McClure's BBQ (2 Viewers)

[IC FBGCav]

even if i take the huge hits...and its way more than 10% penalty i believe....its kind of worth it just to be free of my partner.

wife is less happy, but knows we have to act now.  I've got till August to come up with the other money....just knowing I can make it happen is relief beyond measure.

It will be a 30% to 40% hit overall in general because it is considered income.

 

[Mr. Ected]

Is it possible to use something like an IRA/401k as the basis for a loan? Basically you are borrowing from yourself, using the savings account as collateral.

 

[elbowrm]

I was going to suggest the same thing.  Loan against your 401k would be worth checking out- they should have readily available info on the account website. 

 

[stbugs]

It will be a 30% to 40% hit overall in general because it is considered income.

I know I might be on the other side of everyone, but if he isn't very profitable at this time, your numbers are likely way off. 10% penalty, but for him to get to 40% means that his AGI is at $151k already.

While I agree with others that a SB loan could be as cheap or cheaper than the penalty, there is some solace, even with the penalty, knowing that while you robbed some of your retirement income, you are free and clear of the partner and another loan payment. Your cash flow is also improved and maybe it allows you to contribute more to retirement sooner. I would recommend figuring out what you AGI was in 2015 and figure out how much it is increasing (based on more profits this year) and how much you need to take out. The $$$ you take out will be taxed at the rate above you AGI estimate for 2016. If you aren't very profitable year tax wise, your hit might be more in the 25-30% range with penalty, which may be worth it to remove the partner and a new loan.


Table 1. 2016 Taxable Income Brackets and Rates (Estimate)



Rate



Single Filers



Married Joint Filers



Head of Household Filers



10%



$0 to $9,275



$0 to $18,550



$0 to $13,250



15%



$9,275 to $37,650



$18,550 to $75,300



$13,250 to $50,400



25%



$37,650 to $91,150



$75,300 to $151,900



$50,400 to $130,150



28%



$91,150 to $190,150



$151,900 to $231,450



$130,150 to $210,800



33%



$190,150 to $413,350



$231,450 to $413,350



$210,800 to $413,350



35%



$413,350 to $415,050



$413,350 to $466,950



$413,350 to $441,000



39.6%



$415,050+



$466,950+



$441,000+

 

[cstu]

not to mention putting your family waaaay behind the 8 ball in retirement.  

No worries.

 

[IC FBGCav]

I know I might be on the other side of everyone, but if he isn't very profitable at this time, your numbers are likely way off. 10% penalty, but for him to get to 40% means that his AGI is at $151k already.

While I agree with others that a SB loan could be as cheap or cheaper than the penalty, there is some solace, even with the penalty, knowing that while you robbed some of your retirement income, you are free and clear of the partner and another loan payment. Your cash flow is also improved and maybe it allows you to contribute more to retirement sooner. I would recommend figuring out what you AGI was in 2015 and figure out how much it is increasing (based on more profits this year) and how much you need to take out. The $$$ you take out will be taxed at the rate above you AGI estimate for 2016. If you aren't very profitable year tax wise, your hit might be more in the 25-30% range with penalty, which may be worth it to remove the partner and a new loan.


Table 1. 2016 Taxable Income Brackets and Rates (Estimate)



Rate



Single Filers



Married Joint Filers



Head of Household Filers



10%



$0 to $9,275



$0 to $18,550



$0 to $13,250



15%



$9,275 to $37,650



$18,550 to $75,300



$13,250 to $50,400



25%



$37,650 to $91,150



$75,300 to $151,900



$50,400 to $130,150



28%



$91,150 to $190,150



$151,900 to $231,450



$130,150 to $210,800



33%



$190,150 to $413,350



$231,450 to $413,350



$210,800 to $413,350



35%



$413,350 to $415,050



$413,350 to $466,950



$413,350 to $441,000



39.6%



$415,050+



$466,950+



$441,000+

I was including state taxes too.

 

[IC FBGCav]

Between state, fed and penalties 30 is very likely depending on his income/write offs.

 

[IC FBGCav]

The square loan thing is also not a good decision IMO.  I have run a multimillion company for 20 years financially.  So depending on actual numbers just giving basic advice.

 

[Corporation]

My 2 cents, I'd advise against the 401k route.  Not sure how much you need, but previously you reached out to the FFA for a potential funding opportunity and as I recall you were overwhelmed by the FFAs interest.  Lots of logistics, but I think it would be a significantly cheaper funding option.

 

[Mrs. Rannous]

Is it possible to use something like an IRA/401k as the basis for a loan? Basically you are borrowing from yourself, using the savings account as collateral.

Check out a credit union.  And if you qualify for USAA, check with them.  

Cashing out a 401K is madness.

 

[Uruk-Hai]

Is it possible to use something like an IRA/401k as the basis for a loan? Basically you are borrowing from yourself, using the savings account as collateral.

Seconded. I've borrowed from my 401k a few times over the years and it's pretty painless. You pay it back with something like 5% interest. I'm not sure if every plan allows it (my plan is through a huge corporation), but it's at least worth looking into.

 

[tipsy mcstagger]

Is it possible to use something like an IRA/401k as the basis for a loan? Basically you are borrowing from yourself, using the savings account as collateral.

this is a path we are researching right now thanks to some PM advice from a FBG buddy that handles investments out west.  an SB loan is also on the table, but I have not shown a ton of profit (thanks to my accountant) and need to pay him off by August or he is going to want more $.    Turning the 401k into an IRA and investing from there could keep us from penalties and tax....and I wouldn't have another loan to pay off.  Our goal is to get partner paid off, get our house back in order financially, and start funneling everything we can into rebuilding the retirement fund.  

 

[tipsy mcstagger]

My 2 cents, I'd advise against the 401k route.  Not sure how much you need, but previously you reached out to the FFA for a potential funding opportunity and as I recall you were overwhelmed by the FFAs interest.  Lots of logistics, but I think it would be a significantly cheaper funding option.

I don't want to lean on the FFA for money.....especially when as a group we can do things like we have for #teamRiley.   If I knew 5 years ago that we could have done this project with my wifes 401k I never would have gotten a partner.   Had I not collapsed financially back in the early 2000's I would probably have been less bank averse.  

 

[stbugs]

Between state, fed and penalties 30 is very likely depending on his income/write offs.

Good point on state taxes. Based on where he was with the other restaurant, I think 30% is reasonable. He's going to get hit with the taxes regardless when he eventually needs the 401k. I just wanted to play Devil's advocate and say that the 10% may not be so bad for the increased cash flow and peace of mind because he may be paying less in taxes now because of where he is in 2016. 

 

[stbugs]

this is a path we are researching right now thanks to some PM advice from a FBG buddy that handles investments out west.  an SB loan is also on the table, but I have not shown a ton of profit (thanks to my accountant) and need to pay him off by August or he is going to want more $.    Turning the 401k into an IRA and investing from there could keep us from penalties and tax....and I wouldn't have another loan to pay off.  Our goal is to get partner paid off, get our house back in order financially, and start funneling everything we can into rebuilding the retirement fund.  

If you aren't showing a lot of profit then the taxes may not be a big deal. You have to look at wife's income since you mentioned it's her 401k. If buying out your partner is a big impact then at least you know you have an option. As others mentioned if your wife can take a loan out on the 401k you can take it out without penalty. 401k loans should be at a really low interest rate, much lower than a bank loan. Your wife would pay over as long as 5 years out of her paycheck. You'd end up not losing much retirement wise since all interest is paid to herself in her 401k. It's like she is her own bank. Not all companies offer that. If the amount you pay your partner is more than what would come out of her paycheck each month it's a complete no brainier with no taxes or penalty. 

 

[tipsy mcstagger]

If you aren't showing a lot of profit then the taxes may not be a big deal. You have to look at wife's income since you mentioned it's her 401k. If buying out your partner is a big impact then at least you know you have an option. As others mentioned if your wife can take a loan out on the 401k you can take it out without penalty. 401k loans should be at a really low interest rate, much lower than a bank loan. Your wife would pay over as long as 5 years out of her paycheck. You'd end up not losing much retirement wise since all interest is paid to herself in her 401k. It's like she is her own bank. Not all companies offer that. If the amount you pay your partner is more than what would come out of her paycheck each month it's a complete no brainier with no taxes or penalty. 

she (along with more than 1/3 of her company) got canned 2 years ago so the loan isn't an option anymore.  Switching it to a self directed IRA seems to be the way to loan some of it to the business with neither tax or penalty.  Still...its dipping into what many feel is the last thing one should do.  I'm still not of that opinion, but I am looking at other options.

 

[msommer]

The cash implications of a loan should be considered. Obviously you would have to pay interest and installments from your regular source of income (be it paycheck or restaurant). If that has an impact on your 401K savings you should make that calculation.

Personally I am not religious about pension savings. If the money is for an investment that is likely to carry a higher return, why not do it?

 

[stbugs]

The cash implications of a loan should be considered. Obviously you would have to pay interest and installments from your regular source of income (be it paycheck or restaurant). If that has an impact on your 401K savings you should make that calculation.

Personally I am not religious about pension savings. If the money is for an investment that is likely to carry a higher return, why not do it?

Agreed. It can be a taboo/verboten subject, but it is worth considering. If tax wise, Tipsy and his wife aren't close to the higher brackets, then the only real penalty is the 10%. The money gets taxed when he takes it out at retirement. If the ROI on cash flow is really good (could be with removing partner), then it is an investment. If not having another loan makes their lives easier and cash flow better, it may be worth it. Call it the last ditch idea, but I would think having the ability to not have to ask for more money and start turning a better profit may be worth the 10%.

 

[IC FBGCav]

Agreed. It can be a taboo/verboten subject, but it is worth considering. If tax wise, Tipsy and his wife aren't close to the higher brackets, then the only real penalty is the 10%. The money gets taxed when he takes it out at retirement. If the ROI on cash flow is really good (could be with removing partner), then it is an investment. If not having another loan makes their lives easier and cash flow better, it may be worth it. Call it the last ditch idea, but I would think having the ability to not have to ask for more money and start turning a better profit may be worth the 10%.

And you are also assuming the best case scenario where nothing goes wrong.   If business heads south or he just doesn't make it, all of the 401K is lost and that would be devastating. 

 

[tipsy mcstagger]

Fun moment of the week:   Old friend from high school that worked with me back in the 80's also went the restaurant route for his career.  He is now part owner of a pizza chain with nearly 20 locations.  They are planning to expand even more now that they finished their commissary kitchen (20k sq ft).   He basically pitched me moving there and starting the bbq concept with aggressive expansion in a very under served market for REAL bbq.    I told him moving my family was not really on the table but I would be interested in consulting if they pursue it.

McClure's Beijing .....   lololololol.   Glad my kids watched a couple of episodes of Ni Hao Kai Lan

 

[stbugs]

And you are also assuming the best case scenario where nothing goes wrong.   If business heads south or he just doesn't make it, all of the 401K is lost and that would be devastating. 

How would his retirement being devastated be the worst part of your statement? Seems like the business going south is the bad thing. I can play that game too. What if he doesn't take money out of the 401k and loses his business because he couldn't make the loan payment or had to keep on the partner?

This is 100% crap and everything will be awesome and the business will be a big success.

 

[IC FBGCav]

How would his retirement being devastated be the worst part of your statement? Seems like the business going south is the bad thing. I can play that game too. What if he doesn't take money out of the 401k and loses his business because he couldn't make the loan payment or had to keep on the partner?

This is 100% crap and everything will be awesome and the business will be a big success.

Business going bad sucks, not having any money or a place to live to get back on your feet is worse. 

Just my 2 cents.   You have two locations with good reviews online.   One gets closed, to focus on the other.   Usually profitable business don't get closed.   The open business has a square loan, partner and other financial troubles I am guessing (Payroll taxes?).   So rather than use his safety net of a 401k it would seem better to find the financial holes then throwing more cash at a leaking ship.   While cash can often help in this type of situation it is rarely the answer.  

If you believe the only problem is the the partner, then sure use the 401k.   Usually though there is more than one problem.   

 

[tipsy mcstagger]

It could still fail.  Luckily I know how to run restaurants and can make it through the lean times better than most.  But I am fully aware that anything could happen...heck we could have another Katrina actually hits this city directly (or just to our west is the worst scenario) this summer and all bets would be off.  But....

I'm not letting this fail.

 

[stbugs]

Business going bad sucks not having any money or a place to live is worse. 

Just my 2 cents.   You have two locations with good reviews online.   One gets closed, to focus on the other.   Usually profitable business don't get closed.   The open business has a square loan, partner and other financial troubles I am guessing (Payroll taxes?).   So rather than use his safety net of a 401k it would seem better to find the financial holes then throwing more cash at a leaking ship.   While cash can often help in this type of situation it is rarely the answer.  

If you believe the only problem is the the partner, then sure use the 401k.   Usually though there is more than one problem.   

I agree with you, we don't really know all the numbers. I'm going under the assumption that paying off the partner is a solid plus to cash flow. I don't recall the other financial troubles in this thread. I see Tipsy's post above, but was thinking that was really about removing the partner, squaring any loans away and start life as cash flow positive.

 

[cstu]

It could still fail.  Luckily I know how to run restaurants and can make it through the lean times better than most.  But I am fully aware that anything could happen...heck we could have another Katrina actually hits this city directly (or just to our west is the worst scenario) this summer and all bets would be off.  But....

I'm not letting this fail.

If you can't make a profit selling good BBQ inside a tap room in New Orleans then this isn't the career for you.

 

[Drifter]

Fun moment of the week:   Old friend from high school that worked with me back in the 80's also went the restaurant route for his career.  He is now part owner of a pizza chain with nearly 20 locations.  They are planning to expand even more now that they finished their commissary kitchen (20k sq ft).   He basically pitched me moving there and starting the bbq concept with aggressive expansion in a very under served market for REAL bbq.    I told him moving my family was not really on the table but I would be interested in consulting if they pursue it.

McClure's Beijing .....   lololololol.   Glad my kids watched a couple of episodes of Ni Hao Kai Lan

Saw something recently about an American style in South Korea, maybe(?), that was doing very well.

 

[tipsy mcstagger]

Business going bad sucks, not having any money or a place to live to get back on your feet is worse. 

Just my 2 cents.   You have two locations with good reviews online.   One gets closed, to focus on the other.   Usually profitable business don't get closed.   The open business has a square loan, partner and other financial troubles I am guessing (Payroll taxes?).   So rather than use his safety net of a 401k it would seem better to find the financial holes then throwing more cash at a leaking ship.   While cash can often help in this type of situation it is rarely the answer.  

If you believe the only problem is the the partner, then sure use the 401k.   Usually though there is more than one problem.   

some bad assumptions here.   first off:  the other restaurant was doomed when I got sued by the neighbors for the smoker thing.  I was writing a new menu when I got the call from the brewery to cook a pig and they offered their property for the smokers until we figured stuff out, which led to this opportunity.  Never in a million years would I have opened another location this close to the other one, nor did I ever really want a 2nd spot.  I have kids and running two places was killing me...lease was coming up...2nd kitchen in the brewery was already in plans....easy descision.  I could have changed concepts over there and kept it, but I am a bbq'er and that is what I must do now.   I also really really needed my team from that store here at the brewery.  Staffing in NOLA is scary tough these days (from 700 or so restaurants before Katrina to 1400+ now with a smaller population and cost of living has forced many of our old traditional restaurant workers to move away).  I had left my best people there....bringing them over here has made my life so much better. 

Payroll taxes are paid on time every month.   I've never been late on any bills (at least the ones I was aware of) since starting this.  I'm good at running restaurants. 

The square loan was to pay for a bunch of equipment, a bunch of debt to my family, and we used some to get two new used vehicles for me & the wife.   Of that 50K loan, near 40k has been paid back...in 5 months.  Doing just fine on the profit end...it was having a better cash cushion that really led to that loan.   Since 86'ing the original, profit is up 20%.   Nothing but rent to pay here....water, power, etc all taken care of with that rent.   Its a good deal for me.

There is not another problem.  Let me put that to bed right now.   I'm not rich, but we are doing fine.    Coming up with 60k in cash to finish buying the partner out is the only problem.  That will take longer than I want.   He is in a cash crunch and this may be the only opportunity to get rid of him.

 

[IC FBGCav]

some bad assumptions here.   first off:  the other restaurant was doomed when I got sued by the neighbors for the smoker thing.  I was writing a new menu when I got the call from the brewery to cook a pig and they offered their property for the smokers until we figured stuff out, which led to this opportunity.  Never in a million years would I have opened another location this close to the other one, nor did I ever really want a 2nd spot.  I have kids and running two places was killing me...lease was coming up...2nd kitchen in the brewery was already in plans....easy descision.  I could have changed concepts over there and kept it, but I am a bbq'er and that is what I must do now.   I also really really needed my team from that store here at the brewery.  Staffing in NOLA is scary tough these days (from 700 or so restaurants before Katrina to 1400+ now with a smaller population and cost of living has forced many of our old traditional restaurant workers to move away).  I had left my best people there....bringing them over here has made my life so much better. 

Payroll taxes are paid on time every month.   I've never been late on any bills (at least the ones I was aware of) since starting this.  I'm good at running restaurants. 

The square loan was to pay for a bunch of equipment, a bunch of debt to my family, and we used some to get two new used vehicles for me & the wife.   Of that 50K loan, near 40k has been paid back...in 5 months.  Doing just fine on the profit end...it was having a better cash cushion that really led to that loan.   Since 86'ing the original, profit is up 20%.   Nothing but rent to pay here....water, power, etc all taken care of with that rent.   Its a good deal for me.

There is not another problem.  Let me put that to bed right now.   I'm not rich, but we are doing fine.    Coming up with 60k in cash to finish buying the partner out is the only problem.  That will take longer than I want.   He is in a cash crunch and this may be the only opportunity to get rid of him.

  Good luck.

 

[tipsy mcstagger]

I wouldn't be looking to liquidate our retirement if I was having problems keeping this biz going.   No chance.   If it was doing poorly, I'd be looking to string him along forever.

 

[msommer]

First off, greetings from Chile.

Interesting with the potential opportunity in Beijing, a consultancy gig would obviously reduce the need for cash from the 401k, but it might have unforeseen consequences.

First, someone needs to hold the fort while you are frolicking in Beijing (you should bring your family at least once to see the Forbidden City and the Great Wall). It is not my impression that it is simple to set up a restaurant that consistently delivers quality food, plus there will be the language barrier and potentially a skill barrier. The sourcing of quality ingredients may also be an issue. Getting a proper wood fired smoker might be an issue, will the restauramt have to use equipment with which you sre not familiar. How will that impact quality?

Can your staff cover for you over multiple trips lasting a week or more? 

You certainly need to scope your involvement thoroughly and have defined deliverables, as otherwise you may end up spending more time than you really want on this project. What if it extends beyond the low season?

Secondly, also time related. How would this impact your plans for a second kitchen? Can you realistically do both properly?

Third, getting paid is crucial hence the need for properly scoped deliverables. It would suck to invest a lot of time only to not get paid because your payment is depending on the project being implemented ...

Just a few stray thoughts. GL GB

 

[tipsy mcstagger]

First off, greetings from Chile.

Interesting with the potential opportunity in Beijing, a consultancy gig would obviously reduce the need for cash from the 401k, but it might have unforeseen consequences.

First, someone needs to hold the fort while you are frolicking in Beijing (you should bring your family at least once to see the Forbidden City and the Great Wall). It is not my impression that it is simple to set up a restaurant that consistently delivers quality food, plus there will be the language barrier and potentially a skill barrier. The sourcing of quality ingredients may also be an issue. Getting a proper wood fired smoker might be an issue, will the restauramt have to use equipment with which you sre not familiar. How will that impact quality?

Can your staff cover for you over multiple trips lasting a week or more? 

You certainly need to scope your involvement thoroughly and have defined deliverables, as otherwise you may end up spending more time than you really want on this project. What if it extends beyond the low season?

Secondly, also time related. How would this impact your plans for a second kitchen? Can you realistically do both properly?

Third, getting paid is crucial hence the need for properly scoped deliverables. It would suck to invest a lot of time only to not get paid because your payment is depending on the project being implemented ...

Just a few stray thoughts. GL GB

Definitely not thinking the China thing will happen.  I'm in no position to do that at the moment, nor any real passion for extended trips away from my fam.  Just a fun discussion I thought I'd share.   The Mississippi experiment two years ago was all the traveling I can stand....flying to China and back a few times....ugh...no thanks (unless $$$$$$$).   And no....my staff cannot cover me being gone that much.  I man the pit 60+ hours a week still.

 

[Tiger Fan]

some bad assumptions here.   first off:  the other restaurant was doomed when I got sued by the neighbors for the smoker thing.  I was writing a new menu when I got the call from the brewery to cook a pig and they offered their property for the smokers until we figured stuff out, which led to this opportunity.  Never in a million years would I have opened another location this close to the other one, nor did I ever really want a 2nd spot.  I have kids and running two places was killing me...lease was coming up...2nd kitchen in the brewery was already in plans....easy descision.  I could have changed concepts over there and kept it, but I am a bbq'er and that is what I must do now.   I also really really needed my team from that store here at the brewery.  Staffing in NOLA is scary tough these days (from 700 or so restaurants before Katrina to 1400+ now with a smaller population and cost of living has forced many of our old traditional restaurant workers to move away).  I had left my best people there....bringing them over here has made my life so much better. 

Payroll taxes are paid on time every month.   I've never been late on any bills (at least the ones I was aware of) since starting this.  I'm good at running restaurants. 

The square loan was to pay for a bunch of equipment, a bunch of debt to my family, and we used some to get two new used vehicles for me & the wife.   Of that 50K loan, near 40k has been paid back...in 5 months.  Doing just fine on the profit end...it was having a better cash cushion that really led to that loan.   Since 86'ing the original, profit is up 20%.   Nothing but rent to pay here....water, power, etc all taken care of with that rent.   Its a good deal for me.

There is not another problem.  Let me put that to bed right now.   I'm not rich, but we are doing fine.    Coming up with 60k in cash to finish buying the partner out is the only problem.  That will take longer than I want.   He is in a cash crunch and this may be the only opportunity to get rid of him.

How much cash flow with the $60k buyout bring you every month? (or quarter, or whatever you pay you're padnuh on a routine basis)

 

[Tiger Fan]

Definitely not thinking the China thing will happen.  I'm in no position to do that at the moment, nor any real passion for extended trips away from my fam.  Just a fun discussion I thought I'd share.   The Mississippi experiment two years ago was all the traveling I can stand....flying to China and back a few times....ugh...no thanks (unless $$$$$$$).   And no....my staff cannot cover me being gone that much.  I man the pit 60+ hours a week still.

yeah...but China

 

[msommer]

How much cash flow with the $60k buyout bring you every month? (or quarter, or whatever you pay you're padnuh on a routine basis)

Yep. The real calc to make is a net present value calculation of future cash (outflows) to the partner vs the npv of future cash inflows on the 401k and penalty combined. Spice it up with an npv calculation of a loan against th 401k if you like. Personally I think it will show that this decision is a no brainer, although that obviously is influences by what the freed up cash will be doing (going into the 401k, being invested in the biz etc)

 

[tipsy mcstagger]

How much cash flow with the $60k buyout bring you every month? (or quarter, or whatever you pay you're padnuh on a routine basis)

It varies every month depending on profitability.   40% of that number...it hasn't averaged very much to this point...on pace to top 15 - 25k a year.   Possibly a good bit more now that I have closed the money pit.

But besides the cash flow....it gets him out of my biz.  That is the key here.   Deal with the devil to get my biz open (he isn't the devil but no way I take his money back then if I had the same info I do now....although if I had not done it, this whole concept might have fallen flat.

 

[msommer]

Talk to me like I was a theater major...

It varies every month depending on profitability.   40% of that number...it hasn't averaged very much to this point...on pace to top 15 - 25k a year.   Possibly a good bit more now that I have closed the money pit.

But besides the cash flow....it gets him out of my biz.  That is the key here.   Deal with the devil to get my biz open (he isn't the devil but no way I take his money back then if I had the same info I do now....although if I had not done it, this whole concept might have fallen flat.

So you pay him 60 now and get 20-30 back per year (or more with the moves you are making, 2nd kitchen etc)?

Run, don't walk, to get it done

ETA: Regardless of the 401k penalty. You'll easily make that up in three years or less

 

[cstu]

So you pay him 60 now and get 20-30 back per year (or more with the moves you are making, 2nd kitchen etc)?

Run, don't walk, to get it done

ETA: Regardless of the 401k penalty. You'll easily make that up in three years or less

Yep, no brainer.

 

[Tiger Fan]

If you do it, make sure you "pay yourself" back by putting that money you would have paid him back into the retirement :$:

 

[tipsy mcstagger]

If you do it, make sure you "pay yourself" back by putting that money you would have paid him back into the retirement :$:

Fat Life Insurance, then retirement....but aggressively for sure.   

 

[Tiger Fan]

Fat Life Insurance, then retirement....but aggressively for sure.   

Fat Life Insurance, then retirement....but aggressively for sure.   

  I know it will be a relief.  You earned it

 

[tipsy mcstagger]

I have at least put in the hours.  Thanks TF.

 

[[icon]]

Sounds like you've got it sorted out. Just as long as cash flow permits a prompt payback of the retirement fund then you're golden, pony boy.

 

[James Daulton]

I say screw retirement.  Build the biz and your brand, sell the biz and your brand, and move to the Keys for a life of simple luxury.

 

[kutta]

I say screw retirement.  Build the biz and your brand, sell the biz and your brand, and move to the Keys for a life of simple luxury.

Now you're talking my language. Tipsy, $60k isn't all that much money. The 401k penalty isn't all that much money. I say take the 401k money, pay off the partner, and grow this business to the point where you laugh about worrying about needing a few grand to pay him off.

I am very anti-debt. I'd rather use the money with a penalty than have a debt hanging over my head.

 

[tipsy mcstagger]

Now you're talking my language. Tipsy, $60k isn't all that much money. The 401k penalty isn't all that much money. I say take the 401k money, pay off the partner, and grow this business to the point where you laugh about worrying about needing a few grand to pay him off.

I am very anti-debt. I'd rather use the money with a penalty than have a debt hanging over my head.

I completely agree.   Yet I have a little time to come up with a different option.   It feels good knowing I can make it happen on my own when I need too, but no reason not to pursue some other avenues to save the penalties & such.   As averse as I am to debt, I'm more averse to wasting money when I don't need too.

Sadly the guy I've been speaking with out west (big bank) has crapped out on finding me a way to use that money without the penalties & tax. 

 

[Ignoramus]

Finally made it over to Tipsy's place (and the brewery).  Busy Saturday but I got to say hi and introduce the family.  Pulled pork and sausage were my favorites!  Great spot for some brew and BBQ. 

 

[tipsy mcstagger]

Finally made it over to Tipsy's place (and the brewery).  Busy Saturday but I got to say hi and introduce the family.  Pulled pork and sausage were my favorites!  Great spot for some brew and BBQ. 

Nice to meet you yesterday.  Cute kid!!!

 

[tipsy mcstagger]

Taste of the South Magazine has an issue out in print and online....but I cannot find a link to the article.   South's Best Ribs.  McClure's represents along with 11 other places including names like Louie Mueller, 12 bones, The Shed, Rendezvous, John Mueller Meat Co, and Fox Brothers.  

A free rib if someone finds the link.

 

[AcerFC]

Taste of the South Magazine has an issue out in print and online....but I cannot find a link to the article.   South's Best Ribs.  McClure's represents along with 11 other places including names like Louie Mueller, 12 bones, The Shed, Rendezvous, John Mueller Meat Co, and Fox Brothers.  

A free rib if someone finds the link.

I dont think it has been posted yet. All of the Souths best links start with the-souths-best

I put in ribs and nothing comes up. Maybe they dont post a link until the magazine has been out a while. But awesome job

 

[tipsy mcstagger]

Just noticed they put the address of the old store up there....D'OH