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Co-owning a business
    #3927218 -

I haven't a clue what I should do right now and I have under 48 hours to make a decision, morel like 36 since today is shot.

I have a pretty amazing opportunity right now, I've been working construction/carpentry for 6 months now with out much prior experience, I like the work but it's hard for me to know how much I'll continue liking it. I guess I'm pretty good at what I do or I wouldn't be getting this offer.

Well my boss is a sick man and wants his company to continue after he passes, he's also made enough money in his lifetime to keep his wife happy and put all his children through college so he is satisfied financially.

He is offering three other workers and I equal shares of what he has in this business for pretty much nothing, the only thing he will really be selling is the shop which is a 8,000 sq foot pole shed, tools and equipment will come free.

I'm 23 and I stopped going to college after 2 years because I was 15,000$ in debt and hadn't a clue what I wanted out of it. Since then I've worked in a two factories and nearly dug myself out of that debt and but I am still very undecided what I want out to do for a living.

So why would I pass this up? Well I don't care a whole lot for the area I live in, it isn't bad sometimes but I need out 3 months a year to tolerate it and I won't simply won't be able to run around the country like I'm used to if I take this very large step. I will be cut to 3-4 weeks vacation time and have to take on responsibility's like I've never imagined. There's plenty of other reasons why I'm nervous about signing on but I probably should be...

Maybe it's just time to grow up, stop being a chicken shit and try a commitment for once.

I just don't know at this moment in time.

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Re: Co-owning a business [Re: Adom]
    #3927300 -

Man grab your balls oIIo are they there? Be a man and take charge, do what you got to do and earn that cash!

Dude you need it its your future! You dont get many breaks in life, they happen for reasons, its up to you to take em.

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Re: Co-owning a business [Re: Adom]
    #3927303 -

personally i would jump at the opportunity, although you need to know one thing business wise. a compay can be legally owned in a few legal forms, a sole propriortship, a partnersihip, a limited partnership, a llc, a s coprpration, or a c coproration.

in the llc, s corporation, and c copropation, your personal assets are seperate from any of the companies assets, so if oyu build somthing and it kills someone, or you get sued for whatever reason.... the company takes the fall

now in a sole propriortship or a partnership you and or your partners are personally liable for any damages since there is no "corporate veil" i.e you and your business are one legal entity, it gets sued you get sued, this is where you can loose everything you own and have your wages garneshed for the entierty of your life.

limited partnerships are less common and more complicated, baically it has to do with the amount of money you spend on owning the business. say i put in 50% to own the buisness and 5 others pay 10% each, liability for anything is split along those lines, percentage of the company you own.

yeah.... complicated... haha, just be luck you arent in louisana, and if the business is located in LA contacat a lwayer because their laws are different from the other 49 states in this country, theyre whacked...

any other legal questions i can help you with? i have been taking 5 years of businesss classes, so im pretty good with some of this stuff.

you also have the option of being a silent partner i suppose, you and the other potential owners can set it up so yo dont actually have to work for the company, you can just get the profits..

again all of this depends on the legal stand point and legal formation of te business.

if ytou can find out what it is i can help you alot more with what owning part of it will mean


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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Re: Co-owning a business [Re: ZippoZ]
    #3927323 -

man i dont see how i thought you were in florida tere for a sec, forget about the louisand thingie


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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Re: Co-owning a business [Re: Adom]
    #3927325 -

Who will be doing the  estimating? One low-ball bid can kill ya. Who does the books? Do you trust them with the money? Any family members still in the company? {blood being thicker than H2O....} Is the business 'secretly' in dept or trouble?? Ya never know. Do you  want to just be a carpenter? How are you with the other 3 people?? {Ego clashes can arise} Talk with a lawyer.Don't sign SHIT without one.I got more, but think it over. :goodluck:


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"All mushrooms are edible; but some only once." Croatian proverb. BTW ...
  Have You Rated Ythans Mom Yet ?? ... :taser:  ... HERE'S HOW ... (be nice) .  :mod: ... :peace:

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Re: Co-owning a business [Re: Adom]
    #3927343 -

It sounds like a pretty unique opportunity so you should consider it. Learn all you can about it until you come to a decision. Ask lots of questions and consult lots of different people on the matter. I can't say go for it for sure because I don't know all the details. Sure maybe you'll be more tied down but you'll also be making a lot more money I'd imagine and that fact alone would allow you to travel from time to time. And nothing is permanent. If you decide you don't like it, resign or sell your share or whatever. Seems to me like like you have a lot to gain and very little to lose.


--------------------

Goin' where the water tastes like wine.

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Re: Co-owning a business [Re: Adom]
    #3927383 -

Sounds like one of those once-in-a-lifetime opportunities. I'd jump on it if I were you...

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Re: Co-owning a business [Re: ZippoZ]
    #3927403 -

The current owners nephew is involved, the main man on our crew has a wife,kids, family and deep ties in the area and I trust him as much as any other person in my life. This has been a successful operation for over 30 years and this company is surely not in debt I know this for fact.

We will be a cooperation, I'm not sure exactly which kind but it will be set up so our personal assest are seperate from our business. I'm not extremely knowledgable in the legal end of this thing but we discussed this in the presence of a lawyer and again with the current and possibley our future insurance agent and everything seems to be in order.

My mother is a legal secretary so she knows alot more about this and I had her look over some things and talked alot with her and it seems pretty straight to everyone I've talked to.

I get along with these guys very good and can see myself getting along with them for years. I will have very little money invested in this thing so I see the risk as very little. My main concern is hating after the next year or two pissing people off, I don't want to fuck anyone over.

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Re: Co-owning a business [Re: Adom]
    #3927426 -

Do you like the job or do you hate it?

It seems as though your being given a chance that may only come along once in a lifetime, so consider the fact that you need to earn money!

I would never encourage you to do something that you hate, but if you don't hate it, it's good honest work, and I'm sure you can grow the business!

Shine on my friend and think hard! :wink:


--------------------
The bus came by and I got on that's when it all began!


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Re: Co-owning a business [Re: Ripple]
    #3927505 -

I don't hate it right now, I actually like it most of the time. Sure I get frustrated and irrated sometimes but it usually passes pretty quickly. I just don't how long I'll continue liking it, right now I'm learning stuff all the time and I've always enjoyed learning new things. The problem is I have very limited experience here, I've only been doing this 6 months, will I tire out? I don't know.

I'm leaning heavily on yes right now, I just have to try an think of this from every angle I can come up with right now.

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Re: Co-owning a business [Re: Adom]
    #3927532 -

Ok so lets say you take the job, yes you are still learning, but who says you have to take every job. As life goes on you find ur liek and dislikes, as the time progresses and you become more expierienced you can pick and choose what jobs you wanna take. You can broaden your frame of knowledge do ew things and carry one and grow. This job is what you make it. Say you can do it tell the clients you can do it, and just do it.

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Re: Co-owning a business [Re: Corporal Kielbasa]
    #3927581 -

I'm not worried about my limited knowledge in construction. There is 4 decades of experince with the 3 others guys involved, they can do just about anything in this area.
I'm not worried about fucking over clients, they'll get what they pay for, I just don't want to fuck over my partners.


The thing with this crew is, our boss made alot of his money taking all the jobs no one else wanted. We work mainly in agriculture, we work with alot of farmers. This means fixing faulty shit pits, pouring cattle yards, tinning barns, creating proper drainage from pits, building new homes for them, building grain bin pads, ect.. My 3 partners are not going to want to pick and choose to much, the only time they do is when sites are flat out dangerous, then we'll say no. If it's going to suck, they won't care and I probably won't either because the bids on crap jobs are higher.

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Re: Co-owning a business [Re: Adom]
    #3927622 -

Adom,

it is an opportunity arising in your favor right now... right NOW. Sieze it, the best way to do things is as they come to you in the moment. You don't HAVE to do this for the rest of your life, do you? I'm sure you can always just stop whenever you want and go do something else.

People always think they can only have one profession/career/job in life, but realistically you can have as many as you choose to have.

I say for now take this opportunity. Think about it. You wont be working for anybody and you'll be making decent money until you're out of debt. Then, whenever you choose to, you can go do anything you want without the fear of debt.

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Re: Co-owning a business [Re: Adom]
    #3927640 -

Id bet to say though as you grow, you can take your knowledge else wear as you see fit, You can take a crew and do something different, build a log home, make concrete foundations, what ever you so choose. With a a buisness like that you could subdivide it between the three of you, buy more equipment and do what each of yawllike.

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Re: Co-owning a business [Re: Corporal Kielbasa]
    #3927667 -

That is in the long term game plan. We want to branch off in specialty crews so we can have, drywallers, finishers, painters on one crew, framers on another, ect...

I do think I am going to do this, we'll see though, I still have some thinking to do.

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Re: Co-owning a business [Re: Adom]
    #3927877 -

definitly do it my man

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Re: Co-owning a business [Re: Adom]
    #3927879 -

it would probably be good. things i have seen in contstruciont are as follows.

your the new guy. i dont know your other 3 people, but ill bet they have alrge egos. dont let tehm fuck you around. stand your ground, but keep in mind their experience.

ALWAYS pay your guys on time! if you do this, EVERYTHING will be SOOOOO much easier.

drywallers will often mess up a lot, and steal. prepare for that...its almost as sure as rain.

you are going to have to work harder than you do now....i dont knwo how large your comapny is and that but im betting you are still going to have to work and then pile on paper work and owning a buisness on top of your already existing duties.

also be prep'd for stress. deadlines are harsh realities in construstion. with all teh retarded fuck ups that work the trades this will make your life very stressfull.. be firm and nice with employees.

honestly i think its agood thing there are 3 other guys to help you...its a very hard thing to take over an already established contracting buisness without much experience.

but the money is good....there is no other way to put it...youll either fail or you will probably be makign a killing.

also dotn smoke and drink it away (liek 90% of them do). if you can save and start putting up the money for your developments (thus not needing big buisness pricks to put up the money and take more back) you will make unreal amounts of money. where i currently am, say you could front up 4 mill. and then pay all your guys for 6 months. the return on the townhomes right now (retail) is 18 million. im trying to save everything i have so that i can someday put up the money for something liek this (although WAY less devastating to the envorinment).

BIG BIG MONEY MAN. best of luck.


--------------------
The seeds you won't sow are the plants you dont grow.

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Re: Co-owning a business [Re: kadakuda]
    #3929196 -

We have few employees, the more guys you have around the more headache, we can work effieciently enough as we are now.

I rarely drink now and I've bought weed 2 times this year, 60% of my check goes to the bank, most of the rest to bills and food.

I think I've made up my mind, I'm giving them a yes this morning, I may hold off I do have untill Friday morning but I'm pretty sure I'm going to do this.

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Re: Co-owning a business [Re: Adom]
    #3929221 -

You have nothing to lose. I think it would be foolish not to take the offer.

The real question is how did a 23 year old with 6 months experience get to be partial owner in a business? Tell me your secret :grin:

If you have only been working there for six months and got the offer before some people who have been there for years expect them to be very pissed off at you. They'll probably give you a hard time a lot.


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Now go Home.

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Re: Co-owning a business [Re: Adom]
    #3929248 -

If your feelings tells you it is a good thing, go with your feeling.


--------------------
:dancing: My latest music! :yesnod:

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