ever consider selling out and saying F it?

[eldubb440]

and by "selling out", I meant abandoning the Hobby completely...... it really is a sickness

 

[themechanic]

I'd rather pass it on to my offspring.

 

[440+6]

I'm 55 and I closed my main construction company about 5 years ago, just wasn't fun anymore, still own several buildings and a shopping center that I take care of, have more than I can use in two lifetimes so I figured I would enjoy it.

 

[moparnation74]

and by "selling out", I meant abandoning the Hobby completely...... it really is a sickness

In the end do what you think would be more beneficial to you and your family......

 

[Bladecutter]

Not in the auto business but my recent heart attack made me say **** this! Selling a business is difficult, at least a remodeling business. i cannot just say I'm done and close the doors because at any one time I have 6 or7 folks houses all torn up or incomplete. If I tell my employees I am not going to sell anymore they are going to bolt for a new job and leave me hanging unless I can develop some great incentive to hang on long enough to finish the work. It is not like I haven't been working on this for quite some time, I am simply hoping someone will buy the business and I just slide out! Wish me luck. At least the broker says he has not seen many businesses period that are as solid as mine, hope that helps.

Good Luck Darius. Hope the transition 'slides well' for You.

 

[Richard Cranium]

anybody wanna buy a meat company?

 

[eldubb440]

I'd rather pass it on to my offspring.

lol.... did they piss you off at some point?

 

[PP1RT]

You should try farming. Buy retail...sell wholesale...do everything right and the weather fails...bull worth several thousand dollars rolls over and dies so you have to buy another several thousand dollar bull and watch prices sag lower for little reason other than guys playing with paper....

 

[Darius]

What about your employees taking it over or a competitor you trust taking it over?
I understand having been through the heart thing. I had the same feelings. I wasn't in a trades type of business where customers depended on me to finish a job but the line of work that I did was dealing with other people's problems, problem solving which at times was very stressful. What helped me was to take some time for myself and work things out. I did several road trips which really helped. I feel your pain brother

I offered it to the one employee who could actually run it. She informed me that she is 2 mos pregnant, AFTER having adopted 2 kids!! One of those deals you hear about so often. Anyway, she and her husband seriously considered it over the past long weekend and opted to not buy it. Bums me out but what can I do about their decision but respect it? Anyway, the broker is on it so I have my fingers crossed the right person will show up. She did say she would be with me to the end and beyond if that is what the buyer wants. He/she would be a fool to let her get away!
The few competitors I would trust are too close to the end of their own careers to take this on. Worse comes to worse, I could sell them some done deal contracts for cheap though.

 

[Budnicks]

I quit the collector car & racing hobby 2 times now,
it's like an addiction, it draws me right back in...
Than I regret selling all the stuff for great deals to other people...
It's expensive starting over...

I never did it for profit or resale either,
even when I did it for others, even when I built racecars for my buddies,
it was to fund my addiction to the hobby, help pay for my stuff...
Just do 2 at a time instead of one, my labor on their cars,
helped pay for my car & parts needed to be built by me too...
It was the only way I could do what I did...

I closed down my construction/facility management businesses
& sold my golf business & the assets much later 2007,
I've been semi retired since 1997 at the age of 38...
Seriously downsized, sold off property equipment tools etc.
I did still do a lot of consulting & traveling,
for a larger 125 strong automotive dealership group, that
I exclusively worked with, I did many projects for 20+ years
30+ after only ran jobs & consulting...
I told many people, that I've worked longer weeks,
more hr's after semi-retiring, than I did while I was actively working,
6:00am - 7:00-8:00 pm 6 days a weeks
{when I wasn't racing somewhere}
I got really tired of the travel, work related travel,
living out of suitcases, dealing with everyone else's crisis's/jobs/problems...

I was or became far more of a subcontractor organizer,
someone the dealership managers/owners would rely on {knew & trusted}
or for lack of a better term a project manager rather than the GC...
I helped all my long term guys/employees who wanted to get their licenses
& helped to set them up "sort of", with my clients/dealerships...

I wanted to spend time with family & race more...
Especially after Lisa was gone...
That's exactly what I did...
I gave up a lot to do it, financial aspects especially,
but I own all my houses & cars etc. all outright, so my monthly nut,
isn't all the big now either, otherwise I'd still be cracking the whip daily...

I regret a few things mostly monetary crap...
I could have a bunch more stuff, if I didn't bail, downsize,
more houses, more property, more cars, more money etc. etc. etc.
Now at 57 my body is completely healed,
I'm not sore everyday ererynight constantly....

But sometimes;
I kind of wish I just kept it all going,
I'm a bit bored sometimes & get over it pretty quickly too...

I sometimes think that;
I could have hired other people to manage the daily BS,
But, I had a hard time letting/trusting someone else to run my ****,
I was of the thinking;
"That if you want it done right you have to do it yourself"
Nobody looks after me like me...

I only do what I like now, which isn't much anymore...
But I'm content, I did my time & traveling etc., chasing the big $$$...
I'm content to stay around home & just tinker,
I always have some thing going, time flies, seems like yesterday
I was that 30 year old young buck, I had the world by the tail,
but no time to do the ****, not time to enjoy it...
Do the stuff I wanted too, not for family or customers etc.
or what I thought should be done...

You have to do it for yourself,
after the family & personal needs is taken care of, the rest is gravy
How much gravy do you need or want ?
That's for each individual to know & decide...

I'm not sure I'd want to be in the collector car,
let alone some sort of especially body work or fab end of the business
not for profit anyway, I probably wouldn't have made any profit...
Between my attitude & wanting to do stuff my way, right or wrong,
it wouldn't have lasted...

sorry for the long story & explanation,
Ok the book is done

 

[4mayhemi]

Some day within the next 4-5 years I will sell out. What stays & goes will be the question.

Hmmm, I've had days where I think that about the wife and kids too!

 

[eldubb440]

Budnicks.... you mention "gravy"

there is zero gravy in this end of the business. "easy money" does not exist. Therefore it needs to provide "decent" and "steady" money. As a rule, I get "up front" money; and being a lone wolf, I usually wind up working for friends or friends of friends. My biggest fault is working through the "up front" money and continuing on; then spending even more time chasing down what people owe.
I realize this is my fault, but I expect these guys to bring it without me feeling like I have to beg for it.
Worse yet, I find myself feeling guilty if something takes too long, and I don't bill for the extra time; actually feeling sorry for the guy spending the money.

I know I need to run a tighter ship, and be somewhat of a dick; but it just isn't in my personality. At 52, I'm just getting tired of the runaround; and I'm realizing there are other things I can do. I feel myself beginning to hate the hobby that I have loved my entire life. I see a lot of threads centered around complaining about the guys doing the work; In some cases it's not the shop, it's simply a case of someone with champagne taste and a beer budget; or worse, somebody just looking to take advantage and get over.......... my new motto: "bring money or bring a trailer.... or both"

 

[Dreamcatcher]

As far as this hobby I often think the same way( I should quit). I restore or build cars that sometimes sit in the shop for over a year with out being moved. I like building them but I just don't ever drive them. I used to love to just go ride around but for the past few years I don't leave my place unless I have too. And yet I am still building lol. And when the wife does get me to go to town we take the 300. You cant do cars right and really turn a profit either. So it is a dilemma for me as well. I put 25 miles on the bird last year. The chevelle has 10 miles or so on it and has been finished for 2 years. I finished a 70 mustang last fall and it hasent been out of the shop. I am building a 68 charger and a 69 gto now but doubt I will ever use them. There is a 79 SWB step side 4x4 in the shop that hasent been out in over 2 years. So I sure cant give you advise on quitting lol I don't know if there is an answer but maybe death for me.

 

[Bladecutter]

Budnicks.... you mention "gravy"

there is zero gravy in this end of the business. "easy money" does not exist. Therefore it needs to provide "decent" and "steady" money. As a rule, I get "up front" money; and being a lone wolf, I usually wind up working for friends or friends of friends. My biggest fault is working through the "up front" money and continuing on; then spending even more time chasing down what people owe.
I realize this is my fault, but I expect these guys to bring it without me feeling like I have to beg for it.
Worse yet, I find myself feeling guilty if something takes too long, and I don't bill for the extra time; actually feeling sorry for the guy spending the money.

I know I need to run a tighter ship, and be somewhat of a dick; but it just isn't in my personality. At 52, I'm just getting tired of the runaround; and I'm realizing there are other things I can do. I feel myself beginning to hate the hobby that I have loved my entire life. I see a lot of threads centered around complaining about the guys doing the work; In some cases it's not the shop, it's simply a case of someone with champagne taste and a beer budget; or worse, somebody just looking to take advantage and get over.......... my new motto: "bring money or bring a trailer.... or both"

X 2.....Gravy?! LMAO!

 

[steve from staten island]

Your problem if there is one is your to nice a guy. You need not be a prick but business is business and at the end of the day you have to eat, pay bills, provide for the family and maybe save a little for the future. If customers or friends dont get that then dont get involved with them as they dont care about you. Guys ask me all the time can i weld this or make that. Some offer me money which i never accept as then they think they own me. If i can help i will if not i finally after all these years learned the word "no"

 

[Budnicks]

Budnicks.... you mention "gravy"

there is zero gravy in this end of the business. "easy money" does not exist. Therefore it needs to provide "decent" and "steady" money. As a rule, I get "up front" money; and being a lone wolf, I usually wind up working for friends or friends of friends. My biggest fault is working through the "up front" money and continuing on; then spending even more time chasing down what people owe.
I realize this is my fault, but I expect these guys to bring it without me feeling like I have to beg for it.
Worse yet, I find myself feeling guilty if something takes too long, and I don't bill for the extra time; actually feeling sorry for the guy spending the money.

I know I need to run a tighter ship, and be somewhat of a dick; but it just isn't in my personality. At 52, I'm just getting tired of the runaround; and I'm realizing there are other things I can do. I feel myself beginning to hate the hobby that I have loved my entire life. I see a lot of threads centered around complaining about the guys doing the work; In some cases it's not the shop, it's simply a case of someone with champagne taste and a beer budget; or worse, somebody just looking to take advantage and get over.......... my new motto: "bring money or bring a trailer.... or both"

I can relate;
I used my own money making payroll, insurance & buying materials etc.
all while waiting for draws, didn't want the job to fall behind or my guys
being sent home, because of lack of capitol or the installments were late,
{either form the costumers installments/payments or the bank financing the projects}
many times to make sure a contract or job was done in a timely manner,
usually trusting the customer would do what they said etc.
Sucks being the owner sometimes
"My fault" sometimes too or worried about a performance clause
getting my bonus for early completion {rare but did happen a few times}
& it bit me squarely in the *** a few time doing that too...
I learned to write that **** into contracts after getting screwed
or put off, a few times even by friend or people that,
I had worked with for years decades even sometimes...

Even if it's a friend you need to know you have to
"cover your own *** 1st", especially if it's a monetary business decision...

 

[Budnicks]

I'm on car about #111 now too...
When I get disinterested in it, I'll bail again...
like I said, I don't do it for the $$$, Thank goodness
I love the cars & maybe even a challenge sometimes...

I think I'd really have a hard time to actually
"do what I like as my hobby, for the income/$$$",
it would be a job than, not my hobby anymore...

That's happened to me in the Golf business...

 

[eldubb440]

when I was a kid I realized I had a talent for this stuff........ and thought, what could be cooler than building hot rods for a living? ......... boy, was I a dumb ****!

 

[dart4forte]

I offered it to the one employee who could actually run it. She informed me that she is 2 mos pregnant, AFTER having adopted 2 kids!! One of those deals you hear about so often. Anyway, she and her husband seriously considered it over the past long weekend and opted to not buy it. Bums me out but what can I do about their decision but respect it? Anyway, the broker is on it so I have my fingers crossed the right person will show up. She did say she would be with me to the end and beyond if that is what the buyer wants. He/she would be a fool to let her get away!
The few competitors I would trust are too close to the end of their own careers to take this on. Worse comes to worse, I could sell them some done deal contracts for cheap though.

Maybe get the competitors you trust to finish existing jobs. At that point give your employees two week notice you are closing the doors and liquidate.

Back in 82 my FIL owned a NAPA store. Fully equipped machine shop and paint supplier. He asked me if I were interested and given I was in Germany and almost mid career in the army I decided to pass. He ended up selling off to a friend of his who was a Votech instructor who had no clue on how to run a business. He carried a contract and within a year he exercised his option to take the business back.. NAPA ended up buying him out for big bucks.

 

[bobtile]

Budnicks.... you mention "gravy"

there is zero gravy in this end of the business. "easy money" does not exist. Therefore it needs to provide "decent" and "steady" money. As a rule, I get "up front" money; and being a lone wolf, I usually wind up working for friends or friends of friends. My biggest fault is working through the "up front" money and continuing on; then spending even more time chasing down what people owe.
I realize this is my fault, but I expect these guys to bring it without me feeling like I have to beg for it.
Worse yet, I find myself feeling guilty if something takes too long, and I don't bill for the extra time; actually feeling sorry for the guy spending the money.

I know I need to run a tighter ship, and be somewhat of a dick; but it just isn't in my personality. At 52, I'm just getting tired of the runaround; and I'm realizing there are other things I can do. I feel myself beginning to hate the hobby that I have loved my entire life. I see a lot of threads centered around complaining about the guys doing the work; In some cases it's not the shop, it's simply a case of someone with champagne taste and a beer budget; or worse, somebody just looking to take advantage and get over.......... my new motto: "bring money or bring a trailer.... or both"

Man did that strike a chord .
Sounds like you were describing me.
I seem to have all the same **** going on that you do.
I take money up front on a big job but not enough.
I feel like Im asking too much.
I recently just finished a job that should have taken no more than two weeks to complete.
So, I took no money up front.
People couldn't make a decision about anything they wanted.
The job dragged out for 4 -1/2 months.
Back and forth setting up and taking down tools.
Two weeks of pay stretched out over 4 months.
Too many people I have to rely on so that I can get paid.
I had my kid working for me for about a year and decided that he should go another route.
I have to fight with people to collect money that Im owed and it sucks.
I always see these contractors that owe me money and say they don't have it right now on facebook posting pictures of themselves on vacation or with new toys.
Pay your bills first!!!
Anyway, sorry I went off here but I guess we all have some kind of bullshit we have to deal with.
I can't wait to get out myself.