Mr and Mrs K's New Journey to a Debt Free Life.

fc123

AlexLK wrote: »

I didn't say anything as I only found out today. It's with a semi-professional orchestra and honesty, I think my chances are slim. However, if I don't try I don't know also as I'm really enjoying music again it's worth getting some audition experience. Admittedly, I have been looking at doing a PhD part time once our son reaches school age. Will not give up my business to do it as I doubt I am intelligent enough to go into academia properly.

So far as the meeting goes, we have not finalised anything as of yet. However, he's going. It's just down to negotiating the terms of his departure. Currently, he wishes to take around 35% and I am at 20%, following kissjenn's list (thank you so much for that, it was VERY, VERY helpful).


Where you going on holiday?

Kas peninsula in Southern Turkey. 30 degs today:) Just 9 days and 1st hols since last June....and you know what's it's like being self - employed.....you can never switch off until you are far away. I think the last extra time off was Xmas and I never feel rested after those 2 days off...in fact, going back to work after Xmas is like having a rest.

Don't want to sound thick but what happens to the other 45%?

Is that figure divvying up the cash in bank after taxes etc?


It's good that you are auditioning again ...good luck with the practise.

AlexLK wrote: »

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Having a good but very tiring week. Really hope I am not going to just crash.

You won't as long as you pace yourself. Very few people are full on for 16 hours every single day, day after day.

AlexLK

fc123 wrote: »

Kas peninsula in Southern Turkey. 30 degs today:) Just 9 days and 1st hols since last June....and you know what's it's like being self - employed.....you can never switch off until you are far away. I think the last extra time off was Xmas and I never feel rested after those 2 days off...in fact, going back to work after Xmas is like having a rest.

Sounds wonderful, have a nice time. The last time I went to Turkey was in the very early 1990's, back then it was "exotic" and I remember we chartered this Turkish yacht and sailed along the coast.

Yes, I know that feeling all too well, though I don't seem to work many hours the business is often in my mind.

As I've said before I don't like Christmas so do not find the time at all relaxing.

fc123 wrote: »

Don't want to sound thick but what happens to the other 45%?

Is that figure divvying up the cash in bank after taxes etc?

Sorry, I don't think I quite understand. He is willing to "get out" of the business taking 35% of it's assets (cash etc.). That figure is under negotiation.

fc123 wrote: »

It's good that you are auditioning again ...good luck with the practise.

hahaha, I need more than luck . In all seriousness it's going OK.

fc123 wrote: »

You won't as long as you pace yourself. Very few people are full on for 16 hours every single day, day after day.

I've gone through "burn out" due to work before and do not want to end up there again.

fc123

AlexLK wrote: »

Sorry, I don't think I quite understand. He is willing to "get out" of the business taking 35% of it's assets (cash etc.). That figure is under negotiation.





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So you keep the business and the remaining 65% cash and assets but this includes any tax liability or has that been removed first. Confused

AlexLK

Sorry, I've just realised what you meant, FC! No, I am willing to let him go if he takes 20% of assets, he wants 35%. If I get my way I'll end up with 80% (not being greedy as I put in all the capital in the first place and haven't taken so much out as well as offering him a job etc.). However, I will settle for just over 70%.

Hope that makes a bit more sense?

AlexLK

fc123 wrote: »

So you keep the business and the remaining 65% cash and assets but this includes any tax liability or has that been removed first. Confused

I'm confusing myself here! :rotfl:

Yes, I will keep the business and x% cash and assets to include any tax liability.

fc123

AlexLK wrote: »

Sorry, I've just realised what you meant, FC! No, I am willing to let him go if he takes 20% of assets, he wants 35%. If I get my way I'll end up with 80% (not being greedy as I put in all the capital in the first place and haven't taken so much out as well as offering him a job etc.). However, I will settle for just over 70%.

Hope that makes a bit more sense?

So he wants 35% but you will go for 30%.

Does it feel fair to you? If it does, go with it sooner rather than later so you can move forward. Delaying things over 5 % could cost more long term. Obviously we are talking percentages so I don't know if 5% is £500, £5000, or £50,000.;)

Is the Start-Up capital amount still in it as cashflow or did it all get spent?

kissjenn

Hi,

Seems to be a real mix of pieces. Some spiritual, then Beatles then traditional. Presume Scots stuff will be involved although I've done enough "Wee Cooper o' Fife" to last two lifetimes.

They don't use music though which I find hard...seems to be a nice bunch tho.

Started Criminology classes tonight as well. Thought it might be fun to learn how to remove all evidence from any future crimes I plan

KJ

If you ever want a 2nd eye cast over the business numbers or rationale, feel free to PM me.

snookey

Alex you wont be able to tear him away from nursery. He will be full of what he did and who he met when you go to collect him.

I wish you well in your music audition . Thats such a gift to have,

Alex you really need to stop winding yourself up about the future. Your son has parents who love him lots of children dont. Your a fantastic father so why would he want to break contact when he is older.

AlexLK

fc123 wrote: »

So he wants 35% but you will go for 30%.

Does it feel fair to you? If it does, go with it sooner rather than later so you can move forward. Delaying things over 5 % could cost more long term. Obviously we are talking percentages so I don't know if 5% is £500, £5000, or £50,000.;)

Is the Start-Up capital amount still in it as cashflow or did it all get spent?

I feel 30% is a "fair" figure, Mrs. K. does too (she's the mathematician ). My parents seem to think 22.5% is "fair" but most things they deem to be "fair" in business are anything but. Whilst I will go for 30%, really I'd rather it be 27.5% (so I end up retaining over 70% of cash and assets). Not sure that's very coherent.

I do understand the need to move on as well so we shall see how the negotiations pan out. I would rather not put exact cash figures or go into great detail about business on here though I am very appreciative of your help. (Hope you understand this).

Not all the start up capital got spent, around 60% is still there.

AlexLK

kissjenn wrote: »

Hi,

Seems to be a real mix of pieces. Some spiritual, then Beatles then traditional. Presume Scots stuff will be involved although I've done enough "Wee Cooper o' Fife" to last two lifetimes.

They don't use music though which I find hard...seems to be a nice bunch tho.

Started Criminology classes tonight as well. Thought it might be fun to learn how to remove all evidence from any future crimes I plan

KJ

If you ever want a 2nd eye cast over the business numbers or rationale, feel free to PM me.

hahaha sounds fun. Ah, a lot of community choirs don't as not all members will be able to read from score.

Where on earth are you studying Criminology as a night class? Clearly, there are a lot more options in Scotland for community education than here.

OK, thank you I will have a think on it.

snookey wrote: »

Alex you wont be able to tear him away from nursery. He will be full of what he did and who he met when you go to collect him.

I wish you well in your music audition . Thats such a gift to have,

Alex you really need to stop winding yourself up about the future. Your son has parents who love him lots of children dont. Your a fantastic father so why would he want to break contact when he is older.

I do hope so, I want him to have fun.

Thank you, I'll know the result Monday, I think.

I don't think I am a "fantastic father" in the slightest. However, you have a point about winding myself up about the future in general.