Total Sidewalk Dad

[RisingStars]

Hello,

Let me first fast introduce myself. I am 17, from germany, still in school and really interested in business and money + value creation in gerneral.

My dad is a jeweler and a total sidewalker. I never told anyone but I trust the anonymity of the internet for this thread.
My grandparents just told me that he is in alot of debt. Probably around 100k I dont know the exact number.
The business hes running is going pretty bad. To his defense all jewelers in the city go bad or even close doors.

My granddad already were a jeweler and my dad bought the business from him. In the end my granddad had 1,2Million annual Turnover. Now all the stuff in my dads shop is worth around 150k together.
The problem is that he cant buy new stuff because he is in so much debt.
He still got some jewelerys from my granddad.

I would love to help him, but I cant even tell him that I know he has problems, because I sweared my grandma not to tell him. When he got the shop from them, he immidiatly bought nice stuff like a sweet car, nice apartment, clothes etc. never thought it could turn down. First years it went well but now its pretty bad.

I dont know how long he can do this anymore.

Also its really hard to work with him. I dont want to talk him to bad, he was a good dad when I was a chield, played alot with me and stuff but:

-Had a fight with my grandparents when they tried to help him with the business (years of no talk followed)
-My grandparents always try to make him do smth. always lame excuses.
example? The business just had 50 years celebration. He didnt do anything, no cards to customers nothing.
Christmas. Nothing no advertising etc.

-It isnt his fault but good to mention maybe: his kidneys work on like 10%. Make him fall asleep even while talking in the evening. So he dont got alot of energy.


I have alot of ideas but I cant talk with anyone about it. I am thinking about moving out with 18, get a part time job but still go to school. My parents would not have to pay for me anymore. (I dont like our house anyways so noisy all the time. Not a good place to work) Negative: With a part time job and school I would have nearly no time to work on my fastlane dream.


What I already did: I created a ebay shop (I am allowed to own a business with 17, we had some talks with the court and now I am officially alowed)
I made good pictures and but some of my dads products on ebay.
I have to wait till they put my resell limit from 10k to 100k atleast up.
Only listed 6 products, already at 10k.

Any thought/ideas on my situation? Thanks for your time.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ZCP]

Was going to suggest using the family knowledge and connections to start an online way to find/buy/create jewelry. Then sell the lead / design to local shops (starting with your Dad's).

 

[tafy]

I know your worried about your father but I gotta tell you that you need to start thinking about your own business and leave him out. If you really want him to change and help him then you can do that by exanding this ebay business you have started.

So get this limit put higher, learn more on how to write good copy and take good photos, see whats popular and what sells well and get more of that style. Im sure your doing this already.

If you shop does well it means your father will do well too, so concentrate on that

Good luck!

 

[nskitts]

If you want to grow the current business then you need to have a talk with your father about becoming the "manager" of his business and then creating a website, online marketing, better storefront signage, mailings close to Christmas, etc.

Your father is sick and cannot run a business effectively. Imagine how tired he is in the day-to-day operations let alone growing/adverstising the business. It's your job to find a creative way to not hurt his pride but to more or less take over the business and use your grandparents as mentors to help you become sucessful. You could do this by becoming the "manager". You would honor your father by making the business sucessful.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RisingStars]

@ZCP Thanks for your contribution. I have some Ideas in this field, but my time is really short since I am in school so much. I have to see how I can pursue it, but its really hard to tell my dad about ideas. His employes already tried some "new" stuff, like for example new jewlery but he said they should make it like he says.

@tafy Thank you. I really want to learn to write better copy. I will try to improve it with the 30 day challenge. But it will take longer since school is alot of work atm.

@nskitts Not hurt is pride as you said is the main issue. He blocks every hint my grandparents try to give him. But they said they rely on me to make him accept the hints. Also its bad that we dont play with open cards. I shouldnt know what I know, and he dont think I know. I need to be really careful in what I say.


General question: I saw a thread of @biophase who said "if you stuck, change your environment". I feel like I dont make enaugh happen a day, because there is so much distraction at home. In 18 months I will be 18 and I dont like my home anyways, would it be better for me to go to the city where my school is? I am driving the bus for 1 1/2 atm a day. Problem would be money ofc, because my parents wouldnt pay, but I would get "chield money" (180€) and a part time job (450€) + some ebay business money (dont know how much it will be in 4 months I hope enaugh to not have to work part time.

Would it be better for my fastlane goals to move out of my family home and stand on my own legs? I will have less time tho cause of gym, work and school.
Whats your opinion?

 

[ChickenHawk]

You sound like you have a really great head on your shoulders.I'm not an online biz guru, so all I can really offer is encouragement. I really admire that you're considering all these things at such a relatively young age. You're way ahead of the curve, especially since you've actually acted on your newfound knowledge. Bravo!

In whatever way you can though, you must (IMO) separate control of your biz from your Dad's. Meaning, you don't to end up in a situation where you're providing much of the work, but have zero control. I've done that with a parent, and it can end really badly, especially for you. He's your dad, and of course you love him. Just don't let him control your long-term financial destiny in any way.

Best of luck to you!

 

[craig1928]

You sound like you have a really great head on your shoulders.I'm not an online biz guru, so all I can really offer is encouragement. I really admire that you're considering all these things at such a relatively young age. You're way ahead of the curve, especially since you've actually acted on your newfound knowledge. Bravo!

Indeed, I was a drunken mess at 17.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Digamma]

Something I learned the hard way: never, never ever do business with friends and family.
Things like the fight between your father and your grandfather happen. The secrets, the resentment, the F*cking egos.. not worth it. If I do business with someone, I must be able to kick his a$$ freely without worrying about the Sunday family dinner.

Look, to be blunt, you should stay out of it altogether. Grow your stuff on the side, prove yourself, and eventually you can talk to your father man to man.
If he's prideful, he is not gonna take well his teenage son telling him he's driving the business to the ground.
Maybe you could ask him to put you to work in the store, but well, I don't know if it's good for your future.

 

[100k]

If you want to grow the current business then you need to have a talk with your father about becoming the "manager" of his business and then creating a website, online marketing, better storefront signage, mailings close to Christmas, etc.

Your father is sick and cannot run a business effectively. Imagine how tired he is in the day-to-day operations let alone growing/adverstising the business. It's your job to find a creative way to not hurt his pride but to more or less take over the business and use your grandparents as mentors to help you become sucessful. You could do this by becoming the "manager". You would honor your father by making the business sucessful.

^^ 2 x 1000000

Just tell him you have been reading lots of material about online marketing and ecommerce and you would like him to promote you to the online manger (no extra pay) and you'll take care of generating new customers online etc. and behind his back you have your grand papi guide you

Brilliant advice from nskitts.

 

[100k]

Indeed, I was a drunken mess at 17.

Indeed, I was a high mess

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Yasai]

That's really bothering you, hm? The emotional investment is understandable.
There are two basic approaches.

You could help him with his marketing (and his business in general). If you can restore the business that he drove into the ground, you can basically create ANY business, knowing that even if it nose-dives, you can still revive it and make it profitable again. Pretty valuable skill to have, right?

On the other hand, I can also understand the "Don't sh*t where you eat"-Mentality (even though I only apply it to romantic relationships, not family).
Do what YOU think is right.
Maybe both works out. You could start your own business and then use that as a lever to "repair" your father's.

 

[RisingStars]

@ChickenHawk Thanks for the encouragement and the kidn words. I really appreciate it. Yes I will try to seperate my biz but sadly I already started selling for my dad on ebay. Or atleast listed items, had some problems with ebay (since I am 17) and paypal. Hopefully it will be solved next week, but I cant really say that I wanna sell his products and 1 week later: "oh I dont want anymore"

@craig1928 and @100k Sometimes I wish I would be like the rest. Drinking and smoking every weekend can be really fun I guess, but I am way to worried about everything.

@MarshallDigamma Yes I think it can be really hard to work with friends and family but sadly I already started. Maybe I can seperate later if I get own suppliers.

@Yasai Yes its a hard choice but I already started. Cant really go back now. If it gets really bad I just let it sleep in and work on my other ideas.
But it would be really interesting for me to bring a business on the ground back to profitable. I think I would really enjoy it but therefore I would need free hand about everything and my father obviously wont give it to me.

I have to focuce on improving the online side, even tho I like offline stuff really much and have alot of ideas how to improve the main biz, but my dad admitts that he has no clue about online stuff.




Thank you everyone for your answers again. My plan is something like this now:
-Still school, get good grades ( yea I know not fastlane but I need a backup. Read a thread from @JackEdwards about it )
-Free Time improve the ebay shop and get it going + improve copywriting.
-When ebay is running own website, ads, personalised stuff + jewlery ideas etc.

Its something like that, hope it will work but if not I will have learned alot on the way and thats worth it.

 

[ChickenHawk]

I already started selling for my dad on ebay. Or atleast listed items, had some problems with ebay (since I am 17) and paypal. Hopefully it will be solved next week, but I cant really say that I wanna sell his products and 1 week later: "oh I dont want anymore"

I agree 100% I think you're doing a kind, honorable, and smart thing, and should definitely keep your word. I think your plan is great. I also think you'll learn a lot and get some great benefits from selling goods already on-hand from an established business. This could be a total win-win.

What I meant about control is more along the lines of if you pursue this further, where let's say you're building a standalone, long-term ebiz, make sure you don't surrender control of your life-long livelihood to someone who has a different mindset than yourself, and who, sadly, might not be that good with money. Several years ago, I partnered with my Mom in a very similar way. I don't regret helping her, but I'd have seriously regretted it if I had given my Mom any long-term control of my financial destiny.

I guess mostly what I'm trying to say is helping to support your family is wonderful. Just don't build your dreamhome on somebody else's land. That can be very dangerous. Good luck! We're all rooting for you.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[D11FYY]

Sounds like you've really been thrown in at the deep end of the pool.

Just keep researching as much Marketing ideas as possible even set up a WordPress ecommerce website they are only £200 for the year I'm sure and pretty simple to set up if not there is an abundance of videos on youtube and tutsplus.

Your at the age where this is going to either make or break you. But im confident that you sound extremely wise for your age so im hoping its going to make you, just get out there soak as much information up like a sponge as you can and do your family proud!

Wishing you success.

 

[RisingStars]

@ChickenHawk Thank you for your help again. I will definitly keep this in mind and wont let my dad get control about my financial destiny.

@D11FYY Thank you, yes I will try to get as much information and knowledge as possible. Hopefully it will work