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Message
re: Small family business grossing over 500k/year
Posted on 12/16/18 at 4:56 am to Lawyered
Posted on 12/16/18 at 4:56 am to Lawyered
OP sounds jealous of his sister getting handouts. He says she does nothing for $130k (even though she’s clearly doing some work to earn it). But here he is literally doing nothing for 1/5 of her salary.
Some of the people that come to this board can’t possibly stop to consider how they may also be doing something wrong in these situations. Like that guy with the Christmas bonuses issue. It’s always someone else’s fault, until we ask a few questions and get the whole story
OP needs to relieve himself of his salary before he judges his sister for being dependent. Then he can judge his sister. His sister will never listen as long as he’s at the tit too
Some of the people that come to this board can’t possibly stop to consider how they may also be doing something wrong in these situations. Like that guy with the Christmas bonuses issue. It’s always someone else’s fault, until we ask a few questions and get the whole story
OP needs to relieve himself of his salary before he judges his sister for being dependent. Then he can judge his sister. His sister will never listen as long as he’s at the tit too
0
Posted on 12/16/18 at 6:40 am to Papasteve
First of all OP you are jealous and need to get over that.
2ndly, you need to separate income and expenses. It’s absurd they are not. Everyone should be paid for their work and that kept
Separate from the business expenses. You need to talk to an accountant and get that cleared up. Certainly sounds like a lot of personal use here that an audit could catch and force $1000s in unpaid taxes.
Lastly, your mom could hire a GM. Run the business and everyone makes less.
2ndly, you need to separate income and expenses. It’s absurd they are not. Everyone should be paid for their work and that kept
Separate from the business expenses. You need to talk to an accountant and get that cleared up. Certainly sounds like a lot of personal use here that an audit could catch and force $1000s in unpaid taxes.
Lastly, your mom could hire a GM. Run the business and everyone makes less.
Posted on 12/16/18 at 8:40 am to baldona
quote:
2ndly, you need to separate income and expenses. It’s absurd they are not. Everyone should be paid for their work and that kept
Separate from the business expenses. You need to talk to an accountant and get that cleared up. Certainly sounds like a lot of personal use here that an audit could catch and force $1000s in unpaid taxes.
Came here to say this. Could be in for a really nasty tax issue.
Posted on 12/16/18 at 10:56 am to Papasteve
Mom needs to sell the business and enjoy retirement. Sister and brother-in-law can then join the real world and grow up.
Posted on 12/16/18 at 10:57 am to Papasteve
Sounds like mom mad her bed and now she has to sleep in it. Nothing you can do.
Posted on 12/16/18 at 8:22 pm to Papasteve
quote:
What's your advise?
CALL MARCUS LEMONIS
Posted on 12/16/18 at 8:26 pm to Fat Bastard
quote:
CALL MARCUS LEMONIS
I assume you're just BSing, but it does sound like they have one of the things I think he says.
They have a product not a business.
Posted on 12/16/18 at 8:38 pm to Mingo Was His NameO
quote:
but it does sound like they have one of the things I think he says.
people, process, product
yeah their people and process sounds totally fricked up.
marcus would shut all that shite down with the quickness.
Posted on 12/16/18 at 8:47 pm to Papasteve
What's the value-add you and your sister provide? So far I've gotten your sister is an accounts payable specialist making way more than the market value for that position. Still not sure what you provide for 2k per month either. The whole thing sounds like potential tax evasion unless you're leaving out a lot of details.
Posted on 12/17/18 at 6:52 am to FinleyStreet
I’m curious if OP is on the payroll paying taxes? Because otherwise his mom is gifting him over the yearly allowable amount. But being on the payroll would be a terrible idea anyway.
Posted on 12/17/18 at 7:13 am to Papasteve
That is way too much on your mom. Good lord she's funding their adulthood which is ridiculous when you're not making millions. Even then, I wouldn't be funding this much shite.
I'm not sure how the husband lives with himself being granted in as a spoiled brat into the family.
I'm not sure how the husband lives with himself being granted in as a spoiled brat into the family.
Posted on 12/17/18 at 9:02 am to Papasteve
Buy the business. Kick deadbeat sister out and hire your own people.
Posted on 12/17/18 at 9:27 am to Papasteve
quote:
basically her rental properties and any profit from the "extra jobs" is what keeps her at float.
$218k is a little more that keeping her afloat. Sounds like it is a good job for her and your sister, but your sister will lose it once she takes over. Your mom knows that, which is why she is still working.
My advice is that there is nothing you can do about it.
Posted on 12/17/18 at 9:35 am to Papasteve
I'm really curious what kind of business this is. When almost half of the cash flow is to owner pocket, usually it's professional services of some sort.
Posted on 12/17/18 at 9:46 am to LSUFanHouston
quote:
When almost half of the cash flow is to owner pocket, usually it's professional services of some sort.
I was wondering the same thing....and he mentions his mother feels her presence is needed for "quality control". ???
Posted on 12/17/18 at 11:09 am to hungryone
I think the OP doesn't know what he is talking about. He is talking about his mom's "income" being $218k but then using that for the rental properties. That makes zero sense.
It also makes absolutely no sense for the mother to be paying for the daughters bills straight from the operating funds and THEN paying the daughter. So nothing adds up.
The OP was so off base there is no way if it was halfway true that she would both still be in business and not be audited by the IRS.
If it is in fact true, I'd then like to know what kind of business Momma is working to bring in $350k (perfect OT number) and have absolutely no idea what she is doing financially and be able to allow a worthless daughter to take over. As in not a professional like an accountant, lawyer, etc.
It also makes absolutely no sense for the mother to be paying for the daughters bills straight from the operating funds and THEN paying the daughter. So nothing adds up.
The OP was so off base there is no way if it was halfway true that she would both still be in business and not be audited by the IRS.
If it is in fact true, I'd then like to know what kind of business Momma is working to bring in $350k (perfect OT number) and have absolutely no idea what she is doing financially and be able to allow a worthless daughter to take over. As in not a professional like an accountant, lawyer, etc.
This post was edited on 12/17/18 at 11:10 am
Posted on 12/17/18 at 11:11 am to baldona
Who knows if you are getting whole
Story. Its the money board. Most these posters never disclose all info.
Story. Its the money board. Most these posters never disclose all info.
Posted on 12/17/18 at 11:35 am to FinleyStreet
quote:
Still not sure what you provide for 2k per month either.
Apparently for meddling/kibitzing.
Yeah, this thread devolved from me wanting to help the OP (and his mom), to wanting the women to wise up and cut him completely out. That's your -$25k profit right there - at least get to zero by cutting out the dead weight.
Posted on 12/17/18 at 12:41 pm to Papasteve
Have your sister take over and buy you out. It will force her to work or fail.
Posted on 12/17/18 at 7:45 pm to Papasteve
I feel like I am going through the same thing with my in-laws.
They have a business that grosses 1.2 MM. Profit on this is about $750k.
They pay themselves $200k, and I do not have an issue here.
They have about $400k of additional essential payroll - a little high, but some of their employees have been with them a long time.
Their problem has been that they have about $150k in family payroll. Two family members that couldn't make a third of what they make in the real world. My FIL knows this but these are my MIL family members and she won't budge.
One of them, which makes about 90k of the 150k - literally runs errands. Gets lunch, goes to the bank, answers the phone. The guy that makes 60k is their bookkeeper - over paid, but at least does something.
So they are down 50-100k every year and their business is struggling even though it makes money. Really frustrating.
They have a business that grosses 1.2 MM. Profit on this is about $750k.
They pay themselves $200k, and I do not have an issue here.
They have about $400k of additional essential payroll - a little high, but some of their employees have been with them a long time.
Their problem has been that they have about $150k in family payroll. Two family members that couldn't make a third of what they make in the real world. My FIL knows this but these are my MIL family members and she won't budge.
One of them, which makes about 90k of the 150k - literally runs errands. Gets lunch, goes to the bank, answers the phone. The guy that makes 60k is their bookkeeper - over paid, but at least does something.
So they are down 50-100k every year and their business is struggling even though it makes money. Really frustrating.
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