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Hopes Dreams and Aspirations

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  • Hopes Dreams and Aspirations

    As business owners we put all of our heart and soul into building our businesses. We gamble with our future in hopes that someday we will own something to be proud of. Slowly but surely we start to get our head above water and we are able to start to building assets.

    Many of us as we are building our business we are also building our families. As our kids get older they help us around the office, sweep out the warehouse or ride in a service truck during their summer breaks. This allows them to put a little cash in their pockets, learn some life skills and make you proud as punch to see them grow.

    After 30-years of building your business you decide it is time to think about retiring. Your company has become a bigger success than you could have ever dreamed. You have an excellent name in the community and you see your customers everywhere you go. What do you do with your business:

    1. Close the doors and sell it off piecemeal.

    2. Maintain ownership and have your employees run the business.

    3. Sell it off to a stranger and never look back.

    4. Ask one of your kids to take over the family business.

    Hopefully this is a question we will all need to answer some day.

    Mark
    "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

    I never lost a cent on the jobs I didn't get!

  • #2
    Re: Hopes Dreams and Aspirations

    #4 if the kids are interested would be my first option.

    Otherwise #3. I would prefer to sell it to a trusted employee rather than a stranger if they were able to buy it at reasonable terms.
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    • #3
      Re: Hopes Dreams and Aspirations

      What do You say to a man who has been to where you have to arrive?This has been my concern after reading your post.So I would say-First PRAY about it.Then conside (1)Would Mrs. Mark and yourself be happy seeing your dream stopped as if it had never been? (2)Are you all happy having the employees run the business? (3) IF selling to a stranger-Could you not look back?And if indeed,you looked back-could you all stand possible seeing your dream destroyed?(4)Would one of the kids want to take over? For myself,I one day hope to answer that Question with the degree of success you seemed to have obtained.If you do walk-------Keep Posting. Best wishes.
      Kenneth Collier
      Maintenance and Sewer

      P.O. Box 9441
      Jackson, MS 39206
      (601) 613-2678 (Cell)
      drainman881999@yahoo.com

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      • #4
        Re: Hopes Dreams and Aspirations

        Statistically, children don't take over businesses.

        Piecing it out might be aggravating.

        Good employees taking it over sounds good. But a former business owner will have a tendency to not let go or end up working there "part time".

        I say sell it and never look back. Concentrate on the next challenge. Depending on age & desire it might be fun to see if one could do it again.

        J.C.
        Last edited by BobsPlumbing; 09-09-2008, 07:34 PM.

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        • #5
          Re: Hopes Dreams and Aspirations

          Remember guys I am asking what you would do.

          Mark
          "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

          I never lost a cent on the jobs I didn't get!

          Comment


          • #6
            Re: Hopes Dreams and Aspirations

            Sell it off to a stranger and never look back.



            I don't family/sons to run it because I'd want them to do something better/easier of sorts. That doesn't mean that they'd be hands on, just know that running a business can tie down dreams, especially if they weren't initially theirs.
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            • #7
              Re: Hopes Dreams and Aspirations

              Originally posted by ToUtahNow View Post
              Remember guys I am asking what you would do.

              Mark
              That is what I would do. (3 posts up)

              J.C.

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              • #8
                Re: Hopes Dreams and Aspirations

                id give my kids the chance to show me how much they want it, then depending on their drive, id let em have it at right time for nothing--

                thats the way id do it-id want my kids to have it easier than i did, but at the same time show me their dedication

                definately could not let some nobody tarnish my name or rep

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                • #9
                  Re: Hopes Dreams and Aspirations

                  Kids want it, fine. If not, sell it outright.

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                  • #10
                    Re: Hopes Dreams and Aspirations

                    Originally posted by ToUtahNow View Post
                    Remember guys I am asking what you would do.

                    Mark
                    You are right. If I had to sell,If no children/family wished to buy,then employees,if they wished to take ownership.I would pray first.
                    Kenneth Collier
                    Maintenance and Sewer

                    P.O. Box 9441
                    Jackson, MS 39206
                    (601) 613-2678 (Cell)
                    drainman881999@yahoo.com

                    Comment

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