Part-time/Financial Owners with w2

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by a searcher from North Carolina A&T State University - School of Business and Economics
in Raleigh, NC, USA

3yrs ago

Part-time/Financial Owners with w2

I recently listened to an episode of 'Acquiring Minds' with a guest who acquired a SMB while planning to (indefinitely) keep his W2 day job. I'm wondering if anyone here has experience with, or know someone in a similar situation?

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reply by a lender 3yrs ago
from Indiana University of Pennsylvania in Pittsburgh, PA, USA

I have processed many loans where buyer(s) have maintained outside W2 employment. The details of ability to maintain current employment and operate the business is extremely important. I typically ask what job duties is departing owners/managers currently doing, how will those duties be absorbed (by you or other new employers), and how will you be able to juggle those proposed & current duties. If proposing hiring additional support then would need to adjust cash flow accordingly. The key for me is to build confidence that you can manage the plan while demonstrating it's not a passive ownership situation & you/your team have relevant skills to complete the plan.

Details are extremely important and please let me know if would like to discuss initial plan specifics redacted Thank you.

reply by a professional 3yrs ago
from York University in Toronto, ON, Canada

Haven't heard that episode yet but I've only known it to go poorly. Combining SMB ownership with split attention or absentee ownership isn't a recipe for success. Would take a really skilled person to be able to do work full time and grow a business (ie. not a side hustle)