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Kevin, Ford, Partner discussed on Journey to $100 Million

Journey to $100 Million
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1 year ago

Social media IS your communication channel to the world

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Small Cuts To Avoid Deep Cuts

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The moment that I realized that I needed to hire someone I thought oh gosh. What benefits do I have to provide? And what's it gonna cost? Now. Lucky for me, the very first employee that I hired did not need health insurance. Because her husband was in the military, and she was totally covered. So that was basically the big fear for me is was gonna cost was going to do my business. Can I Ford et cetera? I got to defer that, but as I started to hire more employees as the need for health insurance increased and now with ObamaCare, it's a requirement. I don't know the law inside out. I don't actually know at what point it has to be offered. But basically you have to offer health insurance your employee's. And so I went through all these gyrations to figure out what our benefits we're going to be right? So we've got health insurance. And then at some point we added in long term, short term and. A disability and then life insurance we also have vision. And we have what is it vision and dental? And then paid time off. And so over the years, we kind of figured all this out and we had a core offering except we didn't have a 4._0._1._K. So I've been in business one form or another within poise for nine years, and I never offered any kind of retirement benefits. And I knew that it was like the last thing that I had to do trying to get retirement benefits for the employees. But it was one of those again, just like when I had to get health insurance for employs back in the day. This was another like obstacle and a big unknown. I didn't know how to do it. I don't know who to talk to. And I was worried about the finances. How much have to put in what is going to cost me? Anyways, we got with the financial planner recently, and we implemented it we ended up doing what's called a simple IRA because we're only about twelve people and you don't do a four one K unless you're much much bigger. And there's a lot more regulation on. There. So that that wasn't a fit for us one day. We'll be doing four kids. But for now, we're doing what's called a simple IRA, everyone can contribute and we can match three percent. So those are the numbers. Those are the rules. We can't match anymore and the employees can put him more if they want but will only match three percent. But it was the last thing that was like the last benefit that I had to put in place in order to feel legitimate. Like legitimate employer and legitimacy doing right by my folks, and it was super important for me super important for Kevin my business partner because you know, like these people they're they're giving us their time in their lives and their energy. And I wanna do right by them wanna make sure that they are taking care of an I'm like twenty years older than almost everyone else in the company, and you know, I've got more life experience, and I've had more opportunity to save and they're young and out of college everyone here is in their twenties. And I know that this is important. And I know that is something that we can do to really help them. And I wanted to give back frankly. And it's costing us is costing us about a thousand dollars every two weeks in order to have this plan in place. But it's totally worth it. People love it. It was an instant raise. And again, it was it was just something we had do.