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The power of financial education
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Memmy
#111 Posted : Tuesday, May 08, 2012 4:08:31 PM
Rank: Member

Joined: 9/21/2009
Posts: 34
Very informative. Asante sana @Marty.
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Chaka
#112 Posted : Tuesday, May 08, 2012 4:23:18 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@Marty
Keep 'em coming..I have two questions
1.When did you incorporate the chama?
2.Are the ten of you still together?
I am also wondering how a business plan looks like
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Marty
#113 Posted : Tuesday, May 08, 2012 4:47:15 PM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
Chaka wrote:
@Marty
Keep 'em coming..I have two questions
1.When did you incorporate the chama?
2.Are the ten of you still together?
I am also wondering how a business plan looks like


We incorporated the company in 2005. The 10 of us are still together. We actually set very strict conditions for leaving before 6 years are over but as you can see it is now 7 yrs and no-one is even thinking of leaving. It is also extremely hard for a new member to join in...coz of the share value.

Regarding a business plan, you may need to do a bit more research and probably get some samples on the net. Alternatively you if you need one, you can engage financial planners and they'll gladly prepare one for you at a fee.
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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radio
#114 Posted : Tuesday, May 08, 2012 5:39:38 PM
Rank: Veteran

Joined: 11/9/2009
Posts: 2,003
@Marty, thanks for the wealth me info you have voluntarily decided to offer.

I've a few questions though:
1. How did you deal with the issue of members who are willing and able to contribute lots of share contribution?
2. How did you share out the gains or losses to ensure the members are motivated and also ensure the chama grows. Did you reinvest all the gains?
3. How did you vet and vote on ideas floated by members for investment?
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Forester
#115 Posted : Tuesday, May 08, 2012 7:20:26 PM
Rank: Member

Joined: 12/7/2010
Posts: 520
Location: Epicentre - Ngamia 1
Inspiring to say the least, i salute you @Marty Applause Applause Applause

BTW, i'm the young guy you were those 7 years ago ...raring to go. Serves as a good starter for anyone who wants to achieve their goals/dreams. Thanks a lot & looking forward to upcoming postssmile .

Add me to you mailing list forester05(at)rocketmail(dot)com.

Build your own dreams, or someone else will hire you to build theirs - Farrah Gray.
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  | | Edit by user: Tuesday, May 08, 2012 7:25 PM | Reason: Not specified
Marty
#116 Posted : Wednesday, May 09, 2012 7:14:23 AM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
radio wrote:
@Marty, thanks for the wealth me info you have voluntarily decided to offer.

I've a few questions though:
1. How did you deal with the issue of members who are willing and able to contribute lots of share contribution? When starting the group, our financial strengths were almost the same. We therefore settled on equal shareholding. However, along the line some members have done better than others financially. how we deal with them is to sometimes is to allow them to contribute cash as individuals towards specific projects in cases where the company cannot fully take up the entire stake. Proceeds are usually shared out proportionately project by project.
2. How did you share out the gains or losses to ensure the members are motivated and also ensure the chama grows. Did you reinvest all the gains? We actually agreed that for the first 6 year we will not take any dividends and we will actually re-invest all the gains. Beyond the six years, dividends to be issued though larger part of the profits are re-invested. Going forward, shareholders will gain much much more. You'll agree with me that the formative years need lot of sacrifice and hence taking away from the company may not be ideal.
3. How did you vet and vote on ideas floated by members for investment? Ordinarily we get all manner of ideas from members. We discuss the merits and de-merits of all the ideas and in most cases we build consensus; coz facts never lie. Whenever you analyze business opportunities and / or ideas with facts and look at the entire picture of actualizing the ideas, it is easier to sway people towards a particular direction. In the unlikely event of lack of consensus we normally vote and majority carries the day with the chair having the casting vote.

When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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  | | Edit by user: Wednesday, May 09, 2012 7:17 AM | Reason: Not specified
Marty
#117 Posted : Wednesday, May 09, 2012 7:19:36 AM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
Forester wrote:
Inspiring to say the least, i salute you @Marty Applause Applause Applause

BTW, i'm the young guy you were those 7 years ago ...raring to go. Serves as a good starter for anyone who wants to achieve their goals/dreams. Thanks a lot & looking forward to upcoming postssmile .

Add me to you mailing list forester05(at)rocketmail(dot)com.



This is the best time to acquire the financial education. This will definitely hold you in good stead as you venture into the world of investing. I'll send the first summary to you. The next summary will be circulated next week.
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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2012
#118 Posted : Wednesday, May 09, 2012 8:16:15 AM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Marty wrote:
We incorporated the company in 2005. The 10 of us are still together. We actually set very strict conditions for leaving before 6 years are over but as you can see it is now 7 yrs and no-one is even thinking of leaving. It is also extremely hard for a new member to join in...coz of the share value.



What are your monthly per member contribution? What were your initial member contribution in 2005 and now? Are you now giving dividends as i6 yrs are over? Do you have a committee that writes the business plans and are they later funded by banks? Thanks.

BBI will solve it :)
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Marty
#119 Posted : Wednesday, May 09, 2012 8:27:16 AM
Rank: Veteran

Joined: 3/31/2008
Posts: 761
Location: Nairobi
2012 wrote:
Marty wrote:
We incorporated the company in 2005. The 10 of us are still together. We actually set very strict conditions for leaving before 6 years are over but as you can see it is now 7 yrs and no-one is even thinking of leaving. It is also extremely hard for a new member to join in...coz of the share value.



What are your monthly per member contribution? What were your initial member contribution in 2005 and now? Are you now giving dividends as i6 yrs are over? Do you have a committee that writes the business plans and are they later funded by banks? Thanks.


We started with 4k per month in 2005 but later upped it to 8k by 2007 and by 2010 we were doing 15k. Currently, we don't do monthly contributions coz they company became self sustaining and the monthly contribution's became kinda insignificant when we looked at the bigger picture.

We are now getting dividends albeit very small amounts. We prepare the business plan together (all members) and of course the documents has been used in seeking financing. We have formed a good relationship with one financier over time.
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
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Mastermind
#120 Posted : Wednesday, May 09, 2012 8:43:51 AM
Rank: Veteran

Joined: 1/25/2012
Posts: 1,624
Location: Langley
Marty Your email please. There's something i want from you.
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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