Give Up $1,600,000 and Start From Zero?

Give Up $1,600,000 and Start From Zero?

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[breakinfree]

Thank you for standing up for actual owners that started with little to nothing and employees think they deserve.

[KadooWilliamsENT]

This is the type of ethics example that should be in business books

[getinthespace]

If clients wander to him on their own... it's not his problem.
I would have them provide a signed letter explaining that they sought me out and why before I would take them on as a client.
If the book owner gets all up in a tizzy, provide the legal documentation to him that proves they sought you out and why. Would also be a shield from litigation.

[leeloulee]

Good on Dave! I've never seen him call somebody out like that. It sure seemed like it was the guys plan to leave and take as many people as he could.

[LouisDillard]

It's fascinating how much value is tied to the ownership of the book of business. Loyalty and longevity play a huge role in this field, but it's crucial to have a clear understanding of ownership rights and responsibilities.

[imrindar]

The clients owe ZERO loyalty to a guy who "bought" them from someone else. If a service provider is doing a good job for me and they go somewhere else, I'm following them, period. Don't like that? Cry about it.

[videomonster]

He's going to regret making this call. Now this is evidence lol.

[truthbetold]

If he doesn’t agree with his boss he should just leave or start his own business 🤷‍♀️ He can’t steal clients but he can* start over. Hopefully his boss will allow him to buy the book out. It doesn’t hurt to ask.

[TheDjcarter]

If owners change brokers just stay put and work with new broker

[Scott_]

First and foremost this kind of business is way over me. But any business of any kind is cut throat. I my thought first have the conversation with your boss, feel him out. See what's what and go from there. What ever the book is don't "steal it" but you need a on your own plan and sale it and you don't have the money to go on your own than find a company you like their plan . What's the difference in insurance companies competing over my business. The only one that doesn't offer anything is the one I got. Again I really don't understand anything your talking about but basic business is what I'm thinking. What's ethical about business doesn't matter the business. Everybody is going to do what's best for them and find the best way to do it

[ChrisCardenDrums]

He definitely needs to finish baby step 3 in his personal life before he even has that discussion with boss man. Cuz there's always the possibility that boss says look if you don't wanna be here doing this you can just go. I want willing volunteers not hostages.

[Pool-guy]

The caller said borrowing the money from him, it seems that the owner is taking profits from his book of business, if I heard him correctly. So I wonder if that’s the real motive, when the company grows or changes direction it affects his personal finances

[Undefined]

Buying client lists sounds like an insane thing to do. It's not like these clients are contractually locked into this book. Buying the book doesn't create value for the client. You can claim ownership of the relationship between two other people all you want, it doesn't actually mean anything. An owner in this situation needs to make sure they're creating the value to keep everyone in place.

[davidkeehn]

Now if this guy opened his own business and charged less to the new clients thats one thing. If they charged the same. Then its not about the business its about the guy. And if the guy who replaces the guy who left isn't as good or better im gonna go look for the guy that left. Cause it wasn't the business that got me what i wanted it was the guy who left.

[frenchyalicea]

I truly hope the owner included in their contract that the "gentleman" servicing agrees not to take or accept any of the clients in the book regardless of them "wandering" over to him.

[knutenathe]

Do the clients not have a right to choose who advises them? I get that it's one thing to lean on clients to move, but if you tell clients you're leaving and they come with you, I don't see that as being unethical.

[sleepyjoe]

He got a big gift thrown in his lap, and now he acts like a brat.

[Pool-guy]

Something seems off about this deal. It seems there is some kind of allegiance to this broker.

[ZeikCallaway]

Can someone eli5, the situation? Not being part of the asset management world I don't understand what this guy wants and what Dave is calling unethical.

[chinyerejoseph]

It seems certain stocks are undervalued, flying under the radar despite their potential. You can't help but wonder when the market will recognize their true worth. How can I invest $600K wisely to ensure our future security?