Truffle Boy by Ian Purkayastha & Kevin West

Author:Ian Purkayastha & Kevin West
Language: eng
Format: epub
Tags: Biography & Autobiography / Culinary, Biography & Autobiography / Personal Memoirs, Business & Economics / Personal Success
Publisher: Hachette Books
Published: 2016-09-19T16:00:00+00:00

My dad and I returned to the United States twenty-four hours later. The trip had been successful but expensive. Between airfare, hotel costs, and food, we racked up $12,000 on Barry’s AmEx, even though we traveled frugally. My dad flew back to Arkansas, and I waited for the final operating agreement from Barry’s attorneys. We were down to the wire.

When the agreement arrived, I was shocked. Everything we had discussed had been altered. The million-dollar initial capitalization was now to be a $100,000 revolving line of credit. Harry would get a $100,000 salary, comparable to my mine, while Barry and Edward pulled out huge monthly distributions that equaled another $100,000 annually. And instead of taking an even half of the company, the Nichols clan would receive a 60 percent majority stake. I was so totally screwed. How was everyone supposed to take out so much in return for a $100,000 investment? The business plan I developed projected $1 million in sales during our first year, followed by significant growth after we got our bearings—but only on the basis of an up-front million-dollar investment. Barry seemed to think otherwise. Regalis would be a cash cow for his sons, which made me the cow.

As if that weren’t bad enough, poor Helen was caught in the middle again. There wouldn’t be enough to pay her, and she had already left her last job to start work with me in a week.

I had no choice other than to make the deal work, whatever it took. With help from my parents and using my inept attorney as a negotiator, I clawed back a few concessions. Barry agreed to raise the line of credit to $250,000. Harry’s involvement would be cut to part-time in return for a $55,000 annual salary, and Edward and Barry’s distributions were eliminated. The family accepted a 50 percent equity stake but retained 60 percent voting rights. In theory, my 40 percent voting rights meant that if any one of the three family members agreed with me on a major decision, we could override the others. However, I was not so naïve. I knew the three of them would always stick together as a solid voting bloc. I would be working for the Nichols clan. At least I would be able to afford Helen.

I signed the agreement, knowing it was a mistake, knowing I had sold myself cheap. And I spent the next two years plotting ways to buy back my company. Until then, though, I was officially partners with the sludge king.

The name we settled on, Regalis, means “royal” or “regal” in Latin. A Nichols family friend designed the logo, a pretentious silver crown against a royal blue background. I didn’t like it, but I knew it could be changed later. Now I had to hit the streets hard. The pressure was on to sell.

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