Читать книгу Run Your Own Corporation - Garrett Sutton - Страница 14

Alana and Sherri were two very attractive sisters who wanted out of the rat race. They had each worked for demanding and intolerant bosses. It was time for a change.

Alana and Sherri had each obtained the training to cut hair and perform beautician services early in their careers. Back then, it seemed like everyone was getting into the business. There were salons springing up everywhere. In the face of such competition they had each gone on to other pursuits.

Sherri found a job at the mall selling jewelry from a kiosk. She was personable and a good salesperson. But her boss, an older woman who put absolutely zero time into the business, wanted her to sell more. Sherri knew she was the best salesperson in the mall. She was operating at her highest level already, without any incentive on sales. And yet her boss wanted more.

Alana had left the beauty business to work in a title company. While she had never been detail oriented in school or as a beautician, her new job as a closing assistant for all types of real estate transactions got her head into the minutia, the small details that mattered. Her closing documents had to be letter perfect, and they were.

But her boss had over expanded during the real estate boom. With so much real estate being sold, there was a lot of money to be made providing title insurance and closing documents. When the crash came, he had four offices and enough work for just one. As he retrenched to survive he demanded more and more work out of the remaining few employees. As well, several payroll checks had bounced, which had created a cascade of bounced checks for all of the employees. Their complaints to the boss only made him more defensively intolerant. Alana had stopped enjoying going to work.

Alana and Sherri discussed their situation and decided it was time to get back into the beauty business. On their own. The competition had subsided, and they knew many people around town from their current careers who could become customers.

A significant impediment for Alana and Sherri moving forward was their husbands. Neither Will nor Clint wanted their wives to leave a steady paycheck behind. Starting a business involved huge risks, they argued. Who was going to sign a personal guarantee on a commercial lease?

The discussions lasted for weeks. There were raised voices and tears. Sherri and Clint had a young daughter, Ellie, who was scared by all the commotion. The arguments nearly tore the family apart. Finally, Alana and Sherri’s father, Big Jim, stepped forward. He could not allow this controversy to continue. For the sake of his family, Big Jim agreed to be the personal guarantor on the lease of a commercial space in a shopping center yet to be located. If his daughters didn’t make it in business he would be the one personally responsible for any lease payments until the end of the term. But he wanted to negotiate the lease. His daughters were ecstatic and grateful.

With the personal guarantee issue out of the way, Will and Clint grudgingly assented to their wives’ plans. They also knew not to mess with Big Jim. But if they were going to do it, they were going to do it right. Both husbands knew their personal assets would still be exposed if their wives did it the wrong way.

Alana knew from her real estate title company days that choice of entity was important. She scheduled an appointment with an attorney she knew so they could review their options.

What entity will they choose?...