Job running tt team

[JEFFRPM]

I have a real problem i have been approached to start up a new TT race team by someone that has know idea what he is about to spend and has never raced ANYTHING before. He has plenty of money and seems to have the drive BUT i will have to sell the house move the wife & kid BACK to friggin Vegas am I nuts for even considering this?:confused:

[danzar]

Don't base your life on someone else's hobby. No matter how much money they have it is always the first thing to go when times get tight. Once they realize exactly how much it costs to run a TT team you might be left unhappy.

[tmathews]

Get some $$$ up front or have some lawyers draft up an agreement or contract

[FabioP]

Don't base your life on someone else's hobby. No matter how much money they have it is always the first thing to go when times get tight. Once they realize exactly how much it costs to run a TT team you might be left unhappy.

I agree

[fathead]

I have a real problem i have been approached to start up a new TT race team by someone that has know idea what he is about to spend and has never raced ANYTHING before. He has plenty of money and seems to have the drive BUT i will have to sell the house move the wife & kid BACK to friggin Vegas am I nuts for even considering this?:confused:

Treat this like any other business venture.. Sit down and have a meeting, (You probably have already) Make sure he has a full understanding what is involved $ wise, and only do it if it will benefit you and your family, and think long term. Get a CONTRACT!
If it is something that you can make pretty good money from for a few years, but will set you back for a few years after to get reestablished afterward, it might not be worth it. But, it could open new doors for the future as well.
It's a tough one, but probably a decision a lot of people on the boards would like to be in a position to have to make.
Good Luck either way!

[D4D]

I did this same sort of deal years ago, here is how I protected myself. I had a lawyer friend write a contract that paid me for three years of work wether or not the business continued, it also paid me an additional 12% for each quarter before the 3 years if the business closed. Like you the guy had a lot of money so I had the contract done with him personally not the business so that if he closed the doors and left creditors hanging I still had a way to get paid.
First and foremost this showed his commitment to the project, if he would have pushed back it would have showed that he did not believe in it 100% himself.

In the end the gig lasted 12 months, so I got 2 years of pay plus a good "Bonus" based on the 12% paid for the 8 quarters. Meant I could take care of my family while finding a new job. ;)

[Chris Tobin]

You will might regret the decision either way... Not trying to be a jerk or anything just saying that if you don't do it, in the back of your mind you'll be kicking yourself wishing you did. And if you do it and it flops you'll be kicking yourself for real!!!:eek:

If you decide to go for it, just make sure that the money is real!!! Not just credit and living like a rich guy! Get an iron-clad contract and get some up-front money that you can squirel-away in case things go bad. Finally make sure to stipulate who is in charge... money-men that do not know what is going on tend to make very poor decisions, especially when the money gets scarce. Try to work it so that you are the team manager and make the decisions.

I have moved all over the country for work and my wife and son have hated it at times but have adjusted very well to our new surroundings. It takes a strong family to handle it but especially if your kid is still young I say go for it!!!

[Demp]

You will might regret the decision either way... Not trying to be a jerk or anything just saying that if you don't do it, in the back of your mind you'll be kicking yourself wishing you did. And if you do it and it flops you'll be kicking yourself for real!!!:eek:

If you decide to go for it, just make sure that the money is real!!! Not just credit and living like a rich guy! Get an iron-clad contract and get some up-front money that you can squirel-away in case things go bad. Finally make sure to stipulate who is in charge... money-men that do not know what is going on tend to make very poor decisions, especially when the money gets scarce. Try to work it so that you are the team manager and make the decisions.

I have moved all over the country for work and my wife and son have hated it at times but have adjusted very well to our new surroundings. It takes a strong family to handle it but especially if your kid is still young I say go for it!!!


Nice Post Tobin!!!!

[Chris Tobin]

Nice Post Tobin!!!!

Thanks Nick!

[formerly known as]

X2 Chris. I ran a race team a few years back. Got some grey hair and made some new friends. Was promised alot and the car owner did not deliver. Basically alot of wasted time.

[chicken lips the ocho]

you might want to pm someone lik pab or somebody else that races TT in here so they can give you more info like how much it actually cost to race a TT, your friend might not know what it really takes to race TT

[HDRA1]

jeff i would take him to a race say parker show him what is needed what kind of crew trucks equipment hotels or rental properties so he can get an idea of what is needed at every race then see if you can do a shop tour so he can see some of the equipment that is needed there also so he does not go into shock right away then break him in on the 1000 and see the real shock lol and good luck in what you do jeff you know you want to come back and laugh at snoddy anyways :D

[E&S Racing]

Make sure he knows what it would cost if the TT were to burn to ground. Sometimes a car owner doesn't like that and it may change his mind about buying another...This is why you would want a contract with him so you still get paid even if something like this were to happen

[JEFFRPM]

Hey all of you THANK YOU FOR THE SUPPORT I have been real concerned about this.
BTW anybody know a lawyer that can write up a contract without holes in it. Just in case

[boothe]

Jeff,

Check your PM and give me a call....

[Dezertpilot]

jeff i would take him to a race say parker show him what is needed what kind of crew trucks equipment hotels or rental properties so he can get an idea of what is needed at every race then see if you can do a shop tour so he can see some of the equipment that is needed there also so he does not go into shock right away then break him in on the 1000 and see the real shock lol and good luck in what you do jeff you know you want to come back and laugh at snoddy anyways :D

Now your talking Lucas!!