Sorry Ochtech. I misunderstood the post. Since I was the original op and had encouraged everyone to take the PPP funds, I assumed it was directed at me. I like your posts and insights. I am usually doing level 13 on the sttairmaster while doing these posts. Gives me something to take my mind off the fun I am having on the Stairmaster. Since I don't wear my reading glasses while working out sometimes I make mistakes. (It was too easy to read the large print. ) I do believe there were people that took the money with no need whatsoever. My Neighbor works for a company that took 750K , cut hours and made employees use vacation time to get full paychecks just so they could show to be doing it correctly. We have been hurt but are recovering. I just hope they don't start all this crap again. I need to buy another development but am still very apprehensive about the next 4 months.
My opinion is there always will be some guys that will do the wrong thing.
And there others that do everything by the book.
But the truth is no business man or woman wanted to go through this covid climate.
Iam glad i sold my company 10 years ago....i had 30 employees ....and i sold merchant services .
If i owned today i would have been pulling my hair out....to be honest.
Because in the merchant services business i had we had a lot of brick and mortar business.
It would had been ugly ...
I hope for all the group here that your businesses will get back to normal.
Probably nice to have the company sold. Mine has been for sale. For every real buyer there are 10 flakes trying to use all investment capital to finance the whole thing. My company is very profitable so I have no need to sell but just really want to play for a while. How long did it take to sell yours? The problem with mine is it is too big for an SBA loan but too small for big corporate money. I even thought of doing an IPO and getting a management team in place but I would still be involved. I want to wake up in the morning and say "what am I going to do today" My son is still too young to take over for several years so that is my other option but it means waiting another two or three years.
Lee to be honest it wasn’t easy to sell a company like the one i had it was tough.
But the buyer saw the value....and saw potential that my company had but i couldn’t grow no more
So i either had to partner with a money person or sell and i chose to sell
the buyer did all there due digelence for about 3 months and once they saw the it was all
good we completed th sale.
Lee what type of business are you in?
I am a land developer and have commercial rental properties. I buy large tracts of land, build the roads and infrastructure and sell the lots to builders.I have about 40 regular builder customers and just go from one development to the next. We own all the machinery , build or own roads and install all the water systems and infrastructure with our own employees.It is very profitable. (Like 40% net). It will make as much money as I am willing to work.. The problem is that I just turned 60 and really want to play. I have this great business that makes tons of money but don't have the motivation to make it a lot larger. I have been self employed for 36 years so have probably worked two lifetimes. I could retire right now but cant make myself walk away from a cash cow. My son is only 17 so needs some time before he could take over. I just cant see walking away from a business that is very successful. I really don't want to wait 3 more years for my son to get old enough to run it. He will also need lots of help until he grows up some and learns enough to run a company. I tried working part time but the phone always rings and disrupts my day off so gave up on that I know it seems crazy but anyone that has been self employed for many years understands. So there is my dilemma. I may try to find a really good business broker. The one I have has been working for a year and brought lots of customers. Everyone wants it but cant swing the amount of cash I want which is very reasonable for the earnings numbers. Any ideas?
Lee, we are not too far apart. I’m a contractor and I’m sure I’m smaller scale than you. I can make as much money As I want relative to the amount of work(stress) I’m willing to endure. I have lots key people and supervisors but I have found out the hard way long ago to trust no one completely. I would have cashed out long ago, but I’ve gotten comfortable with spending money.
However, there is one big difference, when I was your age it balls out, take risks, build a huge backlog and bank it. Now at almost 74 I don’t want the stress or the sacrifice that comes with it. I have given myself 2 years to wind It down. Now if I can just stick with my plan.