The coolest part of owning a business is the conversations I have with my 8 year old daughter:
Me: We’re starting a towing business. Look at the truck I just bought.
AB: That’s cool, how much was it?
Me: $75,000 but I got a 100% bank loan so $0 out of pocket
AB: The bank just gives you money?
Me: Yes. They will keep giving me money as long as I pay everything back
AB: How are you going to make money with it?
Me: Our auto repair shops get cars towed in every day. Now, we can make money towing our existing customers’ cars and bringing broken-down cars from the road to the shops.
AB: How many trucks are you going to buy?
Me: One to start
AB: You’ll need more than one since multiple people could need a tow at the same time
Me: You’re right! I’ll buy more once we start making money
AB: How long until you make money?
Me: I’m hoping for one month.
AB: Are you going to drive the truck?
Me: No, I’ll hire drivers.
AB: How much do you pay them?
Me: $18 per hour
AB: Who makes more money, you or the drivers?
Me: To start, I’m making zero but pay the drivers every week. Eventually, I should make a lot more as the owner.
AB: What happens if you don’t make enough money to pay everyone?
Me: Then I’m taking money out of my savings…. which stinks.
AB: That does stink.
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AB is participating in her school’s business fair next month.
She sold DIY bracelet kits last year (picture above)
This year is a popcorn stand.
So cool to see
Cheers!
Brian
P.S. My team helps people buy great franchises.
