best theoretical case is someone with the same skills as my friend would step in and run it, but then they still would have had profits whacked since the money to buy the business would need to be paid.

If I bought it, everyone was whole. If I didn't buy it, one way or another they would have taken a hit, probably lost jobs. Also, just so you know, it's hard to sell a business now for anything ever since the great recession. Business valuations are still incredibly low