Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Mr Big on May 04, 2006, 10:07:13 PM
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A year and a month ago, I started a business with 4 other partners, after quiting my job. We all worked at the same place and we all had almost no cash.
The business is going very strong today and we have surpassed 1 million dollars gross in our first year. Over 600K has been gererated since January.
Everything is crazy, and that's good.
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Congratulations Mr Big. Here's hoping for your continued success.
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Glad to hear everything is working out. Always great when ambition pays off for an entrepreneur.
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Hey man, congrats! :aok
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What do you do Mr. Big? Oil pipelines? Congratulations on your success and may it continue. Don't forget to take out a 1 million dollar life insurance policy on yourself, s'what my step dad's business partners did.
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Good deal Nuke, hope it works out for you.
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Proof positive that this is one of the greatest countries in the world. Even a sweetheart bag selling fake grass in the desert can make it big with a good bit of hard work.
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i went to university in AZ.
the grass there is so weak you can barely tell it from the real stuff.
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congrats Nuke
in early july we are doing the same. I sold the house we bught to restore and let last year with a good profit. The money will go into an office building project. We will put i roughly 100k (USD) each and borrow the rest. We already have tennants for 1/3 of the "complex".
Not a big project, but a very safe bet. It will hold 32 smaller offices that can be made bigger by opening them up. We will go for mostly startups and offer phone, internet ++ at a decent monthly price. We own the land next to it too and can expand because of its modular design. We are five partners all with different day jobs so we have different things we bring to the project other than the money.
Exciting times and and it gets me out of the house more i hope :D
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Hey! Get rid of those gas guzzling trucks and you'll be even more in profit!
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WTG Nuke. I guess the grass IS always greener. When you start running TV ad's with you wavin your arms and wearin a white cowboy hat let me know. I want a copy.
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Way to go Nukester.
BUT...you say the 1 million is gross. That's all fine and dandy...what about net? What is your bottom line looking like?
:noid
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Welcome to the ranks of the greedy capitalist elite!
Seriously, half the US hates you, because you dared to dream and are winning.
For myself, congratulations on a good year and a good first quarter!
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well... let's hope they don't start jailing employers that hire illegal aliens then.... that would really put a crimp in the old "bottom" line.
lazs
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always the optimist lazs :D
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I was part owner of a company in the 70's that had a million dollar gross and we didn't have any illegal aliens working for us nilsen. Why do people feel that it is the only way now?
It is bull.
lazs
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i cant see were he says he has hired aliens really.
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not saying he has.
lazs
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gramps always said "it ain't what yah make that matters. it's what yah keep, kid."
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WTG Nuke. I remember your anxiety over quitting your job and starting your company. Looks like you made the right call. Good luck and here's to your second million.
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Well congrats on business, never tried running own business, sure it must be stressful.
But only a million gross split 5 ways? Dang, better hope expenses are low & margins are high.
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(http://www.ctgilles.net/images/pictars/dr.evil_one_miliion_dollars.jpg)
One - million - dollars!
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Congrats.
Growth is good... but beware of over-trading. Cash is always king.
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I say
Execute him
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Thanks everyone, the positive comments are much appreciated.
A million gross is not a big figure today, but when we started out this business it was just two of us and we thought we might shoot for a million in our second year. We've been pretty amazed at how things have gone so far.
There are five owners, but only three of us are running the business and getting paychecks. The others will get their profit (split according to percent ownership) when we actually make a "profit"
We have 8 employees, plus the three owners doing all the work. We are all legal US citizens. My brother works for us and the others are all people we know or who our friends knew and recommended.
Curval, the bottom line is very good, but we are putting it all back into the company after having built enough cash in the bank to where we feel comfortable.
The fake grass is not a cheap thing to buy and a lot of our jobs are becoming pretty high dollar investments for the people buying it. Putting greens are very popular.
Nilsen, wtg! I hope you achieve much success and get a lot of rewrds and enjoyment out of your business. Always thought you were a nice guy and it's great to hear.
Beetle, I wish we had all diesels but for now we only have two, so gas is geeting guzzled, lol.
Thanks again everyone....... just wanted to share a little.
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Originally posted by Mr Big
Curval, the bottom line is very good, but we are putting it all back into the company after having built enough cash in the bank to where we feel comfortable.
:aok
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is that good? It's not that the company is sucking up money to maintain, it's that we are expanding.
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jeezuz grapefruit, Nuke; you got some kinda 'needy' thing goin there?
YES, it's good yer doing well... YES, your fans love you; YES, it's good to re-invest in your business, YES; fer crissakes, the kind and generous among us think it's wonderful yer grass business is growing. (henh.. that oughta set off some search word triggers at DEA)
me? i think yer as fulla crap as the xmas turkey; but hey; that's just me.
regardless, 'congrats'; fer crissakes.
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take it easy old man. I was just wondering what Curval meant by the thumbs up thing. Usually I take the thumbs up thing as a sarcastic thing. I know Curval knows how to manage money, so I curious to know what he meant.
I have no reason to lie about anything, thanks.
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LOL.. yer like a woman. They lie too. makeup, heels, padded bras.... all lies to enhance the limited deck they got dealt when the game started.
You.. yer name.. a lie. It's Nuke. Yer sig.. "I'm great". At what? Generating negative attention? Bush Beating for ANY attention?
But, again; that's just me... I'm a glass is half empty (and dirty) kinda guy.
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me? i think yer as fulla crap as the xmas turkey; but hey; that's just me.
[/B]
What kind of turkey have you been eating? I'd never eat one that is full of crap, but that's just me.
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Congrats MrBig. In 2004 me and four others quit our jobs (where I had worked for 16 years) and started a company. We got sued by our former employer, I blew through my entire 401k and then some, my income was zero for 14 months, and we ran out of money before we could make a sale.
On the other hand, I was my own boss, we came up with a workable product in just four months (just couldn't get a foot in the door to sell it), and it was the best experience I've ever had. I'm glad I did it and would do it again (if I had the money). Taking the risk is worth it.
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Nuke, just keep pumping money back into the inventory and equiptment for at least 5 years. At that point you should be in a position to sit back and start taking your profit home. I started a liquor store in 95 with $20K. In 2000 I sold the place for $200K. The whole time I only drew a $300 a week salary (there were a few weeks of no salary that first year) and put every other cent back into the business. I think it turned out OK.
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Originally posted by Mr Big
What kind of turkey have you been eating? I'd never eat one that is full of crap, but that's just me.
that reminds me of a great new euphamism for toilet that i came up with recently:
"mechanical fecophiliac".
kinda long on sylables, i know, but i think its got some 'zing'
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Originally posted by rpm
Nuke, just keep pumping money back into the inventory and equiptment for at least 5 years. At that point you should be in a position to sit back and start taking your profit home. I started a liquor store in 95 with $20K. In 2000 I sold the place for $200K. The whole time I only drew a $300 a week salary (there were a few weeks of no salary that first year) and put every other cent back into the business. I think it turned out OK.
OK, so even if you average the sale back in, that comes to 51,600 a year.
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Originally posted by Shaky
OK, so even if you average the sale back in, that comes to 51,600 a year.
Yep, it was a raise from the $35K a year construction job I had and I was my own boss. Oh, you gotta average in about $500 a month in free booze, too.
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Originally posted by Mr Big
is that good? It's not that the company is sucking up money to maintain, it's that we are expanding.
Yup, it's good. I didn't mean the thumbs up thingy to be sarcastic. It is very rare for any business to turn a profit in its first year. By throwing the money back into the business you ensure your working capital is adequate and you don't run into cash flow difficulties.
Who is keeping your books? I've seen many businesses collapse because bookeeping and accounting was ignored. You need to get someone to "cost" each job and keep accurate records. Make sure you know EXACTLY what each job is contributing to your bottom line. Having good books will also help if you need audited financial statements. The audit will be less "painful" and less expensive.
Do you have a shareholders agreement in place? (I assume you incorporated a company to do this businesss). I strongly suggest you have one.
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Originally posted by SOB
Proof positive that this is one of the greatest countries in the world. Even a sweetheart bag selling fake grass in the desert can make it big with a good bit of hard work.
So, why can't a sweetheart bag working hard and living in an apartment in Oregon make it big?
:D
Thanks for the link MT.
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Originally posted by eagl
Welcome to the ranks of the greedy capitalist elite!
Seriously, half the US hates you, because you dared to dream and are winning.
For myself, congratulations on a good year and a good first quarter!
Why are you acting like money and an insecurity complex have to go hand in hand? If that's the case you can keep your filthy money. I hate you. ;)