totally O/T but am proper pissed off

[gridlock]

I started up a company about 2 years ago and up until about 15 months ago it was doing really well. We had two people working under me and I just had an investor above me.

I brought in two people that were meant to be kind of friends that I had worked with before and known for quite a while. They were good enough performers where we all worked before and we had all sort of planned to start something up together one day and it was me that made the jump first and put all the work in to get it up and running. Often doing 12 hour days and working weekends.

The first one didnt actually make any sales in his time here and just wanted to live off his Directors title and ran up debts of £40 grand in his time here and I got rid of him in January and the other guy went last month after running up £60 grand of debt. Fucking idiots just sat back and missed days off and didnt overally do any work. But I was so busy managing other people and doing my own work that I kind of wanted to believe they would turn it around and just needed to adjust to leaving the big corporate life.

I had a meeting with my investor this morning about everything and he has just turned around and said due to the debts they gave us, unless something drastic happens he wont put any more money in, which i totally understand but its kind of soul destroying and heartbreaking to know that after all the hard work I have put in and going from starting in a tiny office on my own to where I am now, this may be the end of it.

Sorry this is totally off topic but I really wanted to let off some steam to see if i felt better and allow myself to concentrate a bit better.

 

[BOOMSHAKER]

Is there any chance of bringing in family members to work for free (sort of) until you recover some of your losses???

 

[gridlock]

i wish man. Most of my family is abroad. I've got one girl working with me now and shes a diamond. has really helped out.

I'm thinking of trying to find a buyer to sell up and perhaps start again afresh and use it as a learning exercise. what do you think?

 

[BOOMSHAKER]

If that is your only alternative that you have left AND can take your mistake with a grain of salt and move on and come back stronger, more experienced then I would say go for it. But try to not over look the obviouse first. Sometimes some of the simplest solutions are over looked. Good luck bro.

 

[gridlock]

cheers bro much appreciated

 

[kjreid]

If your company is doing well except for the debt incurred by your previous collegues it might by advantageous to find a co-worker or two that could come on board but also would be willing to invest into the company with their own money. I believe your other two worker that you worked with in the past might have had a different outlook if they had to invest into the company prior to coming on board. You will be amazed how many employees would be willing to invest if you have a strong business plan.

 

[OuchThatHurts]

I started up a company about 2 years ago and up until about 15 months ago it was doing really well. We had two people working under me and I just had an investor above me.

I brought in two people that were meant to be kind of friends that I had worked with before and known for quite a while. They were good enough performers where we all worked before and we had all sort of planned to start something up together one day and it was me that made the jump first and put all the work in to get it up and running. Often doing 12 hour days and working weekends.

The first one didnt actually make any sales in his time here and just wanted to live off his Directors title and ran up debts of £40 grand in his time here and I got rid of him in January and the other guy went last month after running up £60 grand of debt. Fucking idiots just sat back and missed days off and didnt overally do any work. But I was so busy managing other people and doing my own work that I kind of wanted to believe they would turn it around and just needed to adjust to leaving the big corporate life.

I had a meeting with my investor this morning about everything and he has just turned around and said due to the debts they gave us, unless something drastic happens he wont put any more money in, which i totally understand but its kind of soul destroying and heartbreaking to know that after all the hard work I have put in and going from starting in a tiny office on my own to where I am now, this may be the end of it.

Sorry this is totally off topic but I really wanted to let off some steam to see if i felt better and allow myself to concentrate a bit better.

Obviously I'm very sympathetic that this is making you feel not to good right now but honestly. Maybe this company needs a closer look. I have a few endeavors of my own and sometimes you just have to cut your losses. You said, "I started up a company about 2 years ago and up until about 15 months ago it was doing really well." So for 8 months it did well? Something like 80% of businesses fail in the first two years and after two years, 80% succeed. Your's didn't even make a good first year. You made terrible choices of employees which I can fully understand but you should have been all over them long before the debt was accrued. It's kind of like lifting. Working hard is like lifting hard but if you don't lift SMART, then you usually fail.

Okay, so you're back to where you started. Now make the necessary adjustments and if you're business model is sound and you find better hires as time goes on then good on ya for that. I know your upset that you screwed up, got screwed, whatever, but now make the changes and keep going man. I remember when I thought, "Wow I'll work for myself and make my own hours and everything will be awesome..." - It's twice as hard to do it yourself then to draw a paycheck but it's 10 times as rewarding when you make it. So it's really a gamble. I'm a gambling man so I say go for it! This time, GET IT DONE.

 

[gridlock]

Obviously I'm very sympathetic that this is making you feel not to good right now but honestly. Maybe this company needs a closer look. I have a few endeavors of my own and sometimes you just have to cut your losses. You said, "I started up a company about 2 years ago and up until about 15 months ago it was doing really well." So for 8 months it did well? Something like 80% of businesses fail in the first two years and after two years, 80% succeed. Your's didn't even make a good first year. You made terrible choices of employees which I can fully understand but you should have been all over them long before the debt was accrued. It's kind of like lifting. Working hard is like lifting hard but if you don't lift SMART, then you usually fail.

Okay, so you're back to where you started. Now make the necessary adjustments and if you're business model is sound and you find better hires as time goes on then good on ya for that. I know your upset that you screwed up, got screwed, whatever, but now make the changes and keep going man. I remember when I thought, "Wow I'll work for myself and make my own hours and everything will be awesome..." - It's twice as hard to do it yourself then to draw a paycheck but it's 10 times as rewarding when you make it. So it's really a gamble. I'm a gambling man so I say go for it! This time, GET IT DONE.

sorry that was my crap wording, for like 15 months it was doing well, then 8 months ago when they all started it nose dived.

I sat there any thought about it last night and thought just fuck it. I'll pull through it, nobody has died and if it worked before, then it can sure as hell work again can't it

 

[OuchThatHurts]

sorry that was my crap wording, for like 15 months it was doing well, then 8 months ago when they all started it nose dived.

I sat there any thought about it last night and thought just fuck it. I'll pull through it, nobody has died and if it worked before, then it can sure as hell work again can't it

absolutely!

 

[deltaguy]

maybe these questions are too personal but I am just trying to get my head around the situation. what kind of company is it? what were your revenues like the first 18 months? have you reviewed the expenses of the previous employees to determine if they abused the spending habits and guidelines (you do have these guidelines in your employee handbook, right?)? If you so, they can and will be liable for anything not considered within business reason and I would pursue them immediately. If you don't have an employee handbook, you better get cracking and do some serious research or have a consultant come in to analyze your business and help you move forward in a positive (financial and environment) fashion.

just my $0.02

Best of luck to you.

BTW, I would kick that 'investor' right in his ass