I'm tired. Tired and I don't think I have any left in me, to give my company

[kustomizer]

if your not making any money why are you even working? I had a less than fun year last year, still got a paycheck at least, but my pile did not grow. i was going to shut my drilling business down this winter, and go play in the shop. I was totally burnt out. I gave my guys a bonus and laid them off, told all my clients I was done for a month, if they didn't like it they were welcome to sue me and find another driller but I was done. I sat and watched netflix for 2 solid weeks just kind of twitching on the couch then went on a vacation to aruba for 10 days, came back and started back into work without the employees, then as my mental state improved brought my 2 guys back on, it took about 6 weeks to get refocused on what and why I was doing what I was doing and to get rid of some of the shitty work I was allowing myself to be talked into doing. my saying no has not worked very well since 2008. Im learning to use it again.

There is a lot of work out there, some is just work, other work does pay enough to be worth doing

 

[Big B]

A long time ago an entrepreneur I worked for said "The best part of working for yourself is that you get to pick which 80 hours a week you work".

There comes a point where you just get tired of it all and want a simpler life. Since you have been thinking it for a while it's obviously not just a whim or phase so if you can afford it why not?

A phrase never seen on tombstones is "I wish I had spent more time at work".

Years ago I heard the phrase "you don't own the business, the business owns you" and there's a lot of truth to that.

 

[pgmrmike]

If you do bail, arent you a little worried you will miss it? Thats a pretty big change in lifestyle pretty quick. As exhausting as it is, Im pretty sure I would miss it after a bit. At least for a while. And get bored. I would go insane with boredom.

 

[Ox]

I don't think I am out to sell, unless it was to a customer who wanted to sell parts to their own companies.
I know too many people who tried the ' pay me $XXXX/ month, for XX years' and it always went bad.

I am not sure if my manager and office manager can keep it up and going without me; although, that is what I have been moving towards since 1/1/20.

I was/am doing what I could to get out of working in my business, as opposed to DRIVING my business.

My current thinking is to take a month or two sabbatical, maybe more, to look at housing in/around Red River, CO &/or Cimarron Canyon
If I come back and still want out, then good bye VMI!

Thanks for the understanding and sage advise.

Doug

You've tried stepping back since 1/20, and you have put $180 back into it since .... 1/20.
I think you have already answered your one question....

Prolly doesn't matter, but your website is down, if by chance that has anything to doo with it?


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

Think Snow Eh!
Ox

 

[doug925]

You've tried stepping back since 1/20, and you have put $180 back into it since .... 1/20.
I think you have already answered your one question....

Prolly doesn't matter, but your website is down, if by chance that has anything to doo with it?


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

Think Snow Eh!
Ox

Ox,

That old POS website was down years ago. (The server was terrible)
I am having a new one built for me currently, as well as having my server set up for remote access.

My plan on 1/1/20 was to hire the right people for the jobs, pay the premium for more qualified employees, all so I could get back out and sell.
(lunches, taking customers to play golf, smoozing, etc.)

I think we all know what happened in '20.
Anyway, I have informed my key people of my intent, explained the expectations for the Office manager and Ops manager, and what I hope my attitude will be when I return.....

I am headed for Big Bend and Angel Fire before 4/4/22.
After a week or two, I should have a better idea of how I want to spend the next years of my life.

Thanks for the support and ideas!

Doug.

 

[Antarctica]

Totally unqualified to respond/give direct advise on this, but I will add...

I've done a lot of different things in my life. I get bored doing the same shit and switch it up, or events happen that switch it up for me. But I always end up circling back to the same old things, same interests, same skills. I'll get bored, spin the wheel and get onto something else, but the wheel of future always has the same things on it.

I'm reminded of the guy that said (recently) he did very well young, retired early, did all the stupid shit you're supposed to do when you have plenty of money - bought cars, traveled, etc.. Then he got bored and went and bought some machines and got back to work because that's what he liked to do.

Sounds like you definitely need a change/change in scope, but I don't think it would be wise to cash out all your chips. There's something about what you are doing that drew you to it. Just need to get back to what that was, or reevaluate the goal that drove you to where you are.

 

[CITIZEN F16]

Ox,

That old POS website was down years ago. (The server was terrible)
I am having a new one built for me currently, as well as having my server set up for remote access.

My plan on 1/1/20 was to hire the right people for the jobs, pay the premium for more qualified employees, all so I could get back out and sell.
(lunches, taking customers to play golf, smoozing, etc.)

I think we all know what happened in '20.
Anyway, I have informed my key people of my intent, explained the expectations for the Office manager and Ops manager, and what I hope my attitude will be when I return.....

I am headed for Big Bend and Angel Fire before 4/4/22.
After a week or two, I should have a better idea of how I want to spend the next years of my life.

Thanks for the support and ideas!

Doug.

Enjoy your vacation, Northern New Mexico is some beautiful country, my few trips there taught me the weather can quickly change. I did a journey to visit the west coast decades ago, I don't remember the month, but I stopped at the same gas station in the middle of nowhere in North New Mexico, pretty much same time of night maybe 7-10 days apart. On the way out it was like 45 degrees when I gassed up, on the way back it was -5. I suggest to pack clothes for all kinds of weather.

 

[Scruffy887]

Or, invest $150K in Vanuatu (Or St. Kitts) for my wife and I, to gain citizenship/ passport.

Doug.

Think twice about retiring to the Caribbean. Sounds real nice until you need serious medical attention on the island.

 

[kustomizer]

Working like a dog, don't make a show dog.

 

[Orange Vise]

I want to retire.

Not me. I'll retire when I'm dead.

Even if a business doesn't make a ton of profit and nobody wants to buy it, it still holds a lot of value as long as it generates revenue. Why? Because it can be used as a vehicle to secure loans, e.g. SBA-backed loans to acquire commercial real estate.

I seem to forget....this is a business.
Without profit, why I am doing this?

Profit shouldn't be your endgame. Stay cash flow positive but focus on your balance sheet: assets vs liabilities.

1. Own the building you're in
2. Buy machines that hold value
3. Hire the best employees, pay them well, and make sure they pull their own weight. Have you hired a general manager yet?

You could turn zero profit on paper but your wealth could be growing double digits every year. This happens when you own real estate (which appreciates), and you take tax writeoffs on equipment depreciation, loan interest, etc. You can even depreciate your building.

I own my homes outright.

Lots of equity there that could be pulled out on put into investments. The profit from your investments should be your endgame.

 

[Ox]

OV, how old are you?


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Think Snow Eh!
Ox

 

[gbent]

When an aircraft attendant gives the safety lecture they tell you to put on your own oxygen mask before helping someone else. No matter how much you care about your employees or your company, you can't save it if you can't save yourself first.

Take your sabbatical and enjoy it. Tell the office folk you will have your phone turned on at a specific time twice a week. Leave it off the rest of the time. When you get back talk to all your employees about how they got along. Let the one who did the least or caused the greatest fuss find a new job. Same thing after you restart. The one who causes the most grief the first month gets a different employer.

Now do the same thing with your customers. If they are over 45 days or otherwise cause trouble, double the piece price. Raise the rates on your good customers by 20%. Use the extra money to pay yourself back the loans you made to the company over the last couple of years.

Tell us what you think in another 120 days.

Fixing other peoples problems is about as much fun as helping them spend their money.

 

[Orange Vise]

OV, how old are you?


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Think Snow Eh!
Ox

39.

For awhile I chased after the cliched "retire by 40" BS. I did one better... I hired a GM before 40.

 

[Orange Vise]

#1 - If my homes are paid off, I'd never re-finance. Bought and paid for = mine. But I am very risk-averse....
#2 - I disagree with profit not being your endgame. Although everything else is important, money in the bank and increasing per month, IS the end game IMHO.

Nothing wrong with being risk adverse.

Just keep in mind that a home is never truly "paid off" due to property tax, and money in the bank is always depreciating due to inflation.

 

[HappyWyo]

I am surprised at all the depressing comments on this thread.
Owning a business is something only the very lucky get to enjoy.
I felt like I was retired the day I opened my own business 34 years ago.
I had worked hard for other people for the previous 11 years.
I go to the shop because I love it there.
I even go on Sundays sometimes when I get bored at home after working there six days.
Receiving Christmas cards and presents on your birthday from customers is something an employee never gets to enjoy. I had one customer who always brought me a home made pumpkin pie on my birthday.
Walking into Walmart and having customers walk up to you and shake your hand is something only business owners get to appreciate.
I could go on all day.
But then unlike some of you I'm not in it for the money.
If I can just pay my bills I am happy.

 

[john.k]

HappoWyo ...you say elsewhere you are an auto mechanic ...If I get the chance to come back ,I will be an auto mechanic .....everyone pays before they get their car back.....you order parts and get them same day ..........Why ,why why wasnt I an auto mechanic??

 

[Big B]

HappoWyo ...you say elsewhere you are an auto mechanic ...If I get the chance to come back ,I will be an auto mechanic .....everyone pays before they get their car back.....you order parts and get them same day ..........Why ,why why wasnt I an auto mechanic??

And people will pay to keep their car on the road before they will pay their rent if they are in a pinch for money.
And I have a saying that I made up for that. "Why is it that some people will pay their car payment but not their rent? Because you can live in a car but you can't drive a house."

As a landlord I've dealt with this.

And a mechanic can put a mechanics lean on a vehicle but it takes a court date to deal with non paying tenants.

 

[cnctoolcat]

March 2022 marks 25 years in business for my small shop.

I definitely have had spurts where I’m burned-out. Some days and weeks it’s just tough to get up and “go through the motions” at work.

A key difference is that unlike your shop Doug, my shop has been profitable, and thanks to frugal money management over the years, myself and my shop are debt free.

That’s a great feeling no doubt!
But, on the other hand having “no debt” can wipe out a man’s motivation to keep pushing hard at work. Money is just not a motivator for me anymore!

I remember back in the early days how those big machine and rent payments would keep me plugging away with determination.

Now with a good crew of three, I’m trying to get the shop to the point where I don’t have to be there.

As a matter of fact, I’m shipping a couple of jobs back to a good customer today, and emailing another to inform them we can no longer accept any new PO’s.

Why? Well these jobs require ME to be involved in setting up and insuring quality, and I’m done keeping jobs like that in the shop.

The only jobs I want are the ones where my small crew can setup, inspect, debug, pack and ship…all without any involvement or hand-holding from me.

As an engineer by training and education, I’ve always been very hands-on. The hardest thing for me to learn over the years was how to delegate, and let the employees do their best without me helping…to trust them.

Owning a precision machine shop can be rewarding, but it is a mighty tough way to make a living.

Good luck with whatever you decide!

ToolCat

 

[Jashley73]

Not a machine shop owner, but I don't see how one could walk away after sinking 180k of personal finances into the business.

Yes, do go take some time off to let the nerves rest.

Then come back and raise your prices significantly.

Maybe cut the employee's OT, as summer is around the corner anyway. Encourage THEM to take time off to fish, party, and work on their side-hustles.

I feel like if I worked for you, and you spilled the beans to me as your employee, about your current mental state, I'd be saying all the same things to you. (Surely not every employee would react this way, but I think the older, more mature folks would understand...)




Whatever you choose - Don't walk away in haste, and I wish you all the best of luck with your business.

 

[Trueturning]

Why not just raise your rates significantly? Turn down jobs that aren't interesting or customers that are just a pain. Best case you're doing less work and making more money. Worst case you run out of work and have to liquidate just like you are already thinking of doing.

Or on jobs which you know will be a big hassle just quote what it will cost with your best profit factor put in and then double your bid or increase it by a percentage. That way you could likely still get bids in the future.

Will quoting too high stop them from asking for quotes? Only if they are novices. Consider also several shops who have learned they must make a profit to do well will often make sure difficult jobs do need a higher quote meaning your quote will have compatible quotes in that higher amount.

If it is their part they most likely know if it is difficult to do or not. Often they like to send the difficult ones out rather than do them in house.

Many times the price is much lower because a shop has superior machines. It happens regularly. Yet learning the difference shops can not justify buying that machine.

It all depends trust the market and believe you must profit to be able to afford a lifestyle.

For any working hard for employers who will not or can not pay… A old man told me once to never work away your youthful vitality because it if finite. Daylight is burning. Get rewarded for it.