Business Man of the Year - Chet
I realize that I'm jumping right in with a "Chet story" without providing any back information about this guy, so I will give you a brief background. Consequently, this first post might be a little longer than normal, just so I can provide some level of background. Trust me though, it's worth it.
Chet (short for Chester) is my sister's latest boyfriend. I don't want to say latest with the connotation that she jumps from guy to guy in short periods of time, but she does jump from guy to guy after spending longer periods with them.
I like to say that Chet doesn't stutter when he talks. He's just not smart enough to know what word comes next in the sentence he's forming in his mind. Get the picture?
OK...
When Laura met Chet it was because he was trying to start his own business -- a trash collection company. In addition to this, he was also working as a prison guard for the state in which they reside.
Laura is an accountant by trade and does some books/taxes for small companies and some individuals on the side. Chet was one of her customers.
I can live with all this. Chet had 14 or 15 years of service in as a guard and could start drawing retirement benefits after 20 years. Being that he'd only be in his late 40's at this point, I can understand the desire to have another job, and possibly own your own company upon retirement. In fact, I think this is a rather intelligent line of thinking. The fact that it was a garbage collection company is beside the point. I could care less about that. Somebody has to pick up the trash, and if your eventual goal is to run the business from the office, it might mean you have to start at the bottom by doing the work yourself. No Problem.
So, here's where his true brilliance begins. June of 2005, he was switched from 3rd shift at the prison to 1st shift. This might sound great to everyone reading, but this meant that he could no longer operate his business, as he needed to collect the trash during the day, so as to be able to take it to the dump while it was open. That and the fact that people tend to like to have their trash picked-up during the day while they are at work.
The reason for the transfer: "My supervisor and I got into a difference of opinion over some things, and to be spiteful, he transferred me." His reaction to this transfer: He quit. He's only 5 or 6 years from retirement, and he quits. OK. Perhaps he wants to dedicate himself to his business, really get it going.
Great! He's got passion and a belief in himself. You need these qualities when starting/running your own business.
Late August of 2005 (8~10 weeks later), he sold his business to a competitor. ?!?!?! Didn't you just quit a job 5 years away from retirement to concentrate on building this business? Fine.
The selling price, you ask (I did). Here's what he got. A guaranteed job for 3 years at the following salaries:
1st year - $60,000
2nd year - $62,500
3rd year - $65,000
4th year - probably fired as I can't imagine paying a garbage man that kind of money (they live in a town with about 45,000 people... not a real metropolis).
And just to be clear, he got no other monies for this transaction... just the job for 3 years.
OK. Not a real good deal in my opinion, but I honestly don't know any of the financials of the business, nor do I know exactly how many customers he had. I do know that he employed 2 other people in addition to himself.
It's now April of 2006 and I learned that he quit his job at the new place on March 22, 2006; about 7 months into a guaranteed 3 years of employment at those wages. Are you kidding me?!?!?!
I learn all of this from my brother Jeff (who lives with them in my sister's house). I've got to talk to her and see what she has to say. Problem is she won't answer my calls or return them. For days and days, I try... Finally last week my brother calls and tells me Chet has a new job working for another trash company, making $37,000. Guess who calls this past weekend? My sister.
In a casual, passing comment she mentions that Chet has a new job (I can't directly ask her about it, as she'll know Jeff is my mole and that will cause problems for him).
-- Edited Conversation with Laura --
"So Chet has a new job."
"Wait, didn't he sell his company and in return got a guaranteed job for 3 years averaging $62,500?"
"He's still going to get his money from them, just like before. Weekly payments, same check as when he worked there."
"So, he was basically working there for free?"
"What do you mean?"
"If he quit and is still getting the same check every week, why did he work there to begin with. Wouldn't it have been more sensible to get another full-time job, and then in effect have two paychecks every week?"
"Well, no... It's because he quit that he continues to get the money. He had to start working there to get the money."
"OK, why work for 7 months before quitting then? Why not quit after the 1st day/week/month, and then get another job?"
"It just doesn't work that way. He'll continue to get his money."
She gets short when I back her into a corner with logic. She's like that.
Can anyone explain the logic in Chet's actions, please?
Next time -- Chet's truck is about to get repo'ed. Again, must thank my brother for this gem!
Chet (short for Chester) is my sister's latest boyfriend. I don't want to say latest with the connotation that she jumps from guy to guy in short periods of time, but she does jump from guy to guy after spending longer periods with them.
I like to say that Chet doesn't stutter when he talks. He's just not smart enough to know what word comes next in the sentence he's forming in his mind. Get the picture?
OK...
When Laura met Chet it was because he was trying to start his own business -- a trash collection company. In addition to this, he was also working as a prison guard for the state in which they reside.
Laura is an accountant by trade and does some books/taxes for small companies and some individuals on the side. Chet was one of her customers.
I can live with all this. Chet had 14 or 15 years of service in as a guard and could start drawing retirement benefits after 20 years. Being that he'd only be in his late 40's at this point, I can understand the desire to have another job, and possibly own your own company upon retirement. In fact, I think this is a rather intelligent line of thinking. The fact that it was a garbage collection company is beside the point. I could care less about that. Somebody has to pick up the trash, and if your eventual goal is to run the business from the office, it might mean you have to start at the bottom by doing the work yourself. No Problem.
So, here's where his true brilliance begins. June of 2005, he was switched from 3rd shift at the prison to 1st shift. This might sound great to everyone reading, but this meant that he could no longer operate his business, as he needed to collect the trash during the day, so as to be able to take it to the dump while it was open. That and the fact that people tend to like to have their trash picked-up during the day while they are at work.
The reason for the transfer: "My supervisor and I got into a difference of opinion over some things, and to be spiteful, he transferred me." His reaction to this transfer: He quit. He's only 5 or 6 years from retirement, and he quits. OK. Perhaps he wants to dedicate himself to his business, really get it going.
Great! He's got passion and a belief in himself. You need these qualities when starting/running your own business.
Late August of 2005 (8~10 weeks later), he sold his business to a competitor. ?!?!?! Didn't you just quit a job 5 years away from retirement to concentrate on building this business? Fine.
The selling price, you ask (I did). Here's what he got. A guaranteed job for 3 years at the following salaries:
1st year - $60,000
2nd year - $62,500
3rd year - $65,000
4th year - probably fired as I can't imagine paying a garbage man that kind of money (they live in a town with about 45,000 people... not a real metropolis).
And just to be clear, he got no other monies for this transaction... just the job for 3 years.
OK. Not a real good deal in my opinion, but I honestly don't know any of the financials of the business, nor do I know exactly how many customers he had. I do know that he employed 2 other people in addition to himself.
It's now April of 2006 and I learned that he quit his job at the new place on March 22, 2006; about 7 months into a guaranteed 3 years of employment at those wages. Are you kidding me?!?!?!
I learn all of this from my brother Jeff (who lives with them in my sister's house). I've got to talk to her and see what she has to say. Problem is she won't answer my calls or return them. For days and days, I try... Finally last week my brother calls and tells me Chet has a new job working for another trash company, making $37,000. Guess who calls this past weekend? My sister.
In a casual, passing comment she mentions that Chet has a new job (I can't directly ask her about it, as she'll know Jeff is my mole and that will cause problems for him).
-- Edited Conversation with Laura --
"So Chet has a new job."
"Wait, didn't he sell his company and in return got a guaranteed job for 3 years averaging $62,500?"
"He's still going to get his money from them, just like before. Weekly payments, same check as when he worked there."
"So, he was basically working there for free?"
"What do you mean?"
"If he quit and is still getting the same check every week, why did he work there to begin with. Wouldn't it have been more sensible to get another full-time job, and then in effect have two paychecks every week?"
"Well, no... It's because he quit that he continues to get the money. He had to start working there to get the money."
"OK, why work for 7 months before quitting then? Why not quit after the 1st day/week/month, and then get another job?"
"It just doesn't work that way. He'll continue to get his money."
She gets short when I back her into a corner with logic. She's like that.
Can anyone explain the logic in Chet's actions, please?
Next time -- Chet's truck is about to get repo'ed. Again, must thank my brother for this gem!
posted by Rich B | 4:09 PM
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