D
DeletedUser394
Guest
I haven't been around much this week, busy inking a deal.
It's single-handedly the craziest thing I've ever done. Unlike most progress threads, I'll tell you exactly what I'm doing AND provide the numbers behind it.
I won't go crazy specific, but I'll give you enough to take you along for the ride.
I'm currently leveraged to the max, so it's do or die time.
I now own 50% of a company that provides ultra high end concierge service to 1%ers. We deal primarily with oil and gas executives and foreign property holders in the city.
Currently have 3 employees, not including the partners (me included).
I've negotiated a contract whereby I have the exclusive right to sell my stake in the business for 1 million + capital gains repayment when the company reaches that valuation.
We've negotiated a predetermined multiple. All has been signed and notarized by various lawyers, etc.
I have the right to sell off percentages of equity to the parent company as I deem fit.
Why not hold? Because I have a plan for the money already and I don't want to be involved with this company forever.
I'm super busy right now, so I'll go into more detail at a later date.
Other than that I will update a minimum of once per month (or when large things happen).
So here is my balance sheet for May 2014
Note: I don't include personal possessions in the asset column. Not worth it. Also, the numbers are obviously rounded, other than for the Liabilities.
Assets
Venture $287,000
Stocks $20,000
Cash $800
Liabilities
Line of Credit/Loans $204,160
Credit Card (Non Consumer) $76,500
Net Worth (May 2014)
$27,140
It's single-handedly the craziest thing I've ever done. Unlike most progress threads, I'll tell you exactly what I'm doing AND provide the numbers behind it.
I won't go crazy specific, but I'll give you enough to take you along for the ride.
I'm currently leveraged to the max, so it's do or die time.
I now own 50% of a company that provides ultra high end concierge service to 1%ers. We deal primarily with oil and gas executives and foreign property holders in the city.
Currently have 3 employees, not including the partners (me included).
I've negotiated a contract whereby I have the exclusive right to sell my stake in the business for 1 million + capital gains repayment when the company reaches that valuation.
We've negotiated a predetermined multiple. All has been signed and notarized by various lawyers, etc.
I have the right to sell off percentages of equity to the parent company as I deem fit.
Why not hold? Because I have a plan for the money already and I don't want to be involved with this company forever.
I'm super busy right now, so I'll go into more detail at a later date.
Other than that I will update a minimum of once per month (or when large things happen).
So here is my balance sheet for May 2014
Note: I don't include personal possessions in the asset column. Not worth it. Also, the numbers are obviously rounded, other than for the Liabilities.
Assets
Venture $287,000
Stocks $20,000
Cash $800
Liabilities
Line of Credit/Loans $204,160
Credit Card (Non Consumer) $76,500
Net Worth (May 2014)
$27,140
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