Partners grumble as venture manager shows off Richard Mille watches, Hermes, Chanel while business flounders
Trouble is brewing within the close group of millennials and bilyonaryos’ grandchildren behind a much hyped business venture.
Several partners are in disbelief over the lavish lifestyle of their Venture Leader (VL) as hopes dim that they would get back the money they invested a few years ago.
VL started the business with about half a dozen friends and P500 million in capital. As the business gained traction, VL made a series of capital calls, which resulted in more investors. Soon, their capital grew to P2.5 billion.
But VL expanded the business too fast, too soon. Disgruntled Investor (DI) said VL had little regard about when his original partners would recoup their investments as he charted the company’s growth. What started as a red hot business has since lost steam after a frenzied expansion.
However, financial troubles seem to be the least of VL’s concerns. DI said VL and his wife like showing off his-and-hers limited edition Richard Mille watches on Instagram, as if their business is doing well.
VL’s wife also likes to post unboxing videos of her new Hermes and Chanel bags, on top of selfies from her European vacation.
Worse, DI said the VL has been using the business’ checkbook for rediscounting personal loans.
VL reportedly borrows P100 million at one percent interest rate per month, for reasons unknown to DI and his co-investors. DI believes the money is used to either fund VL’s lavish lifestyle or support his family’s other failing businesses.
DI said he and his business partners don’t mind if VL and his wife brag about their pricey possessions– as long as they do it with their own money and don’t touch the company’s cash flow.
As DI and his co-investors worry about getting their money back, VL and his wife are busy racking up likes on Instagram.
“Ginawa kaming gatasan,” DI sighed.
— Business Insider (@businessinsider) January 29, 2020