ITS been awhile but Im going back after it

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tyha

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good evenining guys, its been a long while since Ive posted here and would first like to thank everyone involved for the many answers and insights I have received throughout the years. There is truly no site as this one. Just to let everyone know the reason I havent been around in awhile is because the company I started and ran for 8 yrs went under about 2 yrs ago due to a bankrupt GC and about 500k in uncollected debt. Also, my mother passed about the same time and I was having issues dealing with the stress so I decided I would take my knowledge and assist larger outfits run or manage projects and climb the ladder while making steady income. After dealing with many companies, cultures and inside politicking Ive finally figured out that Im not going to be fulfilled without creating my own structure. Im just that type of person. I feel i just know too much about whats going on and see so many opportunities while making someone else rich with the dedication, leadership and accountability I put forth constantly. So I'm going at it again. Particulars have not been filtered in as yet due to me still being employed full time but I need you guys to know as I have depended on this forum for some serious issues in the past I was on the fence about that you helped me straighten out. What I'm contemplating now is whether I attempt to find someone to "partner" with to keep me held to standard or do I go at it by myself. this time being much much wiser. Pros and cons both ways but I remember always wanting to bring someone in when I started to grow and assist me with an opposing view occasionally. for a company run by only me we averaged almost 4mill a year and where Im at thats not bad. thanks again for everyones feedback throughout and any info you have please feel free to reply.
 
So you are going to give it a shot again. I guess working for the man is not your thing and I totally understand that. Getting a partner can be great but it really has to be the right person or you can have more trouble than its worth.

If you made that much in sales alone then I would stay solo.
 
Its good your going back to running your own bossiness again. There are pros and cons about having a partner.

When I first started out I had a partner and it was good that if i needed to be away from work or wanted to take a vacation my partner was there to make all the decisions when needed. We could not come to agreements on some items like buying a building to work out of. So it was rent for a few years. After about 3 years I made him an offer to buy him out and we worked out a good deal that we both agreed to.

As for running the business by myself I get to make all the decisions and the buck stops with me. I like it this way. What I can say is that my foreman take care of me and watch my back. When I first started out in business 25 years ago or there a bouts communications was not as good as it is today. With smart phones, jet packs for my laptop I can be 1000 miles from the job and deal with any situation any time of the day.

If I were you I would start and run the business yourself. The key to this is to have foreman you can trust to do what is in your best interest. As things go along if you feel its to much you can always partner up with someone at a latter date. Maybe might even be one of your foreman.

I have a friend who owns a midsize roofing company and he had a partner. The partner fell off a roof and was killed on the job. To buy out his partners share of the business from his wife was brutal and cost him more than what the company was worth. I would not want to go through that unless there was an insurance policy that was infect that would pay 60% of the company value for the buyout on the death of a partner.
 
Instead of a partner how about a consultant ? Years ago the Small Business Administration had a program. SCORE=Service Core of Retired Executives . A retired contractor someone you could ask questions of, help with areas that are not your strong suit. compensation of some sort for his service.
 
tyha said:
good evenining guys, its been a long while since Ive posted here and would first like to thank everyone involved for the many answers and insights I have received throughout the years. There is truly no site as this one. Just to let everyone know the reason I havent been around in awhile is because the company I started and ran for 8 yrs went under about 2 yrs ago due to a bankrupt GC and about 500k in uncollected debt. Also, my mother passed about the same time and I was having issues dealing with the stress so I decided I would take my knowledge and assist larger outfits run or manage projects and climb the ladder while making steady income. After dealing with many companies, cultures and inside politicking Ive finally figured out that Im not going to be fulfilled without creating my own structure. Im just that type of person. I feel i just know too much about whats going on and see so many opportunities while making someone else rich with the dedication, leadership and accountability I put forth constantly. So I'm going at it again. Particulars have not been filtered in as yet due to me still being employed full time but I need you guys to know as I have depended on this forum for some serious issues in the past I was on the fence about that you helped me straighten out. What I'm contemplating now is whether I attempt to find someone to "partner" with to keep me held to standard or do I go at it by myself. this time being much much wiser. Pros and cons both ways but I remember always wanting to bring someone in when I started to grow and assist me with an opposing view occasionally. for a company run by only me we averaged almost 4mill a year and where Im at thats not bad. thanks again for everyones feedback throughout and any info you have please feel free to reply.
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well, this is the fourth one in a row on caution with a partner.....

if you can figure out how to pull in $4m a year without losing money on it,
then rock on.

most millionaires have been bankrupt getting there. sometimes more than once.
 
again, I cant thank you guys enough for the info I receive here. Im fairly sure when I was looking for someone I was looking for someone just like myself which would be impossible. I literally started before with a few trustworthy electricians friends that I paid in cash the first month or so. I think thats what I need to do this time around. I just remember I went from a person running a few smaller projects to within a year I had got in with a few good GC's and different property managers to where I hired a full time estimator and found out I had to play the cashflow game for awhile until I had enough where if i didnt get a pay app back within 30 days it didnt hurt as bad. I like the idea of having great foreman because I did before and I think thats going to be key to getting back and surpassing where I was.
 
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