Surprise Caller and Visitor...

I'm so glad I worked and near completed my business plan last night, just before lunch I got an email from Wayne saying he had a trip that was cancelled and was in the area and wondered if we could meet today to review the plan.

Other than printing and binding the plan I was ready. This morning I did a final review and adjusted it. Just as I finished I got a phone call, it was Jevon from the U.K. one of my blogger and twitter buddies and one of the round table of this blog. He called to say hello.

We had a real nice chat and decided to do an Ironman together, we agreed that Summer of 2012 will be the year and it will be somewhere in Europe, Austria or Germany or where ever, Jevon is to decide. I told Jevon that Reid will be pumped, Jevon's a real time movie director and Reid wants to be and would love to hang out with Jevon. The plan would be to visit in the U.K. and do the Ironman. I'll make it a family European vacation.

In talking to Jevon it's interesting, most of the guys that are privy to the blog are around the same age and Ironman, except for Matty O. Of the ones I've talked to, all of us are in the same stages of our lives and experiencing the same thing, we want quality of life. In our younger years we were prepared to take risks with what little we had and work like a dog and now we want to work, yet at a comfortable pace.

Al and I joke that this is the "Year of the Me". Al's getting in shape and doing stuff for himself after years of doing nothing for him and all for his family. I'm all about me on the money side. I've sacrificed potential income over the years by being a good partner and taking less to help the business stay afloat as the printing industry declined. I wasn't my own man, I was pressured by my partners and father to stay the course without benefit to me, other than thinking there is nobility in stupidity or nobility in suffering. More on that at a later date.

Anyways, it's the Year of the Me. Al's changing his life and so am I. And like I said, most of the people I talk to in the same age bracket, are experiencing the same sort of feelings.

Back to Wayne. When he emailed he was in the area, I asked him what time he wants to come by. His reply emails take a long time to reply. He said 1:15, it was noon. I said sure and gave the file to the production staff to print out and bind 6 copies. There was some problems with the files and by the time Wayne arrived the books weren't yet bound, he had another person he wanted to talk to and I suggest he talk to him first and by the time he's done the plan will be bound.

I had some concerns as I mentioned on yesterdays blog as to whether or not I should put in the income level I'm looking at making. Some people have told me not to, to wait for him to make the first move, a article I read said it's better to let them know what you're looking for to set the watermark in the negotiations. Alyssa mentioned that in Psychology class they learnt that giving a number it is more likely that number will be achieved.

I hadn't yet heard back from anyone so I put the number I was looking for in the plan. Originally, I was looking for $240K and commissions to allow me to make $500 K plus. After doing the business plan and seeing the amount of work I'd have to do, I upped it to 300K and put that number in the proposal. The business plan financials showed that the business unit would lose money for 18 months and within 4 years would be throwing off $2.1 million in pre tax profits. The amount I was asking for seemed justifiable.

My meeting with Wayne lasted just over 2 hours. I think I surprised him at first, he wasn't expecting such a comprehensive plan. I'm certain he has never gotten anything like it from any of his other member of his leadership team. Most all are from lower level production roles that have worked there way up to management. The 34 year old sales manager was working in the bindery when he started, which is the lowest level job you can get in printing.

At first, I reviewed the executive summary page and numbers. Wayne was asking all kinds of questions and I could tell he wasn't clear that I was talking about a separate business unit. I got him clear on the plan and then told him to sit back, all his questions will be answered in detail and if he has any after I'm done, I'd be surprised.

As we went through the proposal it unfolded beautifully, it was well thought out and legitimately one hell of a prime highly-profitable market and business opportunity. Probably the best I've ever saw, if he doesn't go for it, I'm tempted to do it on my own.

When we got to the financials I showed him the budgets which were high on the expenses, low on the sales and the profits were awesome after 4.5 years. I also pointed out that the income I put in for myself was $300 K. He didn't seem to flinch. He did say that he doesn't mind paying for that especially as the profits grow and would like to see a bonus structure to keep me motivated. I agreed and said "I'm also looking for a bonus structure above and beyond the 300K". I told him my goal is to be making $500 K plus within 4 - 5 years.

I set the water mark. Now the discussion began. I told him that as I wrote the plan, I realized how much work was involved, essentially it's close to a start up and I would effectively be doing the responsibilities of the president and owner of a company. I have the skills. The issue I told him I struggle with is commitment and not second guessing my decision, if I don't make enough or at least what I think I should be making for such hard work, I'll be more focused on not making enough money for the level of effort and second guessing my decision. I'd rather know I'm properly compensated and be committed and focused on only one thing, making this work.

I told him I know I can do it, easily. I've done it before, I've grown a business from start up to over 110 employees and averaged 33% organic growth over 11 years and had 11managers reporting to me. I told him this plan will fail without the right person, he agreed. I also told him that my dilemma is that I know I can make that money else where or if I start a business and with a business as I grow it, I can sell it and get a payday on the back end, I need to take that into consideration with what he will pay me.

He understood and can see how he too wouldn't want me second guessing about whether or not I made the right decision and was being compensated accordingly. He also mentioned that if the plan brings in those numbers he doesn't want me to look back at the relationship and feel I was mistreated or $500 K and he'd rather pay it to keep me happy.

He kept coming back to the losing money over the first 18 months and perhaps there was a way we could reduce the loss and I'm sure there is. I think he's looking at it like paying me less in the begining would definitely help reduce the loss. I stress to him the amount of work involved and he got it.

I told him that although I have other opportunities, I'm working with him first before moving on. I said "I like you, I trust you and your a nice guy, I feel compelled to want to make money for you". All true, I've never met a nicer guy and I actually felt bad this summer not working hard on his behalf. He thanked me and said he felt the same way about me.

It ended without a conclusion, other than he needs to review the numbers and we need to keep talking. I mentioned that my contract runs out by May and I want to bring this too a head, I want to know the direction I'm going. He was a little wishy washy saying we will keep talking over the next few weeks, again I came back to let's resolve this, I need to know we are speaking the same language.

He's definitely got money and prepared for growth, prior to our meeting he was talking about moving us into larger space and trying to determine what the business will look like in 3 - 5 years so that we move into large enough space and he wasn't sure if it's better to lease or buy, the lease prices are so low it may not make sense to buy.

When we parted, we chatted informally and I told him I'm going to St. George with my daughter. We were going to hike and hang out together, she wasn't able to come to Kona. I also told him that I learnt a few things this summer, I don't like working from home, I need to train, I got my mojo back and figure I've got another 15 - 20 years in me, and that I'm still going to do triathlons and I'm doing an Ironman in St. George.

I figured he better know, I'm not going to sacrifice that part of my life and if he thinks he's going to own me, he's wrong. I'll get the numbers using my style. Showing up early or staying late is not commonly necessary for me, I didn't tell him, but it's what I do now. I did tell him I'm not a ground troop, I'm watching from 10,000 feet and directing.

He mentioned in our business plan review that he was interested in using my Internet Marketing skills in other parts of the business, they lack that expertise. I told him I'm open, depending on what you want to do, do you have any ideas of markets, he said no. I then said, if I'm doing this plan, my time may be limited, although I could oversea and hire someone to work under me.

We left with me still not knowing my wage. Again, he moves slow, I just see time running out, we've been talking now for 60 days. In fairness, this is the first time a number has come up and I'm glad, I would have asked for less without the business plan. I also wanted to show him the calibre of person I am and that I can put a plan together like this, people pay highly educated Arthur Anderson people to do stuff like this, I'm just a barely high-school grad who somehow learnt how to do this.

As he was leaving it was 4:20 and I said I'm heading out, I want to get a ride in before Sundown. Earlier I mentioned that I was struggling with the budgets for 6 hours, then I went for a 30 km run and everything was clear afterwards. I really wanted to subtly stress, I'm not going to stop training.

On the drive home I called Alice from the car and filled her in, I didn't have time to do it when I got home, I needed to get on my bike. I really needed to get a ride in. I felt so relieved we talked, it really brought the anxiety level down and it helped get my mojo back. Perhaps there is some truth to what Alice was saying, my training is suffering from not yet knowing my future.

I managed to get 3 hours of riding in and finished in the dark with near frozen feet. It was -2 C and gets colder on the bike when you are riding into the wind. My ride speed sucked and when I got home, I was untypically tired, although it makes sense, I've missed the last two weekends long rides. I really needed this ride.

I was almost at the point I wanted to go to bed early and I forced myself to have a few pints at the Pig and Whistle, afterwards I felt great, back to normal and it gave me some time to fill Alice in on the events.

For the blog, you can see this is real personal. I kind of wished I had done this during the sale of my business period, if you think my personal life is a bit of an adventure, the sale of the business was a wild ride. On one of the posts I'll describe the highlights. I want to put it into a book for me to remember and future generations to read.

Oh, and I'm using the stick on my calf and wear full bottom compression tights and when I'm not wearing those I'm wearing compression socks.

One last thing, I really want to thank everyone for the advice from yesterday's post. Although I didn't get it in time the consensus was I did the right thing. Jamie also emailed me and said show the number. I love this master mind group thing. Bob's comment needs to be framed or something, brilliant.

Mod Bike - 3:10:40 / 83.77 km / 26.4 kph avg / 139 avg hr