Tuesday, March 25, 2025
College or not
When George graduated from high school, he went to work at a national office supply company. He worked there for 12 years and learned the business while he saved his money. When he was thirty years old, he moved to a small town and using his savings started a local office supply store. He was quite successful and twenty years later at age fifty, having never married, he set up his retirement plan. He would hire a young person and train them in all aspects of his business, including accounting, marketing, public relations, customer service and getting to know his supply chain people. His plan was to teach them the business from the ground up over the next ten years and then retire and build a home on some beach front property he owned in Belize. Over the years he had taken writing courses at the local university and he planned to buy a boat and spend his later years fishing and writing short stories. So now he was looking for his replacement. He had narrowed it down to two people. Mary, had just graduated after 6 years with a Masters in Sociology. She was an only child and her parents were professional people, both worked as professors at the U. Mary spent her college years enjoying the social life and had many friends. During summers the family vacationed often times to foreign countries. Mary was a good student getting mostly A’s. Jane was a different story. She graduated from high school six years ago and went to work at Walmart stocking shelves on the night shift. She was ambitious and a quick learner and soon understood all of the departments in the store and the manager was grooming her for an assistant manager’s job at another Walmart. Jane had her own apartment and was saving her money to buy a house. George was earning $300,000 per year before taxes and wanted to retire in ten years at age 60. His plan was to sell the business to his trainee on a contract for deed basis, meaning the buyer needed no money down and would pay George half of the profits for the next ten years and then one forth of the profits for the rest of his life at which time his protege would own the business outright. George decided to go with?
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