Hey guys,
After pondering it for a while, it looks like we are closing the doors of our business within the next 30 days. Business partner has taken a job elsewhere and I am looking to do the same. Business just has been getting worse and worse yet the costs of everything keep going up (insurance, advertising, gas, etc) and yet our phone is not ringing enought to keep us going.
And now its become too competitive as since the work is so slow here, bigger guys are now bidding on our level of jobs. Gave a price for a commercial interior finish a few weeks back and 14 guys were bidding on the same project. Sure enough the owner calls me and says we were right in the middle. Tried to sell him on our record and quality but he up and told me all that was great but all he is interested in is cost.
So thats it. I’m out. But did want to thank you guys for all your input and support for all the questions I have asked. Nice to know there are folks out there who care even though you have never met them in person.
I’ll be back to visit from time to time just to see whats going on.
Mike
Replies
Mike,
Just because you're moving on doesn't mean you should leave your friends here on BT behind. Many of us have been in your position, more than once in most cases, so this is one of the better places to be during a transition.
Best wishes for a good fit in your next job.
Peter
I feel for you buddy, hopefully brighter things are in your future. You will survive. At least it doesn't sound like you held on to the biz right into personal bankruptcy.
I am slow right now but I have been picking up enough small stuff to fill the voids between good jobs. I think I would not even have that if it were not for some big storms that came through in January and March so there is a lot of insurance money out there right now.
Good Luck,
Day
Mike,
Tough decision.
Sorry to hear that you are closing shop.
Best to do it before you are upside down in debt and can't recover though.
Thanks guys.
Yes, I am proud to say we are closing the doors with 100% closure and all subs paid off completely and all debts paid in full. Actually have a few bucks in our pocket too.
Still bummed about having to do it but at least feel good to know we didn't stiff anyone on the way and no one aside from us suffered financially from our closing.
No bridges burned and thats the way I like it.
Mike
My former employers closed up in January after 22 years. It's too bad - I liked my job. My one former boss is working up on the Northwest Territories, now. My best wishes - I'm certain you'll find a better opportunity than the Arctic!Edit: That's not supposed to come across as glib.Edited 4/18/2008 5:41 pm ET by Biff_Loman
Edited 4/18/2008 5:42 pm ET by Biff_Loman
Mike, sorry for the turn of events.
As has been said, don't be a stranger. We value and need your input.
Best of luck.A Great Place for Information, Comraderie, and a Sucker Punch.
Remodeling Contractor just outside the Glass City.
http://www.quittintime.com/
You can hold your head up high and have no trouble sleeping at night. Best of luck finding your next interesting job. The more fun it is the less it will feel like a job.
Have a good day Cliffy
I am sorry to here it end. But I admire you for making the smart move vs the emotional move. You can always do it again if you chose just at a more opurtune time.
We had a rough winter also but in the last 10 days booked out 2 months. Who can figure it? I am trying to hire now. Amazing how it all goes feast to famine. Don't be a stranger. DanT
All the best man.
You have some good company, so to speak...a friend here who ran a one man business (like mine) just took a factory job. That bummed me out. He was good help and good company on days that were best with two guys (countertops, window installs, etc.).
We used to help each other, but now he has a job that is not flexible.
Tough market.
Be well,
Brian
well ya can't just leave.
U gotta keep us filled in with reports from the after life.
so ... what's the next step in the plans?
employee for someone else? Another field in the trades?
a whole different line of work?
U test the waters ... we all gotta know our options!
marry a rich widow?
that's my out.
wife already gave her OK ... says just take care of her and the kids ...
don't matter much how the bills get paid.
Good Luck,
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Mike,
Sorry to hear about the turn of events. You always seeemed to have some pride in what you did. Sorry to see it work out this way.
Like Jeff and others have said, don't run away. Your opinion and experience is as valuable before as it was/is after. Let us know what happens; where you go.
Are you going to Peachfest? Keep in touch.
Don K.
EJG Homes Renovations - New Construction - Rentals
The one thing that no one can survive, no matter how good they are at what they do, no matter how good a job they do, is when their customers don't have any money to spend. This is happening to me and to everybody else I know in this business.
Anybody who is doing OK at the moment is basically being lucky. Maybe the recession will catch up with them too, or maybe things will turn around before that.
All the best
John
Thanks guys.
Not sure what I am going to do yet as the industry around here is pretty stagnant so going to work for someone else isn't really an option. I guess its time for a career change...just not sure what? Maybe we'll "get the band back together" :) Too bad I don't play any instruments.
Mike
Like some of the other said - Stick around. There are folks here with all sorts of backgrounds. Doctors, teachers, and God knows what else. As long as you live in a house, I'd say you have a place at Brealtime.
A person who is nice to you, but rude to the waitress is not a nice person.
"Too bad I don't play any instruments."
cowbell.
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
"cowbell"
Nice chuckle in a tough post. Thanks!
Sorry to hear about the decision Mike. Good luck moving on.What state are you in? Are you planning on staying there? I waited too long to bail out of MI. If I'd have left when I knew I needed to, I'd have a couple hundred thousand more dollars in my balance sheet. Bob's next test date: 12/10/07
Sure rub it in. I'm dying on the vine up here. I have a kitchen to start next week, then wait for the phone to ring.
Hows Texas treating you?
I have a kitchen to start next week, then wait for the phone to ring.
I wouldn't let it get out, the lowballers will be over there trying to steal it out from under you! Heck, there are several here in town who'd probably make the commute from Bakersfield and still underbid ya! Desperate times here, even the temp agencies have nothing (nada, zip, zilch, zero). Oh well, good time to catch up on Oprah and Days of Our Lives.View Image “Good work costs much more than poor imitation or factory product†– Charles GreeneCaliforniaRemodelingContractor.com
I know. I had a nice filler job a couple of weeks ago. The prevoius owner was paying for damage to a house she had just sold. I was in and at the last minute the new owner (who was the one to all me in the first place) brought in "family friend carpentry" and bid my $200 under (on a $2000 job).
The old owner didnt care, she was gonna stick with me but the new owner wanted the friend.
Nice state ya live in, eh?
Conversely, while i'm having my worst year to date now our state wants two licenses for companies. One for the QO and one for the company. I dont know how i'll pay the extra "tax". I'm beyond tight right now.
You knew those user fees were going to be coming when they "fixed" the budget.
A commercial realtor just sent me some info on a nice parcel here that would yield 10,000 sf of medical or office. She told me that the area has 150 families a month moving in. I'll need more specifics on those numbers but when you compare that to MI's situation, the differences are huge. Bob's next test date: 12/10/07
A friend of ours is a realtor and she just sent us a listing of a saltwaterfront house 15 minutes from downtown Olympia (State Capitol) apraised at 800k, assessed at 660k, listed for 599k and apparently not selling.
Tough times indeed.
Best of luck to you, Oak River Mike. This stuff is going around.
I'll eat your peaches, mam. I LOVE peaches!
Edited 4/20/2008 3:06 pm ET by jimblodgett
I'll cut his price and be there later tonite! Bob's next test date: 12/10/07
So far, I'm starving but surviving. I'm being very cautious about jumping in too deep in anything, especially because of the constant barrage of negative national news regarding mortgage problems, recession and oil prices. The latest inflation news reminds me of the Jimmy Carter days.
Our pipeline is filling up and it's starting to bear fruit. We just sold another design package from a February lead. Then, we sold a design package on a roofing lead, so I'm encouraged. We've been doing small projects but haven't landed any big ones but we do have verbals on a couple of good ones. We aren't spending those dollars yet though LOL!
Here's a renovation that we just put on the market.
View Image
We added about 1500sf up top. We'll know more about the market soon. Bob's next test date: 12/10/07
Jim,
I'm in Florida. Can't move anywhere as the wife's career is here. So just have to find something local.
Mike
best of luck to you, I had a friend went under by keeping his bizness going to long and paying his employees gambling work was gonna come back in, I have been practicing the guitar for 20 years but still cant play it so dont feel to bad;}
kudos for closing out without leaving anyone holding a bag -
best of luck as you start another chapter -
Oak River Mike,
Don't burn bridges man. you'll find someplace to land (but it's getting a lot harder) and at some point your going to be in a position to take a second look at the industry again.
Sure get rid of stuff at market prices as long as they are fair.. but don't dispose of stuff just to be rid of it! If you sell now you are selling at the bottom of the market. the stuff might be more valuable when the economy turns around..
Same with your contacts.. keep in touch.. heck even put a few trial bids in (at decent profit levels) just to keep your fingers on the pulse of the market. Don't put much effort into them.
Never know when things turn around.. your competitors might all decide not to bid or go out of business themselves..
Any updates?
Bob's next test date: 12/10/07
Jim,
Updates on what? We're definitely shutting down at the end of April. Working with the atty., acctnt, and others to get things closed up.
Mike
Oak River Mike,
What's to close up? When I closed my buiness I stopped selling and stopped working on those projects. Calls that still came in I either refered to others who stayed in the business or simply explained I was closed.. At the end of the year I gave my tax person the paperwork and he went thru and did the taxes based on my accounts..
Did I do it wrong? (it's been 20+ years so even if I didI think it's too late.) I did retain some things personally, For example I have a hasardous waste disposal permit and a federal tax ID# (plus a state tax ID#)
Frenchy,
We're an LLC registered in the state of Florida and have to close that with the state or they'll send you tax notices and bills for unemployment insurance payments and all that good stuff forever. And if we didn't "officially" close, they'll still want payment.
When we moved out of our office, I had to file paperwork just so we wouldn't get a bill for Tangile Property Tax and we didn't even own the building! Just tax on our office furniture and all. Sure, only like $50 a year but....Florida really is bad for paperwork and all. We figured it costs us about $10-12k a year just to be legal and legit.
In addition we have stuff like out insurance policy and stuff to discontinue.
Mike
Any updates on what you will be doing in May? Bob's next test date: 12/10/07
Jim,
Looking for a job. And around here its pretty bad so I will probably get out of construction. Just no idea what...
Nothing like job hunting...what fun!
Mike
Sorry to hear that Mike, but good that you are going out before things start to eat away at your financial stability and sanity.
Your input's been valuable; keep giving us your 2 cents and best of luck!
Thanks SK!
Mike
Well the attorney filed the paperwork with the State today. We are officially closed. I went a bought a expensive bottle of Scotch to help ease the pain.
What an empty feeling. Especially when you have no idea what you are going to do next...
I hope the scotch did the trick.Hang in there.
Effective questioning brings insight, which fuels curiousity, which cultivates wisdom. [Chip Bell]
It certainly was enjoyed. I find the key to enjoying it (I am a Scotch junkie by the way) is to buy a really expensive bottle and just enjoy one glass every few days. Yesterday did take two glasses to make me feel better.
Just an update...
Still looking for a job. One at the local Bldg Dept I wasn't qualified enough for as you needed more State Certifications than I have but there is another that has opened I have applied for. Ironically, its a higher level job that I am indeed qualified for. Go figure.
Keeping my fingers crossed. (even the smashed one that I soaked in cider). :)
See "Smashed Finger" thread in the Tavern for that whole story...
Mike
I don't see the tavern listed anymore. Whats up ? You got to be special or what?
Mike
You need to ask for permission to enter!
When you have that special permission, which they grant to everybody, then you'll see the Tav anchored to the bottom of your list of categories.
Look for a post from rez or Luka, they both have a link on there posts that you can hit to get access.
Doug
Thanks Doug i used to see it at the bootom all the time. maybe since i don't drink they threw me out.lol
Good Luck with it Mike--
Be well-
L
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