Is going into business worth it?

I keep dumping my money into the company to get more assets—-
Pinnie said:
Money is a big consideration for me.
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“ money ” is subjective—-
Do you want bundles of cash—-
You want the best tolls and trucks
You want valuable time with your family!
All theses are people personal Goals—-

I have little kids I want time with my family —-

So if I make about what I would working for someone- but I get more time off or time I choose that that’s worth a lot!!
Then my priorities may change and company need some assets like land for storage so I shift—— work harder less family time—-

I don’t care about new and nice tools —
But a lot of contractors are happy they can deduct there entire truck this year——
Me I got a property to store my crappy vehicles—-

It’s up to you to find what you want——
But don’t let that money take your life time the most valuable resource
 
@Pinnie
Just an idea from an old man on something you may consider. Search for a company where the owner may be looking to retire in 2 or three years. It would be pretty easy to find out if he has been successful.

You could agree to buy him out and he could work a year or two and show you the ropes.

he would have tools and trucks etc. Why start from scratch?

Its easier to push a car that is already rolling than one that is stopped.

I agree. If you really want to try it and you don't you will always be wondering if you should have.

If you try you will know one way or the other.
 
Joethemechanic said:
At the fear of being labeled a sexist, women for the most part don't handle the rather eccentric income well. If they see you pulling in big numbers they think it's forever, and that you can be a big spender, and if things slow down and you have to dip into your savings, you just aren't trying. And any money the business is eating, is you spending money on yourself.

Then they harp on you to take on jobs that you can see are a loser from 10 miles away. Because in a woman's mind work=money, they have no conception that you can work hard and lose money.

I don't know if it's something in the way their brain is structured of if it's social conditioning from only having experiences as employees where it's "punch card, get check"

In all fairness I see a lot of guys with that mindset screw up after a prevailing wage rate job ends. It's like they think you can conger another PR job out of thin air

BTW, I am already labeled a sexist, so fire away
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I solved that problem by marrying a woman who earned more than me! 😂
 
retirede said:
I solved that problem by marrying a woman who earned more than me! 😂
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I know, I should have listened


But I was young and my grandparents owned a mobile home park behind their Esso station, so after a while you acquire a taste for what's around.
 
Eddie702 said:
@Pinnie
Just an idea from an old man on something you may consider. Search for a company where the owner may be looking to retire in 2 or three years. It would be pretty easy to find out if he has been successful.

You could agree to buy him out and he could work a year or two and show you the ropes.

he would have tools and trucks etc. Why start from scratch?

Its easier to push a car that is already rolling than one that is stopped.

I agree. If you really want to try it and you don't you will always be wondering if you should have.

If you try you will know one way or the other.
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I’ve considered this as well I just get spooked by the risk. I don’t feel qualified to take the wheel of a moving ship yet. There’s a lot of administrative things I’m ignorant to. I’m sure I’m better off than some who are out there, but I feel like I’d make a mistake like buy a bad business😅
 
I will be starting my 40th year in business in 2026. I quit a dozen times, in my head, but I stuck with it.
There will be lean times-had a bunch. Just be prepared. My business is seasonal, so it was tougher. I am though working around that with consulting and training/teaching within my industry in the offseason. Online content is next.

The hours are long. Your day starts way before your employees come in and after they leave for the day.

Speak with your accountant as you can run at a loss for a few years which will help you to keep going. Do a business plan. It will help you better understand your strengths and weaknesses.

I think @Pinnie has a good idea. Buy an existing company that is turnkey. With the state of tradesman in the last 10+ years, they have no one to buy or take over their business. I see a lot of tradesmen just packing it in. You may be able to get a "deal" from an existing EC.
A good accountant will look over the books for you and see if a company is viable to purchase.

Take the chance as @Pinnie had said. You'll never know unless you try.
 
Mystic Pools said:
I will be starting my 40th year in business in 2026. I quit a dozen times, in my head, but I stuck with it.
There will be lean times-had a bunch. Just be prepared. My business is seasonal, so it was tougher. I am though working around that with consulting and training/teaching within my industry in the offseason. Online content is next.

The hours are long. Your day starts way before your employees come in and after they leave for the day.

Speak with your accountant as you can run at a loss for a few years which will help you to keep going. Do a business plan. It will help you better understand your strengths and weaknesses.

I think @Pinnie has a good idea. Buy an existing company that is turnkey. With the state of tradesman in the last 10+ years, they have no one to buy or take over their business. I see a lot of tradesmen just packing it in. You may be able to get a "deal" from an existing EC.
A good accountant will look over the books for you and see if a company is viable to purchase.

Take the chance as @Pinnie had said. You'll never know unless you try.
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Congratulations on surviving that long and to everyone else as well who has made it through. What is your business? I am curious now.

I’ll have to really look into buying a company more. I think if I would do that I would want to hustle for a while on my own. Doing small commercial jobs just until I get the hang of it and then maybe look for someone trying to sell. Best case there will be an employee there that’s knowledgeable and will stick around and teach me what they know, worst case all the employees leave and I’m stuck holding the bag.
 
I have a good friend who worked in a factory. He knew he had no future there so he took night classes in business management at the local community college. Got his associate degree in business management. When the factory closed, he and another guy he worked with started their own business. He told me that those business classes were invaluable when it came to running their company. They were successful and both retired a couple years ago.
You mention being”ignorant about administrative things.” Maybe you can find some night classes in your area to help with that. Good luck!
 
retirede said:
I have a good friend who worked in a factory. He knew he had no future there so he took night classes in business management at the local community college. Got his associate degree in business management. When the factory closed, he and another guy he worked with started their own business. He told me that those business classes were invaluable when it came to running their company. They were successful and both retired a couple years ago.
You mention being”ignorant about administrative things.” Maybe you can find some night classes in your area to help with that. Good luck!
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Thank you that’s good advice. I am studying business on my own currently as it’s crazy how much free study material there is today. If you are motivated you can get any education you want for free from YouTube or from books #MikeHolt. The things I’m insecure about are the boring things I don’t want to do/practice. Estimating, paperwork, contracts etc. I have very little experience doing these things and they are things I need to do like breathing. Trying to overcome the E-Myth.
 
Pinnie said:
Congratulations on surviving that long and to everyone else as well who has made it through. What is your business? I am curious now.

I’ll have to really look into buying a company more. I think if I would do that I would want to hustle for a while on my own. Doing small commercial jobs just until I get the hang of it and then maybe look for someone trying to sell. Best case there will be an employee there that’s knowledgeable and will stick around and teach me what they know, worst case all the employees leave and I’m stuck holding the bag.
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I am a swimming pool contractor. My first 15 years or so was strictly service. I then ventured into renovations and then new construction.
My clientele is upscale and spend $$$$. My projects are challenging where others shy away. My knowledge and expertise come with a price and my clients happily pay.

I consult, teach and periodically write articles for a trade magazine. I train other companies and will consult for homeowners.

I do very little service these days as the help situation stinks-as we all know.

If employees are happy with their present employer and you step in as the new owner, maintaining that happiness will keep them on board.
But again, you won't know until you try!!!
 
BTW, finding help right now is a nightmare. Schools have been focusing on teaching more "soft skills" for a lot of years now. So when you get help don't expect too much from them. They need lots of hand holding before you can turn them loose on a jobsite. Most of them have been raised without any male influence, so they have little situational awareness. Basically they will cosplay in arc flash gear, and walk under a crane lift.

And once you've been in business and see how things really work, you develop an aversion to middle management and HR types. You'll find it hard to deal with them and when they spout their horse chit you'll have an overwhelming desire to pinch them with your Kleins
 
Mystic Pools said:
I am a swimming pool contractor. My first 15 years or so was strictly service. I then ventured into renovations and then new construction.
My clientele is upscale and spend $$$$. My projects are challenging where others shy away. My knowledge and expertise come with a price and my clients happily pay.

I consult, teach and periodically write articles for a trade magazine. I train other companies and will consult for homeowners.
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You sound like a hard working man. Congratulations on your success, you should be proud.
Mystic Pools said:
If employees are happy with their present employer and you step in as the new owner, maintaining that happiness will keep them on board.
But again, you won't know until you try!!!
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That is true as well. I am very cautious. Another worry that pops into my head is the responsibility of the employees paychecks as well. I want to be more confident before I make a move.
 
Joethemechanic said:
BTW, finding help right now is a nightmare. Schools have been focusing on teaching more "soft skills" for a lot of years now. So when you get help don't expect too much from them. They need lots of hand holding before you can turn them loose on a jobsite. Most of them have been raised without any male influence, so they have little situational awareness. Basically they will cosplay in arc flash gear, and walk under a crane lift.

And once you've been in business and see how things really work, you develop an aversion to middle management and HR types. You'll find it hard to deal with them and when they spout their horse chit you'll have an overwhelming desire to pinch them with your Kleins
Click to expand...
Yeah I feel like I need to get really really good at training guys. Like make that a function of the business. Which in all honesty building up young men and teaching them how to be a man is a passion of mine anyway.

People leave a company when there is no ability to grow (the case at my current company) so the ultimate goal would be to have a path for an apprentice to one day be a franchisee I guess.
 
Pinnie said:
I’ll have to really look into buying a company more.
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Make sure you have an experienced lawyer review your purchase contract and terms.

A friend joined up with an old guy looking to retire, with the hope of owning the company. Once the old guy didn't have to work as hard keeping the company successful he decided not to retire.
 
jim dungar said:
Make sure you have an experienced lawyer review your purchase contract and terms.

A friend joined up with an old guy looking to retire, with the hope of owning the company. Once the old guy didn't have to work as hard keeping the company successful he decided not to retire.
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Wow😂 feels bad. Was the friend contractually bound to stay?
 
Eddie702 said:
@Pinnie
Just an idea from an old man on something you may consider. Search for a company where the owner may be looking to retire in 2 or three years. It would be pretty easy to find out if he has been successful.

You could agree to buy him out and he could work a year or two and show you the ropes.

he would have tools and trucks etc. Why start from scratch?

Its easier to push a car that is already rolling than one that is stopped.

I agree. If you really want to try it and you don't you will always be wondering if you should have.

If you try you will know one way or the other.
Click to expand...
I looked at my posts. I read too fast!
I meant to credit @Eddie702 on the encouragement and ideas.
 
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