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The EntreLeadership Podcast

Why You Can’t Afford Weak Leadership

The EntreLeadership Podcast

Lampo Licensing, LLC.

Entrepreneurship, Business, Management

4.74.1K Ratings

🗓️ 4 September 2023

⏱️ 46 minutes

🧾️ Download transcript

Summary

Today we’ll hear about: • If it’s beneficial to buy partial ownership of a company • What to do when your employees are drowning in student loans • A 21-year-old that made $3 million selling smoothies and wants to take his team from good to great • How to prevent customers from walking all over you Links mentioned in this episode: • The EntreLeadership Podcast • Stages of Business Assessment • Student Loan Debt in America Livestream Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask Start growing in business and leadership with the EntreLeadership Newsletter. Sign up to receive tactical tools, advice and resources in your inbox every week: https://bit.ly/3IRWnsL Support our sponsors: • NetSuite • BELAY • Payority • Trainual Learn more about EntreLeadership Events: • EntreLeadership Summit • EntreLeadership Master Series Learn more about EntreLeadership Coaching: • Elite • Advisory Groups • Executive Coaching • Workshops Listen to all the Ramsey Network podcasts anytime, anywhere in our Ramsey Network app: https://apple.co/3eN8jNq Learn more about your ad choices: https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy: https://www.ramseysolutions.com/company/policies/privacy-policy

Transcript

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0:00.0

From the headquarters of Ramsey Solutions, this is the Entry Leadership Podcast where I take calls from leaders and business people like you about what it takes to win at any stage of business and leadership.

0:24.0

I'm Dave Ramsey, your host with over 30 years experience in the trenches. That means I actually freaking do this stuff. It's not theory. We make payroll around here on Friday like you do.

0:36.0

It's actually not Friday's first and 15th, but either way. I mean, you know, the deal is we're in here doing it like you are. This is not a think tank on leadership. It's not theoretical stuff. It's actually people that do this stuff.

0:51.0

So thanks for hanging out with us. We appreciate you being here. Open phones call in and we will make you part of the program. Leave us a voicemail at 844-944-1070-844-944-1070. We appreciate you hanging out with us. Zach is going to start this episode in Cambridge, Nebraska. Hi, Zach. How are you? Hey, Dave. I'm good. Thank you for having me on today. My pleasure. How can I help?

1:21.0

Yeah, hey, so I am the owner of a two kind of small town grocery stores. I have a 25% ownership in the store. The other 75% ownership is actually my parents.

1:34.0

And last year our revenue, my wife and I guess it should say our revenue last year was we took home about $140,000.

1:44.0

And so my question for you is my parents are looking to kind of retire and we are trying to look at trying to buy another 50% or another 25% of the ownership and that will put us at 50% owners.

1:57.0

And we are kind of valuing that about $500,000 is what it would be to purchase that other 25% and I know you have experienced in that and having family members come up and take over the range.

2:09.0

So I'm just kind of curious to get some input on your behalf on some of the ways that we can do that without having to go to the bank to take out money at 8.5% interest rate right now.

2:21.0

Which would be suicidal. Agreed. Why only 25%? Why not buy the whole thing?

2:32.0

That's a good question. You know, I guess I don't know why. You know, my parents are trying to look at this is still have a little bit of a revenue stream to come in.

2:46.0

This is two small grocery stores as well. So we are definitely in like the treadmill operator stage on both of the stores.

2:54.0

Logistically, it would be tough for me to try to run both of them right now anyway.

3:00.0

If they're going to retire, somebody's got to run them.

3:03.0

You know, very true.

3:07.0

I mean, he's not. Pop's not working anymore. So who's going to run the other store?

3:13.0

You know, that's what there is people in place there. I could definitely run the store.

3:18.0

I think of coaching them up enough in the next couple of years or maybe to run the store.

3:24.0

Yeah. Before you buy it, that's got to happen. You got to have somebody to run it because he's good because he's going to retire.

3:30.0

Well, there's 25% or 75% so if we were to run the PNL on the stores, the profit and loss statement on the stores with a manager running the other store and you running the store that you're in, what is the net profit after those expenses, not paying dad anything because dad's gone.

3:51.0

What will be the net profit?

3:53.0

So last year, the net profit, if you would just go for both stores, the net profit probably for last year, both stores was around $400,000.

...

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