Thread: the age old story

Company I worked for a decade ago had been around for over 200 years. The founder had put all the shares into trust and family could only take a share of profit. Not that family were locked out they could work in the business and some did just that they were not paid had to depend on the profit share for income. There were a maximum number who could profit from the trust so this did not become diluted over the years keeping them interested in how the business performed as there was a very good income being produced for the beneficiaries

I know of two brothers. One has a very successful business he owns outright. He agreed to go 50:50 with the other brother in a single branch franchise. The other brother mercilessly milks the branch profits to fund his racehorse hobby. The branch is losing money, unlike all the others, which are profitable.
The smart brother asked someone I know to take over management of the branch and make it profitable. The person did that and then the other brother, after resisting every change, then skimmed off the new profits to spend on horses. The manager was furious and resigned. The smart brother is also furious.

I know the feeling. I have close family who owe me a ton of money, which I probably will never see again. You live and learn, but it's better when you learn off others mistakes!

I think it was Charlton Heston who said: 'my children have not had the advantage of growing up poor.'
Someone wiser still spoke of a 'fool and his money, soon parted'

Originally Posted by 3toes

Last place I worked soon after started realised that out of 25 people the longest serving person had been there just under 2 years. HR did not see that there was a problem as the turnover rate was ‘normal’ for this department. Rest of business did not have the same level of turnover. The issue relates to a golden boy who could do no wrong and should never have been promoted. Once I realised it was not going to be solved left taking my team with me to the competition.

I found the same is the case at most of the agricultural tractor dealerships in SW Victoria.

One particular dealership I used to work at turned over a majority of its mechanics every 18 months. The problem was the owner that would roll up and override the branch manager and service manager, which caused a lot of tension especially if he blasted the mechanics for doing something else. In the end I resigned and started my own business.

Originally Posted by LRT

I found the same is the case at most of the agricultural tractor dealerships in SW Victoria.

One particular dealership I used to work at turned over a majority of its mechanics every 18 months. The problem was the owner that would roll up and override the branch manager and service manager, which caused a lot of tension especially if he blasted the mechanics for doing something else. In the end I resigned and started my own business.

A thought that crossed my mind . In the same game there are a few independent contractors. Reckon the take home less than $15 per hour. So going back to getting a vehicle time doing tax etc , I am still a few bucks ahead. Still there has to be more out there for $20 per hour with less agro