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re: Folks who left their employment to pursue their own company/self employment .....
Posted on 5/14/23 at 8:10 am to BLM
Posted on 5/14/23 at 8:10 am to BLM
quote:
Go find a business to by and structure it with owner financing so you aren’t putting a bunch of $ on the table. There’s a lot of ways to skin the cat.
This is excellent advice if you can find it. Infrastructure is in place and you have clients. Go in and make it your own
Posted on 5/14/23 at 8:33 pm to HailToTheChiz
Find a business where you can have minimal employees and make a great living. My brother and I own a business and have 45 employees and about $8mm in revenue. I work way too much because people want to do the bare minimum and then get salary increases because they did the bare minimum. If we could do this company without employees, we would, but unfortunately the employees are needed.
Posted on 5/14/23 at 11:48 pm to Im4datigers
Yep, I have a buddy that did this yrs ago with a restaurant supply business. I own construction based businesses and know there are a lot of opportunities out there for smart/driven people. Just have to be willing to approach them. Ideal targets are older folks without kids to take over (or kids that can’t/don’t want to) and the company is small enough where they don’t have a formalized structure in place with a real leader that can take over. If they’ve been in business for a while they should have customer base, name recognition, etc. These type of owners don’t have any real opportunity to sell their business but they are valuable because they’re cash flowing.
Posted on 5/15/23 at 12:01 am to HailToTheChiz
Just realized I didn’t answer the question. I always wanted to do my own thing. I have a hard time taking orders from other people. That being said, I didn’t start my company until I was 38.
We’re 7+ yrs into it now and have 3 operating companies and 2 RE entities that own commercial buildings. We’re about to start a 4th operating company and hope to spin off a division of one into a separate company next year sometime. The goal now is to develop a platform group with C-suite folks to operate a portfolio of companies. Others are right about all the work it takes but you don’t really think about it while you’re building it because it’s so exciting! I miss the first couple of years when it was only my partner and I with 2-3 employees.
We’re 7+ yrs into it now and have 3 operating companies and 2 RE entities that own commercial buildings. We’re about to start a 4th operating company and hope to spin off a division of one into a separate company next year sometime. The goal now is to develop a platform group with C-suite folks to operate a portfolio of companies. Others are right about all the work it takes but you don’t really think about it while you’re building it because it’s so exciting! I miss the first couple of years when it was only my partner and I with 2-3 employees.
Posted on 5/16/23 at 9:59 pm to HailToTheChiz
I realized my skills talent, and knowledge were providing great rewards to the owner yet his careless and reckless ways were exposing me to extreme risk I did not wish to take.
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