LVFishGirl
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- Joined
- May 12, 2012
- Messages
- 2
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I searched through google and found this forum and thought someone might be able to help with my questions. I have an aquarium maintenance company here in Las Vegas. The company is in the start up phase and I was seeking a small investment to make this into an LLC and some misc equipment that was needed, I had posted on craigslist hoping to find a fish enthusiast and local investor.
I was contacted by a man locally who is part of a business adviser group, they assists companies with planning and the creation of their company or with growth, exit strategies, etc.
I'm learning and not sure how this normally works, and had a few questions.
We presented our company, we need a very minimal investment, they are providing the LLC(paying for and getting everything together for it), the thousand we needed for equipment, business cards, etc and then getting us a website made. Also ipads to assist with scheduling, credit card processing and few other things, things we personally do not have the money for. They will provide their business services like accounting, help with marketing if needed, and then finding an angel investor if we needed it in the future. In return they ask 5% over 5k a month we are paid out, we can not make less than 5k. This is the part where I am fuzzy,..The rest goes back into the business correct? Now they said something about 15%(I can not remember what they called it),... I understood the part that if we sold the business they would get 15% but it seems also at the end of the year they would get 15% of the profit,.. Is this correct? Does the 85% then come back to me or does it have to stay with the business or can I pull some of that? Will I only be able to pull 5k a month for myself from the business if I do this set up with them? I've been thinking about that from the meeting and it'd kind of suck to make tens of thousands a month(aquarium maintenance is lucrative) but monthly still only be able to make 5k for ourselves. Should I say I want more each month? Assuming this is before taxes this isnt a lot when this is supposed to be wages for my fiance and I who both do work in the business. I know this is vague but I can not remember the term for the 15% and thought someone who does investments in businesses may be able to explain or let me know if this is fair, or if I should counter. I meet with them on Tuesday to get this going, any help would be appreciated.
I was contacted by a man locally who is part of a business adviser group, they assists companies with planning and the creation of their company or with growth, exit strategies, etc.
I'm learning and not sure how this normally works, and had a few questions.
We presented our company, we need a very minimal investment, they are providing the LLC(paying for and getting everything together for it), the thousand we needed for equipment, business cards, etc and then getting us a website made. Also ipads to assist with scheduling, credit card processing and few other things, things we personally do not have the money for. They will provide their business services like accounting, help with marketing if needed, and then finding an angel investor if we needed it in the future. In return they ask 5% over 5k a month we are paid out, we can not make less than 5k. This is the part where I am fuzzy,..The rest goes back into the business correct? Now they said something about 15%(I can not remember what they called it),... I understood the part that if we sold the business they would get 15% but it seems also at the end of the year they would get 15% of the profit,.. Is this correct? Does the 85% then come back to me or does it have to stay with the business or can I pull some of that? Will I only be able to pull 5k a month for myself from the business if I do this set up with them? I've been thinking about that from the meeting and it'd kind of suck to make tens of thousands a month(aquarium maintenance is lucrative) but monthly still only be able to make 5k for ourselves. Should I say I want more each month? Assuming this is before taxes this isnt a lot when this is supposed to be wages for my fiance and I who both do work in the business. I know this is vague but I can not remember the term for the 15% and thought someone who does investments in businesses may be able to explain or let me know if this is fair, or if I should counter. I meet with them on Tuesday to get this going, any help would be appreciated.
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