Current Events > White privilege? Just became 30% owner of a company because I'm white.

(+) Yeah! (+)

As weird as it sounds, that's basically what happened today. I did a small job about 6 months ago (English pronunciation camp for Thai teachers). The guy who ran it took a liking to my wife and I. We did a second job a few weeks ago and he got talking about his invention.

Tonight he took us to dinner and explained everything to us. He's invested close to $200,000 so far and has one patent already and 4 more that should be completed in the next few months. It's a speech aid (to help pronounce certain sounds).

Already has multiple schools interested in purchasing orders, a manufacturer for the product, Web designers building the website and programmers working on the software. He just needs a face for the company (I will be the person pitching to international clients), someone to edit his work and a general webmaster.

That's where I come in. He thinks having a westerner, specifically a white native English speaking westerner as the representative will give more credibility to the company.

It's a really interesting concept. There is no risk so figured why the fuck not, right? I'll have to invest a bit of time but if it takes off then it'll be amazing. He truly believes in it (all his own money invested, no other partners) and Asia is a massive market where something like this could definitely be very lucrative).
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Yup. Now if it was a black guy...he aint getting it lol
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We have that here too, it's called affirmative action.
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Creepy, but yeah, white privilege.

30% ownership at no monetary cost sounds pretty great.
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pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

Fuck yeah.

I'd go for it even if it seemed like a bad idea, no downside.
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Kolibri X posted...

We have that here too, it's called affirmative action.

Yeah isn't that literally affirmative action?

Congrats you're the token white guy. Kind of like that King of the Hill episode.
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pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.
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DrizztLink posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

Fuck yeah.

I'd go for it even if it seemed like a bad idea, no downside.

That's exactly what I told my wife. We have absolutely nothing to lose by doing this. Going to draft up a contract here over the next few weeks then meeting him again in about a month to hash everything out. Expects to have things up and running by June.
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Fishy posted...

Kolibri X posted...

We have that here too, it's called affirmative action.

Yeah isn't that literally affirmative action?

Congrats you're the token white guy. Kind of like that King of the Hill episode.

..... tractors?
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Link HT posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.

The work I will do for the most part will directly correlate with me getting paid though. When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

The webmaster stuff will basically be unpaid but by the point I'm doing any real work with the site we will already have sales. The site is planned more for branching out internationally as he already has multiple Thai schools interested.
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Whatever deal you make, make sure you get it on paper.

CommonStar posted...

Whatever deal you make, make sure you get it on paper.

Going to be drafting up a contract here shortly (English and Thai) and it will be signed by both parties next month.
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He's setting you up for the long con. Gotta keep your wits about you, eh?
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when's he gonna get to bone yer wife?
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Silver Bearings posted...

He's setting you up for the long con. Gotta keep your wits about you, eh?

What can he con me out of though? We will be opening a joint business account that will require both signatures to withdraw funds. I'm putting no money into it at all. And he's legitimately connected to the Thai education system and has been in the news multiple times for his part in the countries education.
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MuayThai85 posted...

Link HT posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.

The work I will do for the most part will directly correlate with me getting paid though. When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

The webmaster stuff will basically be unpaid but by the point I'm doing any real work with the site we will already have sales. The site is planned more for branching out internationally as he already has multiple Thai schools interested.

getting 30% of gross revenue is not the same as being owner of 30% of a company, just fyi. You should also be careful about getting paid in relation to profits, because it's exceedingly simple for a company that is making money to report zero profits and just re-invest everything into the company, leaving you with nothing.

Just be aware of this when before signing anything and doing work for them.
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Link HT posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.

This.
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Link HT posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.

Yep. Been there, done that. Don't recommend. This is the sort of deal where you'd laugh if it was a stranger offering it, which is why you need to be careful with friends.
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robellr13 posted...

Yup. Now if it was a black guy...he aint getting it lol

Nope, he probably wouldn't even be let into the company.

I've read a number of stories where Black people were rejected teaching positions in Asia because the faculty or parents felt that they wouldn't be good enough specifically because they were Black, and that hiring White teachers instead would give them more authenticity.
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Most Chinese schools won't hire blacks unless they are desperate. Had a friend who did a Skype interview with a Chinese school, they hung up 3 seconds into the call and ghosted him. China will hire a white person just to try and bring in more students.

Thailand isn't quite that bad. Lot of black teachers, including lots of Africans. Still a lot of racism but not nearly as bad as China.

Link HT posted...

MuayThai85 posted...

Link HT posted...

pikachupwnage posted...

30% ownership at no monetary cost sounds pretty great.

it also sounds like doing work for zero money for equity in a company with zero sales.

It COULD work out but that's the way it is right now.

The work I will do for the most part will directly correlate with me getting paid though. When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

The webmaster stuff will basically be unpaid but by the point I'm doing any real work with the site we will already have sales. The site is planned more for branching out internationally as he already has multiple Thai schools interested.

getting 30% of gross revenue is not the same as being owner of 30% of a company, just fyi. You should also be careful about getting paid in relation to profits, because it's exceedingly simple for a company that is making money to report zero profits and just re-invest everything into the company, leaving you with nothing.

Just be aware of this when before signing anything and doing work for them.

It's actually going to be 30% of the company. Going to be opening a joint bank account that requires both signatures for us to access the money. On top of that I will stipulate in the contract that both of us need to agree before reinvesting any of our net profits back into the company.
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MuayThai85 posted...

As weird as it sounds, that's basically what happened today. I did a small job about 6 months ago (English pronunciation camp for Thai teachers). The guy who ran it took a liking to my wife and I. We did a second job a few weeks ago and he got talking about his invention.

Tonight he took us to dinner and explained everything to us. He's invested close to $200,000 so far and has one patent already and 4 more that should be completed in the next few months. It's a speech aid (to help pronounce certain sounds).

Already has multiple schools interested in purchasing orders, a manufacturer for the product, Web designers building the website and programmers working on the software. He just needs a face for the company (I will be the person pitching to international clients), someone to edit his work and a general webmaster.

That's where I come in. He thinks having a westerner, specifically a white native English speaking westerner as the representative will give more credibility to the company.

It's a really interesting concept. There is no risk so figured why the fuck not, right? I'll have to invest a bit of time but if it takes off then it'll be amazing. He truly believes in it (all his own money invested, no other partners) and Asia is a massive market where something like this could definitely be very lucrative).

Dat cuck tho..

You're life is always interesting.
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relevant

https://www.youtube.com/watch?v=l_LeJfn_qW0" data-time="
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No matter when you see this card, it will always be relevant xD

KingArthur3D posted...

Dat cuck tho..

He's already married. She's a 50ish year old MILF (amazing body for her tbh, he's 62). Plus when I worked with them the first time my wife and daughter were there with us. I'm doing a small English camp for him next month, he's paying for return flights for the family and hotel, while also getting paid about $150/day.
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MuayThai85 posted...

When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

iClockwork posted...

MuayThai85 posted...

When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

And? I still get 30% of everything, including online sales, software sales (when ready), etc. Hell, he is the one who has lined up a bunch of Thai schools, I just go present the product.
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MuayThai85 posted...

And? I still get 30% of everything, including online sales, software sales (when ready), etc.

MuayThai85 posted...

And? I still get 30% of everything, including online sales, software sales (when ready), etc. Hell, he is the one who has lined up a bunch of Thai schools, I just go present the product.

What about 30% of the debt?
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30% of losses, 30% of liabilities, working for no set compensation.
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MuayThai85 posted...

iClockwork posted...

MuayThai85 posted...

When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

And? I still get 30% of everything, including online sales, software sales (when ready), etc. Hell, he is the one who has lined up a bunch of Thai schools, I just go present the product.

So what if they order nothing?

http://smallbusiness.chron.com/average-compensation-percentage-sales-reps-38188.html

A sales rep's income usually includes commission, a percentage earned on his total product sales. Each company determines the percentage for its reps. Average percentages depend on the industry. For example, car salesmen might earn commission percentages between 20 and 25 percent of the profit on the sale, whereas someone in advertising sales can receive 50 percent of the sale

I never been in sales so idk but it sounds pretty typical.

Clarify again, you are expecting to make 30% off of EVERY sale, even ones you do not make? Or just ones that you make?
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Fishy posted...

MuayThai85 posted...

And? I still get 30% of everything, including online sales, software sales (when ready), etc. Hell, he is the one who has lined up a bunch of Thai schools, I just go present the product.

What about 30% of the debt?

There is no debt. He used all his own money to start it. No bank loans or anything of the sort. That was the one thing we were very clear on. He will be paying for the manufacturing costs out of pocket. Manufacturing costs are also cheap, he's already got the packing, moulds, etc. Costs less than 60 cents per unit to manufacture (and that could decrease with different manufacturer in the future).

It is also a stipulation in the contract that business loans can't be made without both parties agreeing.
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darkphoenix181 posted...

MuayThai85 posted...

iClockwork posted...

MuayThai85 posted...

When I'm presenting the product to a potential client it's basically sales and I'll get a 30% cut of the profits of whatever they order.

And? I still get 30% of everything, including online sales, software sales (when ready), etc. Hell, he is the one who has lined up a bunch of Thai schools, I just go present the product.

So what if they order nothing?

http://smallbusiness.chron.com/average-compensation-percentage-sales-reps-38188.html

A sales rep's income usually includes commission, a percentage earned on his total product sales. Each company determines the percentage for its reps. Average percentages depend on the industry. For example, car salesmen might earn commission percentages between 20 and 25 percent of the profit on the sale, whereas someone in advertising sales can receive 50 percent of the sale

I never been in sales so idk but it sounds pretty typical.

Clarify again, you are expecting to make 30% off of EVERY sale, even ones you do not make? Or just ones that you make?

Every sale. He's already got multiple schools in Thailand ready to place orders, I will get 30% of those as well. If they don't place orders than all I've lost is any time that I have put into it (which by that point won't be very much).
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Congratulations, dude! That's fantastic news! I hope you become a millionaire.
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MuayThai85 posted...

Every sale. He's already got multiple schools in Thailand ready to place orders, I will get 30% of those as well. If they don't place orders than all I've lost is any time that I have put into it (which by that point won't be very much).

And how much cut does he get for each sale?
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darkphoenix181 posted...

MuayThai85 posted...

Every sale. He's already got multiple schools in Thailand ready to place orders, I will get 30% of those as well. If they don't place orders than all I've lost is any time that I have put into it (which by that point won't be very much).

And how much cut does he get for each sale?

He will get 70% of company net profits while I get 30% of net profits with room to negotiate for a higher percentage after 6 months. Seems fair to me since he is taking all the risk financially and came up with the idea.
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Poor farang getting got.

MuayThai85 posted...

He will get 70% of company net profits while I get 30% of net profits with room to negotiate for a higher percentage after 6 months. Seems fair to me since he is taking all the risk financially and came up with the idea.

Sounds like he's giving up an arm and leg to invest in your image for his company. I'm way too greedy and prideful to do such a thing if I were in his shoes.

In any case, this is an insane opportunity. Congrats TC. I hope you will come to love the vision and direction of his company as much as he does.
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MuayThai85 posted...

Most Chinese schools won't hire blacks unless they are desperate. Had a friend who did a Skype interview with a Chinese school, they hung up 3 seconds into the call and ghosted him.

You'd think China would be more neutral to black people due to so little real exposure or interaction.
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ShinobiNinjaX posted...

MuayThai85 posted...

Most Chinese schools won't hire blacks unless they are desperate. Had a friend who did a Skype interview with a Chinese school, they hung up 3 seconds into the call and ghosted him.

You'd think China would be more neutral to black people due to so little real exposure or interaction.

You'd be surprised at how much exposure to blacks they have there. Shanghai, Beijing and Hong Kong have large African communities. Sadly a lot of them are involved in the drug and prostitution trades so it has really soured Chinese to Africans, especially Nigerians.

Sad_Face posted...

MuayThai85 posted...

He will get 70% of company net profits while I get 30% of net profits with room to negotiate for a higher percentage after 6 months. Seems fair to me since he is taking all the risk financially and came up with the idea.

Sounds like he's giving up an arm and leg to invest in your image for his company. I'm way too greedy and prideful to do such a thing if I were in his shoes.

In any case, this is an insane opportunity. Congrats TC. I hope you will come to love the vision and direction of his company as much as he does.

That's exactly why I can't turn away this opportunity. If I did and it turned out to be a million dollar idea basically I'll regret it for the rest of my life. I'm going in with low expectations but would absolutely love to become self-employed if the future holds that for me.
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