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  • That sinking feeling........

    deleted
    Last edited by Tyman; 02-22-2010, 08:02 PM.
    Anyone can tear a man down, few can build one up.

  • #2
    Re: That sinking feeling........

    No. I work for myself because I have worked for others and it was unrewarding for all of the reasons you can imagine.

    I know nothing of your obligations. Obviously, you need to have them in the right position to go on your own.

    I do get a good feeling for your work ethic and desire to do things correctly.

    You can make it.

    J.C.

    Comment


    • #3
      Re: That sinking feeling........

      go out on your own because you want to be your own boss, because you want the challenge of running the business with all its ups and downs


      do Not go out on your own because you feel it's your only option. You will quickly find that you hate going to work in the mornings.
      No, it's not rocket science, it's plumbing and unlike rocket science it requires a license.

      Comment


      • #4
        Re: That sinking feeling........

        I think I started my plumbing business for several reasons. However, the primary reason was because I needed the money. I was the plumbing/HVAC foreman of a large construction company. I use to work seven, twelve hour days at straight time and a couple of side jobs to boot. At one point my employer asked I get my own license so he didn't have to carry all of the employer costs.

        The deal was I get my license and if I took the guys under me with me he would still feed me all of the work. I had already sent all of my papers in months earlier, owned a rough-in truck and a service truck plus all of the tools so it all made sense. I did one project for my old boss and added $10 per hour to everyone's pay to cover the cost of workers comp and liability insurance. After that they decided I was too expensive so they went with an undocumented crew.

        Being self-employed was tough but came with many rewards. If you can make it through the first couple of years you will build up enough of a client base to keep you going. After reading your posts over the years the one thing that is evident is you are an honest man with high morals. That will serve you well while building a client base.

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

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

        Comment


        • #5
          Re: That sinking feeling........

          Any chance of taking over His Buss? Maybe He would stay on for a spell ,to guide You.
          Suggest You talk to an accountant.
          I can build anything You want , if you draw a picture of it , on the back of a big enough check .

          Comment


          • #6
            Re: That sinking feeling........

            Originally posted by toolaholic View Post
            Any chance of taking over His Buss? Maybe He would stay on for a spell ,to guide You.
            Suggest You talk to an accountant.
            I was thinking the same thing. Approach him now and see what he thinks. You would be able to get some hands on with the management duties before the whole thing is yours. It would make for an easier transition and it would offer him a guarenteed buyer. You could even start buying it now on time.
            www.ClinkscalesSeptic.com

            Comment


            • #7
              Re: That sinking feeling........

              Originally posted by Tyman
              Yes, that has been talked about. With the property, building, vans, equipment and clientele it would be slightly over the one million figure. He did say he would consult for up to two years for a set fee. I have a feeling I would not sleep much at night.

              We have had many talks about business over the years and I have learned a great deal. He has told me numerous times that building a business and reputation is difficult and if he had to do it over he would have just bought out a company.
              How about a good partner? One with a STRONG Buss. background ,would be great!
              I can build anything You want , if you draw a picture of it , on the back of a big enough check .

              Comment


              • #8
                Re: That sinking feeling........

                If I were in your situation, (the part you've told us), I would start accumulating supplies, a truck, an accounting system and most important, a list of the customers who already know you and with whom you have good rapport, (especially those who manage lots of rental property).
                Sock up as much cash as possible.
                Price business insurance, health insurance and business/licensing fees.
                I assume you have your Master lic. One is required here in order to open a plumbing business.
                I would leave before he retires but not before all of the above were accomplished.
                And my personal opinion (and I know others will not agree with me), don't go into debt to start your business. It can be a business killer.
                "Man will do many things to get himself loved, he will do all things to get himself envied." Mark Twain

                Comment


                • #9
                  Re: That sinking feeling........

                  Originally posted by Tyman
                  Yes, that has been talked about. With the property, building, vans, equipment and clientele it would be slightly over the one million figure. He did say he would consult for up to two years for a set fee. I have a feeling I would not sleep much at night.

                  We have had many talks about business over the years and I have learned a great deal. He has told me numerous times that building a business and reputation is difficult and if he had to do it over he would have just bought out a company.
                  Tyman,

                  Don't get taken to the cleaners. His "outs" are limited, there aren't that many people who are going to be willing to buy him out. The price is completely negotiable. A good reputation is not hard to develop, it's just what you will make it by your actions and inclinations.
                  Time flies like an arrow.

                  Fruit flies like a banana.

                  Comment


                  • #10
                    Re: That sinking feeling........

                    I think no matter what the cost of his business is, you should ask yourself if you would really want to run it anyway. If he's got a fair number of trucks and property, he probably spends the majority of his time managing that rather than plumbing. You need to ask yourself if: (1) would you really want to do that instead of plumbing, and (2) would you be good at it? Not everyone is a good people manager; and even if you can do it doesn't mean that you actually want to do it.

                    Comment


                    • #11
                      Re: That sinking feeling........

                      Originally posted by cpw View Post
                      I think no matter what the cost of his business is, you should ask yourself if you would really want to run it anyway. If he's got a fair number of trucks and property, he probably spends the majority of his time managing that rather than plumbing. You need to ask yourself if: (1) would you really want to do that instead of plumbing, and (2) would you be good at it? Not everyone is a good people manager; and even if you can do it doesn't mean that you actually want to do it.
                      These are good points. I dread the phone call when the truck is broken, or worse when a driver parks it in a ditch or they have been in an accident. You also have to be a baby sitter, cheerleader and a referee. Not to mention tough enough to tell them no when they want a draw, when you know they really need the cash. No matter that they blew last weeks paycheck.

                      I like the idea of being a bigger company, but I miss the day to day work. If you like the day to day, you may want to start your own company. I would definatly save as much money as you can right now though. You WILL have some major set backs when you start. We had the engine blow in our only toilet truck. I rolled a septic truck. Things go wrong and you need to have a contigency plan.

                      You can build a reputation but you need to be willing to go bang on doors and meet as many people as you can. You need to be a salesman and push always. Your quality of workmanship will bring them back. Give them a fair shake and they'll tell their friends. But you still need to sell yourself. Let them know how good you are.

                      Good luck with your decision and know we are all here rooting for you!
                      www.ClinkscalesSeptic.com

                      Comment


                      • #12
                        Re: That sinking feeling........

                        Tyman
                        There are many reasons to own your own business. Starting out in business, do expect to put in more hours than you do working for others. It is long and hard and it takes a major toll on your life. It is also very rewarding in so many ways. I had a major role in my employee’s life and their families. I had terrific clients that trusted not only me but each employee.
                        I am not so sure I would be quick to purchase an existing business. It is relatively easy to start up without incurring such a major debt from day one. Reputation is built relatively fast. Call family, friends, past clients and inform them you have started a business and you will be surprised at the sheer number of people who are more than happy to help you.
                        There are fantastic owners that treat their people really well. I was a lucky person to find a great family owner who really does care about his help and wants the very best for them. They are out there and you must interview them while they interview you.
                        I loved having my business however the freedoms are not as everyone visions it to be, your freedoms are limited by the dreams of growth you hold. There will always be decisions of growth, downsizing or staying the same. Staying the same really is not an option; you need growth in order to make more.

                        I have more freedoms as an employee and I make more than quite a few owners in this area and definitely make more per hour than a huge portion of owners. There are pros and cons to each.
                        I do love the owners of the company I am affilated with and own them a debt of gratitude and my loyalty.

                        Comment


                        • #13
                          Re: That sinking feeling........

                          Originally posted by MoJourneyman View Post
                          You will quickly find that you hate going to work in the mornings.
                          lmol, so true so true

                          Comment


                          • #14
                            Re: That sinking feeling........

                            I'm just a 1 man show, but I worked for family before this, when we had up to 40 employees, & it was not fun.
                            I say start your own bus. Ask yourself, how many jobs do I have to do each month, for years & years, just to make payment on that $million loan. On top of that you have all the day to day expenses each month , & when you do get the loan paid off, all the equipment will need replacing. If you don't have the $million loan, you don't need old bosses clients either, and you can actually enjoy plumbing everyday, and grow at your own pace.
                            No debt, makes for peacful nights sleeping, and makes for much more rewarding family life.
                            When I left my family bus.{father & brother} after 17yrs, I started over from scratch, just used my first name, cuz family bus., had last name, and got all new clients, in new places. I felt like I got a new lease on life. I didn't plan on staying a 1 man show, but that is just how it worked out for me, and I like it now. Started out 2 guys, almost bought a building, but I will be the 1st to admit, I couldn't handle the stress. I was a miserable person to be around and didn't like it. I did not have quality help though, because I did not think I could afford it, and I was afraid I wouldn't be able to give them 40hrs or more work, each week.
                            I say, don't buy bus.,start your own, or go work for someone else for awhile, especially in these economic times, & you will know when you're ready.
                            Good luck with your decision.
                            Last edited by Don the plumber; 02-01-2010, 08:59 PM.

                            Comment


                            • #15
                              Re: That sinking feeling........

                              Originally posted by Don the plumber View Post
                              I'm just a 1 man show, but I worked for family before this, when we had up to 40 employees, & it was not fun.
                              I say start your own bus. Ask yourself, how many jobs do I have to do each month, for years & years, just to make payment on that $million loan. On top of that you have all the day to day expenses each month , & when you do get the loan paid off, all the equipment will need replacing. If you don't have the $million loan, you don't need old bosses clients either, and you can actually enjoy plumbing everyday, and grow at your own pace.
                              No debt, makes for peacful nights sleeping, and makes for much more rewarding family life.
                              When I left my family bus.{father & brother} after 17yrs, I started over from scratch, just used my first name, cuz family bus., had last name, and got all new clients, in new places. I felt like I got a new lease on life. I didn't plan on staying a 1 man show, but that is just how it worked out for me, and I like it now. Started out 2 guys, almost bought a building, but I will be the 1st to admit, I couldn't handle the stress. I was a miserable person to be around and didn't like it. I did not have quality help though, because I did not think I could afford it, and I was afraid I wouldn't be able to give them 40hrs or more work, each week.
                              I say, don't buy bus.,start your own, or go work for someone else for awhile, especially in these economic times, & you will know when you're ready.
                              Good luck with your decision.
                              yeah what he said

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