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Hi,
Does anyone have any suggestions on how to make an offer to keep the existing business owners to stay on after buying their business from them? They are willing to stay on to ensure a very smooth transition and willing to work as needed for up too 2 years. They still want to work it. Just not every day!
3 owners...
1. 62 years old (sales manager) … Current pay 61k and owner benefits. Will probably be the first to leave. (His wife is sick)
Can be replaced easier however I am after his “KNOWLEDGE.”
2. 57 year old. (Service Manager/Installation) Current pay is 52,000
The most important person in the entire business structure, Will not be possible to replace INVALUABLE. He is willing to stay on as long as it takes and work it for several more years. However just has no desire to do it everyday and truly loves to do the service work. I need to find a replacement for an Install position and possibly a manager job. He does the work of virtually 2 or 3 people. Some how needs to help monitor and train the new replacements.
3. Number 2`s wife – (Accounting/answering the phone) Current pay is 28,000.
However I don’t feel like she has a clue what she is doing. She wants to stay also to have something daily to do away from home. I feel like because of her lack of ability to understand accounting that I can do a lot better by getting someone who is more on the up and up.
MOST OF MY TIME NEEDS TO BE FOCUSED HERE ALSO.
4.) There is a lot of wiggle room in the salary’s to hire people and create a salary for myself in the process. However I need to create my salary to SURVIVE OUT OF THEIR SALARY.
I am thinking on cutting their salary in half. Survival for me is around 50,000 ~ 60,000.
5.) I am thinking that there must be a transitional time where they should give me at least 3-5 months of training for free before pay kicks in. JUST FOR BUYING THERE BUSINESS FROM THEM. Some might think this is unreasonable however the owner will have to do this for just about anyone who buys it.
Problem #6
The other family members that are working in the business and they are planning on bringing into the business. There are two other family members involved in the business that are the SON/DAUGHTER’S of the owners.
1.) The son is supposedly a Sales/service guy who the owner sounds like he personally has little faith in. Says that he is 28 and doesn’t have a clue in life and sounds very much like he is a lackey and the owner states that he doesn’t apply himself well at all. He is making around 12.50 an hour. Aprox 24,000 a year. ( 2.50 more than the other sales associate who has been there much longer). The bad part is I will be stuck with the Owners Son at a higher pay. However I think I can “LIVE WITH IT” would be open to advice on how to possibly deal with him. He could have hard feelings or something. (Theory… if the son’s stays.. the INVALUABLE OWNER WILL ALWAYS BE AROUND)
2.) The sales manager has stated that his Daughter has left her “HEALTH CARE POSITION” and they are going to retrain her as a sales associate. Supposedly she can’t handle the stress in health care and has opted to go back to work for them. (WHO KNOWS?) According to the owners she has previously worked in sales and the thinking is also that she will make a excellent replacement for her father who was the sales manager. She should also freely get her fathers knowledge whether he is their or not. NO IDEA ON WHAT THEY ARE PLANNING TO PAY HER. (So I can’t plan for anything yet)
Problem #7.
1.) One of the employee’s apparently has started his own business a couple years ago and is working for my business and yet trying to start his. Doing installed and repairs. I have yet to find out if the owners know about this. (how could they not) This makes me Leary a little bit and a bit nervous. Being that they have a strong service reputation.