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To All The Business Owners #2940985
07/07/21 09:53 PM
07/07/21 09:53 PM
Joined: Jan 2004
Posts: 755
Tempe, AZ
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loco340cuda Offline OP
super stock
loco340cuda  Offline OP
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Joined: Jan 2004
Posts: 755
Tempe, AZ
Hey everyone, I would like to solicit some input from the current (and past) business owners here on the board.

I am in my early 50’s and finally in a position to consider buying a business. The goal would be to buy a business that I could run semi-absentee for the next 3 to 5 years (idea being I could double dip on income). After that I would quit my current job and work the business full time for the next 5 or so years and then either let the kids take over the business (or sell it) and my wife and I could retire.

We are currently just starting our research and investigation on what businesses look interesting to us as well as how to go about buying an existing business. We are not afraid to work hard and put in hours if it will help us get ahead financially but want to go into this with our eyes wide open as best as we can. At this point we know we are not interested in owning a restaurant but that is as far as we have gotten on narrowing things down.

I am looking for any advise from the business owners on the board that you would be willing to share about owning/operating or getting into a business.... the good, the bad, and the ugly. I am also open to hearing about recommendations on the types of business to consider as well as ones to stay away from.

I have friends who own local businesses so I will be talking to them as well but I figured I would post this here on the board as I know there are a lot of people who belong to the board that have various backgrounds and experience and would be a good place to get a variety of different inputs.

-Thanks


70 Cuda 340 4 speed - now stroked to 416ci (SOLD)
2017 Mustang Shelby GT350
Re: To All The Business Owners [Re: loco340cuda] #2941011
07/07/21 11:13 PM
07/07/21 11:13 PM
Joined: Jan 2003
Posts: 8,390
Highland, MI.
Sunroofcuda Offline
master
Sunroofcuda  Offline
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Joined: Jan 2003
Posts: 8,390
Highland, MI.
I've been in business since 1984 - various types but all automotive-related.

My old business partner (23 years my senior) told me a business rule he went by: never get involved in a business you know nothing about.

Rule #2 of his: find something you love to do or have a passion for, & figure out a way to make money doing it.

Good luck.


No Man With A Good Car Needs To Be Justified
Re: To All The Business Owners [Re: Sunroofcuda] #2941026
07/08/21 12:05 AM
07/08/21 12:05 AM
Joined: Jan 2003
Posts: 21,474
N.E. OHIO, USA
A12 Offline
Too Many Posts
A12  Offline
Too Many Posts

Joined: Jan 2003
Posts: 21,474
N.E. OHIO, USA
Originally Posted by Sunroofcuda
I've been in business since 1984 - various types but all automotive-related.

My old business partner (23 years my senior) told me a business rule he went by: never get involved in a business you know nothing about.

Rule #2 of his: find something you love to do or have a passion for, & figure out a way to make money doing it.

Good luck.


And Rule #3: "If you want to ruin your hobby, make a living out of it" DAMHIK wink

Re: To All The Business Owners [Re: A12] #2941030
07/08/21 12:29 AM
07/08/21 12:29 AM
Joined: Jul 2003
Posts: 3,267
Connecticut
1972CudaV21 Offline
master
1972CudaV21  Offline
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Joined: Jul 2003
Posts: 3,267
Connecticut
At your age, I’d only entertain something that your completely passionate about. Don’t have a passion? Then, a business may not be the best decision.


China is the enemy.
Re: To All The Business Owners [Re: 1972CudaV21] #2941115
07/08/21 10:15 AM
07/08/21 10:15 AM
Joined: Jan 2003
Posts: 12,422
Warren, MI
71TA Offline
I Live Here
71TA  Offline
I Live Here

Joined: Jan 2003
Posts: 12,422
Warren, MI
I too think it should be sort of a passion BUT I know a few guys that have businesses that do well and there is NO WAY they are passionate about roofing or landscaping or industrial automation. All have done VERY WELL. Industrial Automation guy has a $15M business. Landscaping guy has a $30M business and roofing guy probably a $5M business.

I have a young friend I mentored. He actually gave me a book about how you SHOULDNT be passionate about what you do in your business. for example a baker. If you grow to any scale you wont be mixing the batter anymore. You'll be doing hiring, payroll, taxes, purchasing. If you grow to the point where you have people doing that you'll be even more removed. My younger friend, now in his 40's has over 100 employees and just bought an 80,000ft 5 story office building and has 7 satellite offices in multiple countries so he has "some" idea.

I SAY DO IT. WISH I HAD SOONER.


www.DetroitMuscleTechnologies.com Mopar body and heater box restoration gaskets
Re: To All The Business Owners [Re: 1972CudaV21] #2941131
07/08/21 10:30 AM
07/08/21 10:30 AM
Joined: Jan 2003
Posts: 15,197
Omaha Ne
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TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,197
Omaha Ne
I have owned and run a successful classic car repair and restoration business for ~ 25 years and am about ready to hang it up.
I am done with employees PERIOD!!! Everyone of them that was here longer than a year cost me financially and some emotionally.
I had the silly idea that if you paid them well, provided a comfortable work environment, took care of their needs (tires, down payments and other things), and offer a secure future that they would respect you and reciprocate.
Noting could be further from the truth. I have scars on my back that will never go away. One was a close blood relative that I employed for 15 or so years and probably got me for close to 100K. Another employee about the same.
The current generation feels they are entitled and you should be grateful if they even show up semi regularly
So:
Rule #1. With customers, Do everything in writing and be fairly explicit. Emails are great and admissible if needed. A pocket recorder is also great for reminding them what they authorized / asked for/committed to.
Rule #2. Do not treat your employees as family or friends.
Rule #3.Their problems are not yours. (employees or customers)
Rule #4. If a customer whines about the estimate, politely show them the door as they will whine A LOT LOUDER on the way out.
Rule #5. Try to screen the customers by talking with them a bit before committing. There are some slick willies out there that once you touch anything, they will then try to make you responsible for everything they can.
Rule #6. If they are in a hurry, again, politely show them the door
Rule #7. Make sure to take time for your wife, family and self.

twocents beer

Last edited by TJP; 07/08/21 10:33 AM.
Re: To All The Business Owners [Re: 71TA] #2941132
07/08/21 10:34 AM
07/08/21 10:34 AM
Joined: Mar 2004
Posts: 2,475
SW Ohio
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cgall Offline
top fuel
cgall  Offline
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Joined: Mar 2004
Posts: 2,475
SW Ohio
I just spent the weekend at a BNB in an old farmhouse in rural Maryland. The owner had built an outdoor chapel and a reception hall for weddings. They are booked for the entire summer for weddings. The owner rents the facility to the wedding party, with their wedding planner handling all the catering, music and other details. My son is interested in doing this, but the initial cost to buy or build the facility is high.

Re: To All The Business Owners [Re: cgall] #2941166
07/08/21 11:39 AM
07/08/21 11:39 AM
Joined: Oct 2005
Posts: 8,828
Ontario, Canada
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Stanton Offline
Don't question me!
Stanton  Offline
Don't question me!
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Joined: Oct 2005
Posts: 8,828
Ontario, Canada
Semi absentee for the next 3 to 5 years ... the employees will rob you blind !!!

As a owner manager you should be the first to come and the last to leave.,

Re: To All The Business Owners [Re: loco340cuda] #2941173
07/08/21 12:05 PM
07/08/21 12:05 PM
Joined: May 2003
Posts: 3,020
N.W. Florida
F
Fat_Mike Offline
master
Fat_Mike  Offline
master
F

Joined: May 2003
Posts: 3,020
N.W. Florida
Small RV parks are popping up all over around here. Seems like an easy to manage business, but the "buy in" (property, infrastructure, landscaping) might be high. Also you'd have to be in an area convenient to where RVers would want to stop. Just throwing it out there...

Re: To All The Business Owners [Re: Fat_Mike] #2941214
07/08/21 02:33 PM
07/08/21 02:33 PM
Joined: Jul 2003
Posts: 3,267
Connecticut
1972CudaV21 Offline
master
1972CudaV21  Offline
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Joined: Jul 2003
Posts: 3,267
Connecticut
TJP: That’s sad to hear. But, I’m not surprised. Over the last year, employees are emboldened by the pandemic and social justice events. Monster.Com polled a group of people just recently & 95% of the employed are interested in quitting their jobs. With some politicians pushing a Universal Basic Income from the government and the constant bailouts, employees feel justified in leaving or doing what that want. In my opinion, older employees will be become more-valued due to their work ethic.


China is the enemy.
Re: To All The Business Owners [Re: 1972CudaV21] #2941218
07/08/21 02:52 PM
07/08/21 02:52 PM
Joined: Jan 2005
Posts: 12,408
Kalispell Mt.
H
HotRodDave Offline
I Live Here
HotRodDave  Offline
I Live Here
H

Joined: Jan 2005
Posts: 12,408
Kalispell Mt.
I have owned and run a successful classic car repair and restoration business for ~ 25 years and am about ready to hang it up.
I am done with employees PERIOD!!! Everyone of them that was here longer than a year cost me financially and some emotionally.
I had the silly idea that if you paid them well, provided a comfortable work environment, took care of their needs (tires, down payments and other things), and offer a secure future that they would respect you and reciprocate.
Noting could be further from the truth. I have scars on my back that will never go away. One was a close blood relative that I employed for 15 or so years and probably got me for close to 100K. Another employee about the same.
The current generation feels they are entitled and you should be grateful if they even show up semi regularly
So:
Rule #1. With customers, Do everything in writing and be fairly explicit. Emails are great and admissible if needed. A pocket recorder is also great for reminding them what they authorized / asked for/committed to.
Rule #2. Do not treat your employees as family or friends.
Rule #3.Their problems are not yours. (employees or customers)
Rule #4. If a customer whines about the estimate, politely show them the door as they will whine A LOT LOUDER on the way out.
Rule #5. Try to screen the customers by talking with them a bit before committing. There are some slick willies out there that once you touch anything, they will then try to make you responsible for everything they can.
Rule #6. If they are in a hurry, again, politely show them the door
Rule #7. Make sure to take time for your wife, family and self.

Originally Posted by 1972CudaV21
TJP: That’s sad to hear. But, I’m not surprised. Over the last year, employees are emboldened by the pandemic and social justice events. Monster.Com polled a group of people just recently & 95% of the employed are interested in quitting their jobs. With some politicians pushing a Universal Basic Income from the government and the constant bailouts, employees feel justified in leaving or doing what that want. In my opinion, older employees will be become more-valued due to their work ethic.


This is all true. They have no reason to care one lick what happens to you, one of mine would literally say out loud to me that I was making piles of money off him so it was fine for him to show up whenever he wanted, I tried to tell him on a regular basis how it was not true after all the expenses I had to pay, (he would spend 2 weeks rebuilding a transmission that should have been 2 day job and assume the $2000 I got from the customer was all profit) the day came for me to shut down and move out of town and instead he decided he wanted to buy the business from me, I sold it for the value of the equipment he wanted to keep and now cries how he isn't making anything. I supported 15 people when I was running it, he can't support 2. I have done everything I can to steer customers to keep going to him, spend time on the phone helping him diagnose stuff, let him be late on payments to me and he is not grateful at all. My new shop I have refused to hire anyone I don't care how busy I get my hours are set and if it takes a couple weeks to get around to someone's car so be it, I got 9 kids I don't want to miss them growing up. Every small business owner I have ever dealt with has the same problem no matter how nice or mean they are, loyalty is a thing of the past, I bent over backward for those guys, did everything for them I had wished my employers would have done for me and I got no love from them, better to not have employees. My bad back of 10 years has mysteriously gotten 90% better, my rumatoid arthritis is way better and I am just happy fixing cars by myself. I think everyone should have their own business with little to no employees and we would all get along better.


I am not causing global warming, I am just trying to hold off a impending Ice Age!



Re: To All The Business Owners [Re: HotRodDave] #2941242
07/08/21 03:49 PM
07/08/21 03:49 PM
Joined: Jan 2003
Posts: 3,919
Richmond, Indiana
19swinger70 Offline
master
19swinger70  Offline
master

Joined: Jan 2003
Posts: 3,919
Richmond, Indiana
I own and operate a small engineering / industrial automation company based in Indiana. Previously, I worked as a design engineer and an Engineering Manager for an automation company before starting my business in 2014. That meant I had a few years of industry knowledge for the business model I was starting - although I do not do the exact same thing as when I was an employee for someone else. I started from scratch, zero customers, and zero products to sell.

Started the business in April 2014, and the trajectory went like this:
Year 1: lose a little money
Year 2: break even
Year 3: make a little profit
After that, pretty normal business for a single person company with extremely low overhead. Most years, I made 2-3x more than when I was an Engineering Manager employee. 2020 was tough in the cashflow department, but low overhead and myself as the only employee made it a little easier than other businesses had.

As far as growing the business, I am probably the biggest obstacle in my own way. I know that. I have also self-funded this business completely with the money it has generated - so taking out a loan or credit line to expand in some way seems scary to me. I am self-taught as far as running and owning a business. I know that limits the business as well.

I enjoy the freedom of doing this over working for other people. EVEN on the worst days / weeks/months / years, it is better! If that is a foreign concept to you - then having your own business might be a problem for you.

I am happy to elaborate more on the specifics of my business if you'd like to speak directly with me. PM me and i will give you my contact info.


1970 340 swinger. sublime
1967 barracuda fastback BB
55 Plymouth Project
Re: To All The Business Owners [Re: 19swinger70] #2941289
07/08/21 05:26 PM
07/08/21 05:26 PM
Joined: Jan 2003
Posts: 2,326
Addison Twp, Mi.
RobG Offline
top fuel
RobG  Offline
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Joined: Jan 2003
Posts: 2,326
Addison Twp, Mi.
Based on all this advice - I need an Ice Cream stand!


I am not rich...but I get off my ass everyday to make sure I am not broke!

Can we get the Mexican cartels to help us with our supply chain issues? They don't seem to have any trouble getting stuff from one place to another.
Re: To All The Business Owners [Re: RobG] #2941321
07/08/21 06:46 PM
07/08/21 06:46 PM
Joined: Jan 2005
Posts: 12,408
Kalispell Mt.
H
HotRodDave Offline
I Live Here
HotRodDave  Offline
I Live Here
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Joined: Jan 2005
Posts: 12,408
Kalispell Mt.
Some things are just less stress than others, I really enjoyed running a detail shop: customers were always happy and if it went bad after detailing they didn't come and blame us, they didn't bring you the car to get detailed if they didn't have the money. In the repair industry it always catches people by surprise, most never plan for a breakdown so they don't have the money to pay and begg you to take payments or don't pay for months blame you when the transmission goes out after you put in a new tailight... that part can get real old real fast but I do love working on cars (except fords)


I am not causing global warming, I am just trying to hold off a impending Ice Age!



Re: To All The Business Owners [Re: loco340cuda] #2941342
07/08/21 07:56 PM
07/08/21 07:56 PM
Joined: Nov 2003
Posts: 2,205
NW Arkansas
challengersteve Offline
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Joined: Nov 2003
Posts: 2,205
NW Arkansas
The main question you need to ask yourself is do you want to own a Business or own a JOB.
If you have to be there for the day to day operations, or are doing the physical labor, you own a job and these businesses usually do not sell for much, no matter what you see on BizBuySell.com.
I sold my auto repair business in 2004 and the ONLY way I was able to sell it was to have systems in place where I did not need to be there for it to operate.
If you are wanting to own a BUSINESS then I highly recommend you read (and reread multiple times) the E Myth by Michael Gerber.
Also "follow your passion" when starting, or looking to buy a business is 100% the WORST ADVICE YOU CAN EVER GET. Yes I am typing in caps to make this point.
You have to create serious value for your customers and nobody gives a crap about your "passion".
I would also highly recommend looking up David C Barnett and taking his business buyers advantage course. He is probably the best business buying and selling coach I have ever seen.
Good luck

Re: To All The Business Owners [Re: HotRodDave] #2941343
07/08/21 08:11 PM
07/08/21 08:11 PM
Joined: Jan 2003
Posts: 10,486
Freeport IL USA
poorboy Offline
I Live Here
poorboy  Offline
I Live Here

Joined: Jan 2003
Posts: 10,486
Freeport IL USA
Before I started my welding shop 18 years ago, I talked with a lot of self employed people. Most of the stuff I learned way back then still applies today, maybe even more so then it did.
1) No employees! If you can't do it by yourself, you won't make it in the lean times. Hiring employees makes you a time manager, you manage the time they are suppose to be working, and you manage the time for you to secure work to keep them busy. If you hire employees, they need to produce income 2X what you are paying them, to break even.
2) A written contract on every job detailing everything you will do, the amount and time frame payments are to be made, and what happens if the payments are not made on time.
3) Get paid for any parts/ material your going to need up front, and use that money to buy the stuff you are going to need. If everything turns to crap, at least you don't have a pile of parts to pay for as well as loosing all the labor.
4) If whatever you are doing is going to take more then 2 weeks to complete, set up a weekly or biweekly payment schedule for the labor. If the customer gets behind on the payment schedule, all work stops, and a predetermined plan takes over.
5) Keep track of your hours on each job, use a time clock to stamp each start and stop time, document what was done every hour during that time. Picture proof is helpful if you go to court.
6) Finance as little as you can, monthly payments suck for a new business. It takes 1-3 years before the business can carry itself, and another 2-3 years before it will generate a minimum living wage for you. Don't spend more money then you make!
7) With the current tax laws, you might have some pretty nice stuff, but very little in cash reserves. The government (local, state & fed) are really good at taking cash reserves away from you.
8) Hire a good accountant.
9) Talk with a local to you lawyer to find out everything you need to legally have up front for your business to open, and what you will need to keep functioning in the future for the business you go into.
10) Set your business hours, and stick with them. Anything before or after hours is extra cost, no exceptions. If someone has an emergency and needs you after (or before) hours, they should expect to pay a premium.
11) There should be no discounts for family or friends! Your expenses don't change while you work on their stuff. Family and friends should understand that.
12) Set your hourly rate competitive with like businesses in your area, not cheaper nor more expensive. Be sure to charge for each hour you work on something, or charge according to a time rate for the job you are doing. If you can't make money on the time rate, you either need to improve your performance, or look into ways to improve your time.
13) If you don't enjoy what you are doing, why would you want all the hassles?
14) if you sell your business, DO NOT become the bank

Re: To All The Business Owners [Re: loco340cuda] #2941371
07/08/21 09:25 PM
07/08/21 09:25 PM
Joined: Jan 2007
Posts: 2,212
Minnesota
peabodyracing Offline
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Joined: Jan 2007
Posts: 2,212
Minnesota
Sorry to be negative. My personal opinion is it's a terrible time to try this. The current economic environment is a crap shoot at best. Employees will without a doubt be your biggest challenge. Every single business owner I talk with during the week cannot find or keep decent help. Turnover is incredible and getting worse.

After employees you'll have health care costs, taxes, regulation compliance, business insurance, workers comp insurance, trying to find a banker that understands something about your business and won't be moving on in 6 months, utilities, assessments, etc. SBA loans can be a real treat. If you're hoping to not be directly involved, you're completely reliant on someone else to run the business. Can you rely on them? How thoroughly can you vet them before closing the deal? What happens if that person decides to jump ship?

If you do look at a business, take great care to go over their balance sheet in excruciating detail. Debt load can be especially bad after the past 18 months, cash flow can be made to look much better than it really is. How strong is their business outlook? What's their competition doing? New regulations looming? I would always assume there's a good reason the owner is trying to sell and it's likely not the reason they provide you.


Lead, follow or get the hell out of the way
Re: To All The Business Owners [Re: HotRodDave] #2941381
07/08/21 09:46 PM
07/08/21 09:46 PM
Joined: Jan 2003
Posts: 15,197
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
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Joined: Jan 2003
Posts: 15,197
Omaha Ne
Originally Posted by HotRodDave
I have owned and run a successful classic car repair and restoration business for ~ 25 years and am about ready to hang it up.
I am done with employees PERIOD!!! Everyone of them that was here longer than a year cost me financially and some emotionally.
I had the silly idea that if you paid them well, provided a comfortable work environment, took care of their needs (tires, down payments and other things), and offer a secure future that they would respect you and reciprocate.
Noting could be further from the truth. I have scars on my back that will never go away. One was a close blood relative that I employed for 15 or so years and probably got me for close to 100K. Another employee about the same.
The current generation feels they are entitled and you should be grateful if they even show up semi regularly
So:
Rule #1. With customers, Do everything in writing and be fairly explicit. Emails are great and admissible if needed. A pocket recorder is also great for reminding them what they authorized / asked for/committed to.
Rule #2. Do not treat your employees as family or friends.
Rule #3.Their problems are not yours. (employees or customers)
Rule #4. If a customer whines about the estimate, politely show them the door as they will whine A LOT LOUDER on the way out.
Rule #5. Try to screen the customers by talking with them a bit before committing. There are some slick willies out there that once you touch anything, they will then try to make you responsible for everything they can.
Rule #6. If they are in a hurry, again, politely show them the door
Rule #7. Make sure to take time for your wife, family and self.

Originally Posted by 1972CudaV21
TJP: That’s sad to hear. But, I’m not surprised. Over the last year, employees are emboldened by the pandemic and social justice events. Monster.Com polled a group of people just recently & 95% of the employed are interested in quitting their jobs. With some politicians pushing a Universal Basic Income from the government and the constant bailouts, employees feel justified in leaving or doing what that want. In my opinion, older employees will be become more-valued due to their work ethic.


This is all true. They have no reason to care one lick what happens to you, one of mine would literally say out loud to me that I was making piles of money off him so it was fine for him to show up whenever he wanted, I tried to tell him on a regular basis how it was not true after all the expenses I had to pay, (he would spend 2 weeks rebuilding a transmission that should have been 2 day job and assume the $2000 I got from the customer was all profit) My new shop I have refused to hire anyone I don't care how busy I get my hours are set and if it takes a couple weeks to get around to someone's car so be it, I got 9 kids I don't want to miss them growing up. Every small business owner I have ever dealt with has the same problem no matter how nice or mean they are, loyalty is a thing of the past, I bent over backward for those guys, did everything for them I had wished my employers would have done for me and I got no love from them, better to not have employees. My bad back of 10 years has mysteriously gotten 90% better, my rumatoid arthritis is way better and I am just happy fixing cars by myself. I think everyone should have their own business with little to no employees and we would all get along better.


To 1972 Cuda: Thank you very much for acknowledging beer
To Hot Rod Dave; Couldn't agree more and that is EXACTLY where I am going. I have one car left to "clean up" from the last employee who again, left me high and dry with half finished project he committed to finishing before leaving. After that, it's pick and choose time. I will give existing / previous customers priority but if anyone is in a hurry, go someplace else. My days of stressing and caring about customers and employees problems are DONE!!!! The last 3.5 years have been a real struggle at times, to an extent I blame myself for allowing it but did so because I trusted, cared and believed.
But in the end they are the ones that lost as they did not realize what I offered them. The most painful part was realizing I lost nothing as I never had it to begin with. beer And thanks

Re: To All The Business Owners [Re: loco340cuda] #2941404
07/08/21 11:38 PM
07/08/21 11:38 PM
Joined: Jan 2003
Posts: 30,947
Oregon
A
AndyF Offline
I Win
AndyF  Offline
I Win
A

Joined: Jan 2003
Posts: 30,947
Oregon
There are a few businesses that might work for a person in your position. Self storage might be a good fit, especially if there is a house on site that you can live in. Not a super romantic place to live but it is a decent business with steady cash flow and billing is all automatic. Another option is some sort of personal service type of business but those usually require some technical skill. I know people who do book keeping out of their homes and make good money. Small businesses will pay $50 an hour for someone to do their books, payroll, etc. and you can work from a home office. I have friends who have become investment advisers and done well. Real estate is another gig that some people really take to and doesn't require a huge investment to get into. A small locksmith business could make money and wouldn't be too physically challenging. Selling cars can be a nice job for a semi-retired car guy but I don't think I'd want to buy a dealership.

There are some important factors that you need to think about besides just how much money you have and what your cash flow requirements are. Small businesses run on personal relationships so you need to be honest with yourself about your interpersonal skills. If you don't love to meet and greet strangers all day long then stay out of any sort of retail business. An introvert will go broke very quickly in a sales type environment. If you're an introvert then focus on something you can do remotely such as PC programming, PC repair, etc. If you love sales and people then get a business where you are meeting people all day long like retail store or a restaurant.

My dad lost his job in mid-life so he went and bought an upholstery shop from a guy who was retiring. My dad didn't know anything about upholstery but he was lucky to inherit a really good employee who taught him the business and helped him make money. My dad then went on to buy a paint store and he did okay with that. My dad loved to talk to people and he treated everyone who came in the store as an old friend so he was successful even though he didn't know much about the business before he bought it. But that trick won't work for many people. Some people just hate talking to strangers and that attitude will sink a store in a heartbeat.

Good luck but you need to figure this one out yourself. You (or your wife) is the only one who knows what you want to do and what you would be good at.

Re: To All The Business Owners [Re: AndyF] #2941676
07/09/21 09:50 PM
07/09/21 09:50 PM
Joined: Feb 2003
Posts: 10,178
Someplace you aren't
S
SomeCarGuy Offline
I Live Here
SomeCarGuy  Offline
I Live Here
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Joined: Feb 2003
Posts: 10,178
Someplace you aren't
I think I’d take my money and invest it in the stock market. You can make way more with less trouble, control the taxes with how you go about it, and not be getting into uncharted waters late in life. You can get by with little understanding of it if you just stick with a few etfs. You need to do something with a business that you understand and the business will not work out if you are depending on other people to run it.

I bailed on landlording after 20 years. Growing up in a family that did a lot of that, I started already having the lay of the land. It got steadily worse as society has crumbled. The lower end of the scale has gotten so disgusting and entitled it’s hard to describe how hard it is to get a good tenant. Even ones that start good hit a wall after 18-24 months. My right hand guy didn’t believe me until after a few years of seeing it play out. Something just snaps inside people at that interval. He eventually started having failing health and without my buddy I said enough is enough.


I want my fair share
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