We are closing the doors on the first. Hate it. But in our area I simply feel we have no further options. We saw the first signs of the recession in Oct 07 although I didn’t know that is what it was. I kept thinking it would turn around but to no avail. While I think it will get better mid next year it would still take a year or so to really ramp up and I can’t hang on that long.
We have spent the entire year watching our business levels dwindle away, pick up for a short time here and there and then dwindle some more. Finally over the last 4 months although we have been working we don’t have enough to cover our already cut to the bone overhead.
All this has been complicated by the fact a large (120 man) commercial roofing/hvac/plumbing company and a large (80 man) residential/commercial HVAC company both went under here and had auctions and sold everything off. So the equity I have in some of my trucks and equipment mean little since our market is flooded with used work trucks, office equipement and gear. So I am unable to sell off a few things to help cash flow.
I have always been a big proponent of having a lot of equity in things believing I can always go to the bank when I have a high net value in my ownership. That has changed with the economy. My bank offered me 50k in cash for 100k+ of assets and said “of course it this doesn’t work we will not be able to help further. I said “that is not a loan, that is a pawn, you have no risk in it whatsoever” and he agreed. So I chose not take that route either.
So……..without further delay, we are closing. We have a few jobs to finish up on and are herding our equipment into a smaller building to start liquidating it. I am a bit concerned about employment but have had a couple of interviews this last week with the hotel management firm I used to work for so maybe that will happen.
I can honestly say that given the information I had at the time I would have made all the decisions I made over again. So I guess I have no real regrets and don’t feel like I screwed up other than to not read the changes fast enough. But even then I don’t think I would have been able to withstand the severity of this. But I can tell you emotionally this really sucks. I truly hope the rest of you can weather the storm. DanT
Replies
My heart goes out to you. It wasn't anything you did, it was the economy -- totally beyond your control.
Holy cow.
Really sorry to hear that Dan.
Best of luck.
This is a shock. Have always enjoyed your posts, in part because you really seem like someone who knows how to run a business. Which demonstrates how bad this economy is right now.
Hope a) you find work, b) you'll be able to regroup in the future, and c) you keep posting.
Damn Dan. I'm sorry to hear this, but on the other hand I realize you are smart enough to cut your loses and not ride a dead horse to the rendering plant. I had to do the same thing once before and it lead me to a career change that I probably wouldn't have made otherwise and I'm happier because of it.
From what I know of you, you're a survivor and will make gatorade when life gives you gators. Good luck to you and Mrs T.
http://www.quittintime.com/ View Image
I have had 5 careers so changing is not an issue for me as much as the feeling of failure. And I have heard from everyone that I have dealt with that it is not my fault and it is the economy etc. And I believe that. But as you know there is still that little voice in the back asking if you could have done it better. I don't really think so but still I wonder...............DanT
Dan,
You don't have to have a business to feel like you've failed.I've always been in outside sales and sailed along pretty good until the mid 90's. Technology took away two of my great sales jobs, and then since at that time I was already "too old" to hire, it really hit home.Now, I sell refrigerators at Sears and waiting for soc. sec. check to start arriving in Feb '09. At first, I was making what I made way back in 1982, but now, I'm making half of that.I really had to deal with the idea that I was of no value in the market.
One good thing is my wife actually has increased her pay over the years.
Thank God for that.Hang in there cause you for sure ain't alone.Pete
Sorry to hear about it Dan.Hoping for the best for you.
The only source of knowledge is experience [Albert Einstein]
Sorry to hear the news.
A question, if you own your equipment, and the local market is depressed, do you *have* to sell it? Are you able to keep the equipment and possibly try again later?
I certainly could do that. But frankly at this point in my life I don't think I would choose to start over from scratch. We live in a small area and just trying to find good help is a big chore since the pickings are slim to begin with and not to mention the start up costs.
I also do have some debt to settle. We have 6 trucks with 3 that have money owed on them so that needs to be dealt with. All else is current and the only other debt is my month CC bill and building loans. DanT
From my limited point of view, I would sell what I didn't own... and consider keeping the rest... unless you need to sell it to settle up.
I have things I would like to sell, but don't see the point in a depressed market as long as I have the space to keep the stuff... just check out all the tools for sale on Craigslist. Most of what I have I bought used at a good price and it is doubtful I could sell at the same price now.
Best of luck.
It is going to be a bumpy ride, for sure.
Dan,
All the luck I can muster for you and the family.
A Great Place for Information, Comraderie, and a Sucker Punch.
Remodeling Contractor just outside the Glass City.
http://www.quittintime.com/
sorry to read this, Dan -
best of fortune wherever this leads -
My gut wrenches with and for you Dan.
Please try to remain positive inspite of the conditions, and best wishes to you.
Sorry to hear about this. What I really admire about you is that you made a realistic intelligent decision. Many people go into denial and muddle about with no real plan, expecting some miracle and end up getting into a real mess. (Don't ask me how I know.)
You can be very proud about doing the best with the hand dealt to you. I'm sure you'll do well in what you do next.
What I really admire about you is that you made a realistic intelligent decision. Many people go into denial and muddle about with no real plan, expecting some miracle and end up getting into a real mess.
Exactly. When the retail side of my business got unhealthy, I wanted to close the store and focus on the service side which was doing well. My partner thought he could dig the retail side out of the hole it had gotten in and chose to buy me out instead. He was bankrupt in less than a year. Two of our competitors swooped in to fill the void he left and both are still rocking on 25 years later. I probably get about 3-4 jobs a year now on referals from one of them.
Closing the store would have forced him back out in the field working again, and that was not attractive to him. He liked being the "Face" of the business, even if it no longer needed one.
Dan's a smart and thoughtful guy. My guess is he's made the best decision which is to avoid failure. Some times the road doesn't go ahead. It just goes left, right or back.
http://www.quittintime.com/ View Image
You're sharing good experience to learn from.
down , but not out..... sorry for your local economy... been there, hope not to revisit
whatever you do... negotiate for Fest time this summer
we love ya , manMike Hussein Smith Rhode Island : Design / Build / Repair / Restore
Very sorry to hear this Dan.
I'm in a similar situation. Business has been feast or famine for the past year.....and although in this business that often seems to be the case, this just "feels" different.
I currently have a few decent sized projects going on.....all of which seemed to come out of the blue. I can't run a business hoping such work continues to pop up. Unless I begin to once again start filling my calendar with future projects, I'm afraid I will be making the same decision.
Good luck Dan....we aint kids.....and the future's not so bright that we gotta wear shades. Don't beat yourself up about it......just dig down deep and go with your gut.
All the best!
J. D. Reynolds
Home Improvements
Dan, it's very hard to see this as a failure of any sort. The economy has come to a standstill. My prediction is that it will start to revive within 12 months and that the smart move is to conserve cash, conserve your own energy and spirit, and make your moves within the limits imposed on you. Honestly, finding a job at this point and riding out a short period is probably very smart.
Sorry to hear that.
Man, this is tough to read about. I know the world is filled with worse stories right now - but this one really hits home. Sounds like you have a good handle on things, and will get through this intact.
Wish you the best, and my advice is to hang on to whatever you can, because life throws some strange twists our way, and you just might start over from scratch when you least expect it. I know I did. There was a time I walked away and thought for sure my construction days were over.
Right now I have about 3-4 weeks finishing up a couple of jobs, and then....who knows? Trying not to think too hard about it.
Don't stop hanging out here at BT!
CaliforniaRemodelingContractor.com
Careful what sort of employment you look at. I'm a salesman and I've been offered all sorts of jobs with absolutely zero opportunity to make a dollar..
Some Bigger companies too!
Just before the Banking crisis hit I looked at going to work for Diebold. (they're one of the biggest bank security companies in addition to making voting machines) Luckily I knew a few bank presidents and ran the idea past them first and was warned off..
The guy who did wind up with the job ran up nearly $15,000 in unreimbursed expenses. Only to find out that your expenses are paid from what profit you earn and since banks at that point were hanging on for dear life nobody was buying any thing.
Bummer. I hope you can get another door to open for ya, thats usually how it has happened for me.
But what you feel is like when the fat kid gets off the see-saw, when you're up in the air. Often just knowing that that is alaways a possibilty, makes the landing easier.
Best of luck with it all.
Spheramid Enterprises Architectural Woodworks
Repairs, Remodeling, Restorations
They kill Prophets, for Profits.
Dan ,
Sorry to hear this,surprising as this may sound, I think of you often,I still have the Dan T complimentary calculator right here on my desk,use it all the time.
Seems like you're making the right move at the right time,all you can do is keep plugging away. Good luck.
Vince Carbone
Riverside Builders
Franklin,NY
I was surprised to see this was your thread. But I'm not shocked. This is exactly why I would follow your advice and leadership. You know when to do the right thing, and your doing it before your on fire and jumping out the window. That's why you carry the respect you do.
Are you going to put Dantopia on the market?
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
Sorry to hear that Dan. You and Mooney are an inspiration to me.
If you are looking to sell equipment I have used Ritchie Brothers auction. About 10% commission
http://www.rbauction.com/index.jsp
We sold several trucks earlier this year. We did fine on em. 2 sold for about what I thought and 1 about 10k less. I attribute the one less as being out of buyers that "need" the equipment and dealers swooping in on the remains. So if it is specalized equipment I would maybe parcel it out over a couple auctions.
Good luck
Dan,
Good luck, I'm sure the resourcefulness that you've shown with your business will easily translate to your sixth career.
Jon Blakemore
RappahannockINC.com Fredericksburg, VA
Thanks to all for the kind words. As with most things of this nature the cold reality moment was pretty emotional but as time goes on you get a better handle on it and start putting together a strategy. I am task oriented so once I get a grip on thing I dig in and move on. Not much of one to stare at the wall.
I think we will liquidate in house using Ebay and regional ads for the vehicals and the trailers. Dantopia (both of them) will be sold along with the River Dan and lake Dan. I will miss it all. But what I will miss the most is working with my brother and my son. That was the hardest thing to come to grips with.
But both have been really supportive and understanding through it all. And we have worked together 5 of the 9 years I have been at it so no complaints I guess. How often do see family members work together that long and do it well and still come out of it not hating each other lol. I guess all in all it is a success story of sorts. Just not in the way you would think.
Thanks again. I really appreciate the support. This place was a big help when I had my accident and here it is again. I was here before I started in business and I don't plan on going away. DanT
Dantopia is the ultimate in man caves. It would have made the ultimate in hideouts if I ever went on the outlaw trail.
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
Edited 12/6/2008 1:21 pm ET by Gunner
>we have worked together 5 of the 9 years
I think in the long run this is what you will really keep, and it will be a great thing to have. I did not get that myself.
Dan, it sounds like a success story to me: You're realistic, brave, and rational; you're rolling with the punches, being proactive, and leaving things on good terms with all of your co-workers.You Bad!AitchKay
Sorry to hear the news.
I don't know what you have for trucks but keep me posted when you put them on ebay. I'm looking for a newer van, and I may not be too far away in NW PA.Legal Disclaimer: The preceeding comments are for entertainment purposes only and are in no way to be construed as professional advice. The reader of these comments agrees to hold harmless the poster, EJCinc, from any and all claims that EJCinc offered professional advice, ideas, or comments to the reader that may or may not have resulted in the damage, injury, or death to the readers property or person.
Your not alone man......the stigma of having to go out of business is long gone here..........My Blog
Dan, I'm sorry to hear that. Hope all goes as well as it can, under the circumstances.
sorry to hear... I've closed and sold more businesses than most... and I swear i have no bad feelings about any of them... I learned something everytime... and I always gained a few stories that will last a lifetime... what more can one ask for?
I admire your foresight in knowing when "the time has come" If you are at all like me most of my businesses and my projects are a huge extention of me ... to say there is no emotion involved would be a lie... but thats the exact reason many of my ad.....ventures have worked out because i did have an emotional investment... embrace what you have done... few ever have...
Like all here i do wish you well... it's just time for another adventure...
peace
p
and I always gained a few stories that will last a lifetime... what more can one ask for?
That's the only reason I get up in the morning.
http://www.quittintime.com/ View Image
Man, with your long list of stories currently available sleep in a few days. Won't hurt! :-) DanT
Dan,
Really sorry to hear it, you sure you want to liquidate everything though? Would you consider re-opening when things pick back up, this won't last forever.
i laid off everyone,went to work for someone else for about 6 months in the late '80's..
kept the phone in service ... and got rolling again Mike Hussein Smith Rhode Island : Design / Build / Repair / Restore
Pretty much what I was getting at, no sense in limiting your options in the future if you can avoid it. I did not think of the phone issue, but it's so obvious and cheap to do.
I'm not old enough to pretend to have been through something like this before from a business perspective so I'm really making a lot of assumptios on what I've read and been told of past down-turns.
I read today that this ressession is currently the third longest since the great depression, the other two lasting 16 months each, we're supposedly at month 12. In my preverse way of trying to find the positive I'm hoping we're close to the end.
I've been through a few of these things and, you know putting aside all the positive thinking and stuff, have never seen anything even closely resembling what's happening........Last month, what, half million jobs lost? Those are potential clients.And how many are scared because of it? The first thing they do is circle the wagons and flush your/ours bid down the toilet.My son in law just put the quits to a million dollar addition on his factory and his friends are all hunkering down beside him.This is not doom and gloom, this is personal real world observation.If I were still in business, I'd be right behind Dan.........causeHold your hats boys this thing is just getting started.........My Blog
I don't think I would do it again. I am not able to do as much personally as I once was so that is a factor and living in a small area trying to be a purely desk jockey contractor is difficult. So even if I did something different I doubt it would be this. And I will probably have some residual debt left over to handle so that has to be taken care of first as I have chosen not to persue bankruptcy etc.
I really think this is a field in transition. I mean if you are already established (as I was) I wouldn't give it up but I don't know that I would start over and do it all over the same way. Our professions, IMO, are simply being dumbed down and priced out.
Everytime you see a new product like those stab type wire connectors that you can now use instead of wire nuts it is one more product that makes it so anyone can do what we do. Maybe not as well or efficiently but they can do it and they don't need us. And these types of products run the gammit.
When I started in 1978 in the trades it was truly considered a skill to rebuild or change a faucet. I can teach a 12 year old to do it now. And there is little sense in rebuilding one considering the ease and price of replacement except for the relatively expensive units. You can now buy a kitchen faucet that will last 12-15 years and look good for $50. You could barely do that in 1978. And it takes less time to put one in than it did to take one out then.
Then you get into labor. Where building trades were once considered a skill and being able to build a whole house was looked upon in awe we now see one forman and a mexican crew who are working for $10-12 an hour and no benefits handling 70% of the job. That means people like us are really often times bidding on the 30% left over. I don't think that will get better.
A buddy of mine just told me the other day that he was on a construction job of a small hotel (Holiday Inn express size) and the GC had an entire mexican crew that worked 10 hour days, six days a week and camped out in the parking lot sleeping in the back of pickup trucks with a blue tarp stretched over it. Now compete with that while trying to pay comp, health insurance, etc.
Our society is becoming more and more of a Wal Mart driven society. Low bid wins on everything. Fewer and fewer just call and get work done. Now let me say this is not across the board but it is becoming more and more common.
As far as recovery. My thoughts were pretty simple. Our local Whirlpool plan just laid off 700 for the first time in 20 or so years. As JJ said these are my clients and they now have no money. I think it might recover by June or so but it doesn't mean recovery will happen right away. It might take a year or so to really get going again. I would starve by then. Not that I couldn't use it lol. DanT
That's the perfect summary Dan. I might print that and put it on a plaque.
So if you snag this hotel deal what will that entale?
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
My actual "skill set" is in commercial building maintenance. I have a number of years in that field (21) with most of the time being a maintenance supervisor. Prison, hotels etc.
In the hotel field you are in charge of a small crew, 5-7 usually, that maintain the hotel with a combination of scheduled prevenative maintenance and reactionary repairs. The company I worked for and have again applied with is heavy into scheduled PM. I like that method and do well in that concept. You handle some capital improvement repairs and work with outside vendors for larger repairs and maintenance.
You are also in charge of energy management, big event special needs (power etc.) and stuff like carpet care, snow removal etc. It is somewhat demanding, medium stress, decent money and nice perks. Good working enviroment for maintenance personell too. A/C in the summer, warm in the winter, you are usually working on carpet.
I did real well with them in the past and had strong results which is stayed in budget, managed utilities in budget, kept labor in budget and passed the maintenance inspection with strong scores. For a time I was the trainer for other maintenance supervisors and traveled some to do trouble shooting on other hotels in the company when a difficult systems problem arose.
I am hoping that will give me a better shot at going back. But a lot of folks looking for work so anything can happen. DanT
That sounds like a nice gig with enough challenge to keep you sharp and happy.
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
Dang Dan, I'm sorry to hear this, but I'll make room in the boat for ya.I've always admired your business sense, and especially your ethics... too bad that your clients won't be able to get that anymore.Best. Now you see this one-eyed midget
Shouting the word "NOW"
And you say, "For what reason?"
And he says, "How?"
And you say, "What does this mean?"
And he screams back, "You're a cow
Give me some milk
Or else go home"
you are dead on ... many of your points are what i've been preaching for 10years... if you can teach someone to do it effectively in less than 2 weeks it's not skilled labor anymore...
with sharkbite fittings and pex anyone can run waterlines that will work in most situations... I've always believed that anyone should be able to do any work required in their own home... but thats another subject (protecting fools from themself)
the factory jobs we are lose'n will not return... when unions, local, state and federal governments make it more trouble than it's worth to keep manufacturing in an area... it leaves and it never returns...
many unknowing blame "corporate greed" which sounds good in soundbites but everyone has to compete and turn a profit to maintain the health of the company...
the truth is... things change... whats here today might not be next week... just as it's always been...
you have always provided the voice of reason and experience... most noted that you can make a living from your own labor or you can make a profit off the managed labor of others... a very hard concept for craftsman to grasp... most craftspeople have little business being in business... it's just not what they do... some can with skill sets that can't be purchased... but we all know these brite stars are few and far... we are blessed that many of those few reside here at times and share
p
the GC had an entire mexican crew that worked 10 hour days, six days a week and camped out in the parking lot sleeping in the back of pickup trucks
Starting to see more of this type of contracting in my area also - overworked underpaid immigrant workforce living on the jobsite. Sad.View Image “Good work costs much more than poor imitation or factory product†– Charles GreeneCaliforniaRemodelingContractor.com
Yeah, our company is pretty flush -- has a boatload of cash and turned in an excellent first half. But we sell to other businesses, so management is really hunkering down -- has cut all discretionary spending and just recently layed off most contract employees.
It's going to be (much) worse before it gets better.
The mark of the immature man is that he wants to die nobly for a cause, while the mark of a mature man is that he wants to live humbly for one. --Wilhelm Stekel
sorry to hear that. don't beat yourself up, we're all dealing with it.
k
I've read alot of what's been posted here over the last couple of years. Have even posted a reply once or twice over the last couple of years under a different name.
Your name at the top of a post in the business section of this forum is one that I always clicked on. You have always struck me as a pure businessman. Straight up, no nonsense and usually right on the money.
I am sure you are pulling up stakes at the exact right moment. I am also guessing that just the right amount of emotional thinking occured then you slipped into the required critical thinking to make make the move.
I would also guess that alot of other reader think very much the same. You have a name and opinion here that is much respected. I'd suggest while looking at other options, that you look toward writting and business education.
Business seems to be your passion, and I certainly would buy a DanT book, read a DanT article or attend a DanT seminar. Knowing when to close a business is just as important as how to run one. It's all part of the cycle of life.
I am sure you will land on your feet. Good luck even though you don't need it. Vic
Sorry to here about this Dan, im in the same spot, i already have let the crew go and im not making my nut, I had a friend that went bust in the oily 80s, he wanted to keep his crew and had hoped and gambled thing would pick up, The nut made him go belly up so your doing the right thing. As for me i feel a strange empty feeling like a deer in the headlights, I will just do what i can by myself and take it day by day
I will just do what i can by myself and take it day by day
Yup. I'm there too. I met a college professor the other day, he asked if my business was being affected by the economy. Had to laugh. I asked if dead and buried 6 ft. under is considered "being affected". Then he had the unmitigated temerity (don't know what the means but it sounds cool) to ask if I had to let anyone go. Hahahah. Just my crew, my office girl, and so far my wife is still with me, but I catch her eyeing the door from time to time.View Image “Good work costs much more than poor imitation or factory product†– Charles GreeneCaliforniaRemodelingContractor.com
I didn't read all the posts in this thread---but WOW- I am so sorry to hear that Dan
as always-my very best wishes to you
Stephen
I am sorry to hear that. I have also had much respect for the posts you have made.
Unfortunatly, I also agree that this industry is being "dumbed down"
In my area, the market does not support contractors in the residential market that have properly run operations (I.E. generating true profit, building equity in the business etc.) Most here seem to survive with their operations just "jobs" really, with no value in the business itself.
I have two careers myself, by necessity really, We operate an industrial services business that generates a good living, has equity in the assets, and in which I function 90% as management, but it's boring really, not very fullfilling (Have been doing it for almost thirty years). Also operate a small construction contracting company, with it I am 90% labor, 10% management. I could never make a good living off just that, but Love the work, really enjoy the time I get to spend on that business....All in all, its a balance that works for me.
How many folks here are working the same as small farmers -- barely break-even most years, an occasional good year, and depend on the wife's job in town for medical insurance and buying the groceries?
The mark of the immature man is that he wants to die nobly for a cause, while the mark of a mature man is that he wants to live humbly for one. --Wilhelm Stekel
Dan,
Also sorry to hear the new.
Had to do the same thing in 83. In retrospect the mistake was not seeing reality in 79 when interest rates went nuts.
Might look into keeping a minimal of tool sets in storage , I got rid of everything in a fit of despair and regretted it for years as I received 30% of what I paid for them 5 years earlier and then had to re-buy them all over again when I realized being a builder is who I am.
Keep the chin up and the attitude high as that is the most important aspect of the situation.
FWIW I am looking at 2 years before the economy really hits bottom and starts back up and even then it will be a whole new ball game I believe.
My brother and I both have rentals and are keeping enough stuff we don't have to rent anything in the future. With multiple trucks I have a lot of duplicates and some things even though there is only one of doesn't make sense to store and use once every 3 years. An air sled comes to mind, not the type of item you use at your home or a rental or if so generally not often. Thanks for the input. DanT
Something I was wondering about a little while ago. How are your brother and Son doing? Do they have something lined up? If I recall correctly your brother your brothers got a machine shop deal going on. Or you guys were partners in it.
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
Yeah - I was curious about that as well.http://www.quittintime.com/ View Image
That was a real issue for me, concern for them. My son has a degree in Engineering Technology with a minor in business. He has put out a few resumes so far and has already heard back from one. I am guessing he will be ok.
My brother has a welding and fabricating background and now remodeling for the last 6 years. It could be awhile for him but he can and will work piece meal here and there. I have kept track of jobs he can do alone that we are now turning away and he can do some of them for less than we could as a company. That and unemployement should keep him going for awhile. He makes a bit in his shop as well as works part time for a couple of small welding shops.
I am giving them both a truck and a few tools. And I have enough to keep them busy till Feb. so that should help some. When I got the call from the hotel I sat them both down and told them. My brother, the one with a family and probably the most difficult to employ in this market, said without hesitation "man that is great, as hard as you have worked to keep this thing alive you deserve a break". I cried. DanT
Your brother is a rare find. I can't work with either of mine. We've tried. Your blessed.
http://www.youtube.com/watch?v=-sbqIyeed4g&feature=related
Y'know, it has been a long 3 years. It just seems from your posts that you have had 10 years of hard living since early 2006.
I'm lucky that we are good foster parents. Here, the government really makes sure you look after the kids properly, and they give us these wonderful children that nobody seems to want. And they pay us, too, so regular household expenses are in balance.I'm advertising more, and getting fewer calls. I'm reading more sales books, I'm planning to take a few courses. I only use subs, no employees, so I don't have to worry about anyone else's family. I'm a lucky man.I could pay off my house tomorrow. I could sell up here, go live overseas where my wife has a huge apartment, paid for, even though I hate living there. Still, I'm a lucky man.You're young. (I'm 64) You will do just great. Please don't stop posting.Quality repairs for your home.
AaronR ConstructionVancouver, Canada
Really sorry to hear.
Best regards for the future.
Dan,
Best wishes,
I heard that Central Soya in Marion is shutting down their grinding operation, guys with 30+ years out the door. Hughes supply closed their Marion facility last week. Also, thanks for sharing insight and experiences here.
Dayton Ohio is pretty much shutting down manufacturing operations, lots of plants closing. This is going to be a very bad recession here.
That is all true. Whirlpool has cut 700, Pete Miller Inc. had 120ish, Rhodes HVAC 80ish, on and on and on. As I said earlier, these things were really the final straw for me. I don't see it getting better in my neighborhood soon.........enough. DanT
My first business ran through a major recession and then runaway inflation, but it was technological changes that finallay killed it by erasing the customer base we'd been tapping for 15 years. I shut it down and sold out in the early 80s--got $00.00 for goodwill and about 20 cents on the dollar for hard goods.
I was in my late 30s then; it left me with a (small) wad of cash, a very small, short-term mortgage on a place to live, and time to go try things I hadn't got around to trying yet. Two of those things led me to being where I am now, and I can only say that was for the best.
I don't know what's gonna happen to the economy now, but I'm inclined to more pessimism than I would like. There are so many scary stories each day, and those aren't helping either.
My own remod/design-build business sucks right now; things have gone just about the same way as you said they've gone for you, but I'm more of a one-man band so I've got almost no running overhead (just payments on one truck). I figure I can tough it waiting for the upturn, just as long as my winter job earns me enough unemployment benefits to squeak thru the summer if I don't score any contracts. So far, people are still going skiing (and still getting hurt), and I've got a lotta seniority, so I've still got a job five months a year. But I live from paycheck to paycheck, and that doesn't look like it's gonna change any time soon.
My heart goes out to ya, Dan. I hope you've been wiser/luckier than me over the years and have some dough put by.
Dinosaur
How now, Mighty Sauron, that thou art not broughtlow by this? For thine evil pales before that whichfoolish men call Justice....
Hey Dan I can totally sympathize for you. Being in a very similar situation to you, I admire your vision to humbly realize the economic condition and do what you feel is necessary.
Dan,
Sorry to be reading this. I am pretty sure there are some DanT posts and responces printed off and archived in my "Breaktime Gold" binder.
I'll throw a little different spin on this though. You, your son, and your brother all have the ability to earn a living in other ways. I'm thinking the amount of work you would have done in the next year is going to be done by somebody who doesn't have the option of another way of putting food on the table. in other words, a couple people are going to survive because of your decision. you won't know them and they won't know you, but those guys, and their families, will be thankful for the work you are leaving.
Good luck with it all
Bowz
Interesting point. Maybe I can find them and collect 10%? :-) Ever the businessman I guess. DanT