My first day as Owner. What was the first thing you did after becoming the owner?

Today I officially take over the shop my dad started 44 years ago. I've been working here about as long as I can remember. (Received my first official paycheck when I was 13). I started working here full time when I was 22. I'm 36 now and have been gradually taking over various responsibilities. At this point about the only thing my Dad was doing besides working in the shop was depositing checks and paying bills. So, I think it will be a pretty easy transition.

My machine shop is a small job shop. We have a few products that make up about 15% of our business, but most of our work is machining parts to print. Up until today it was just my dad and me plus one part-timer. My dad is "semi-retiring". He has a shop set up in a poll barn that he will continue to work out of. I will sub out a lot of work to him. One of these days I will start a shop thread in the Member and shop photos forum-when I need a break and feel like wasting some time.

I am curious what you guys changed right away or did to celebrate on your first day as the owner?

For me, I guess I started this thread, and I'm going out to dinner with my wife and kids tonight to celebrate. Other than that, I have a lot of work to do. I still have a lot of forms to fill out and accounts to change and set up for the change-over on top of getting parts done. Still, it's an exciting day.

I started to write a book in response, can't do it, so will summarize with "Act in haste repent in leisure" . Even if you know what you want to change, its best done in the context of aligning things to your strategy, which you need time to think through and communicate. The strategy could be keep doing what we've always done......or fire half of them because we're going in a new direction or anywhere in between. However its best to start implementing it in a month or two. Reason being, people can support making change to execute the strategy, but doing that change day one just looks ego and that is negative to your leadership.

I would not celebrate or make a deal of it at all at work. That's for your ego, which should never be brought on the property and ideally is locked in a little box and home before you head out to work.

Congrats with the new business and remember that even though it doesn't sound like much of a change, people will be a bit nervous and apprehensive about any change. It would have to be an extreme situation to want to use that vs letting it run its course before starting to implement any major changes....your people make the business so recognize the change could create anxiety for them which you want to help make go away.

PS....didn't realize your staff was 1/2 a guy lol, so the above probably isn't that applicable. With one part time person and you're already running it, I'm not even sure what possible concerns you could have......but the principal still applies, go slowly and think it through

IMHO change nothing too fast. Its a real common mistake. If the buis is turning a profit, let things settle, get the hang of it then contemplate changes.

Take the part time help, there family and your dad out with you for the meal, right now the more people you have on side "oweing you favours" the better.

I think the first thing I did was I went out and bought a new coffee maker.

But then, I started my shop from scratch.

In a shop with just a 1/2 an employee, there is nothing to change. I celebrated my first day of work by not giving myself a day off for 6 months but that was building a business from scratch.

I would do nothing special. Every little thing you do extra is just a way to say to yourself that it's OK to goof off because I am the owner when in relation, you are the only one who needs to be working all the time because it's now your name, your reputation, your bills, your lawsuits, your responsibility.

Congratulations!

As mentioned...go slow on changes.

The transition will be somewhat smooth...but when phone rings, customer walks in, have to go to bank, visit customer or crap hits the fan you are the Go to Guy...nobody picking up that stuff anymore. That stuff does change your day to day as you do not get as much done as you used to.

Anyway, till you get that new day to day figured out...might be good to rely on same old same old and get that under your belt. If you do run into an issue, always nice to be able to give old partner a call and ask them where, how and they will be able to answer as nothing has changed...

After a couple laps with you driving...you know what you had, know how to do and can implement a change and meter the benefits...if any. That way you can revert if the new and better isn't.

That said...I gave raises as my guys deserved them, still did in increments...too much too fast is not good.
I bought one new garbage pail and that was our One and Only pail for garbage to be left in ONE SPOT. When filled, out to the dumpster and back to THE SPOT. We used to have several pails all around and if deemed needed could be used as a barrel for machines chip conveyors...sometimes we'd have clean chips and a guys lunch leftovers. Other times some chips and refuse went in. Try to toss out garbage and had to walk around and see which pails were scrap and which were garbage.

Those were my big changes the first couple weeks...
Then came-
-new better coffee maker
-A/P went to net 30 instead of 30-45
-Basic tool sets by each machine..no more swapping and chasing tools.
-Installed new Better lighting
-updated electrical
-moved out of back office
-new machine
-said by to old machines, tooling, fixtures, jobs, tons of crap we never used.

First off, congratulations.

I started my shop from scratch. When I took possession of my building (8 years ago today)I had 2 steel desks and nothing else. I sat there and looked at all the empty space and thought 'What the hell have I done'. I have never looked back and I'm still in business today.

Good Luck.

If you are enjoying what business you have and are making money, not much else to it. Good luck. John

The next thing.

Glad to here you're promoted, now your in charge which means all the up sides and down sides are on you for better or worse. From what you say, nothing has changed except now maybe the part time employee needs to be full time?
Dan

I think I worked 16 hour days for a week straight at $7.50 an hour because I botched a quote on a manual lathe job.

Dualkit said:

I think I worked 16 hour days for a week straight at $7.50 an hour because I botched a quote on a manual lathe job.

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So you made money on that job - wish I'd done that good!

my son said the first thing you do is order a bunch of t-shirts with the company name. of course he is no longer in business. (he made all the mistakes both i and my brother told him to avoid haha)

Being I haven't had a father since 1966, personally I would spend a little time with him in a not work environment, maybe a fishing �� break, or something he would enjoy doing.

Thank you all for the well-wishes.

I don't plan on making any significant changes right away. I plan on sticking to my usual routine for the time being. My dad gave me some leeway to make some changes over the last several years, and for the most part, they have improved efficiency and profitability. Because of that, I don't think there are any big changes to make right away.

One thing that I have learned in this thread is the importance of having a good coffee maker. I had no idea that it was so important in running a successful business. I think I am all set on that front. I bought a new one a couple of years ago out of my own pocket. (I'm the only one here that drinks coffee.)

-Aaron

Well, congrats, you are responsible for the shots you call now

Entertain yourself by looking through your accounting reports. Get a handle on what your taxable company income is going to be. If it is zero, then don't help yourself to the bank account, 'cause it's DRY

It´s like sailing ..
When everything is going well, and everyone is happy, the best thing for the captain is "do nothing".

The last thing I would do in any business, is think ... " well, now I will really show them, and take a big swing on the tiller.."

I sail, fwiw.

adama said:

IMHO change nothing too fast. Its a real common mistake. If the buis is turning a profit, let things settle, get the hang of it then contemplate changes.

Take the part time help, there family and your dad out with you for the meal, right now the more people you have on side "oweing you favours" the better.

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Time for a big screen TV and some Dancin' Girls..

How did you become the owner? Is this a gift? Did you somehow buy it?

ewlsey said:

How did you become the owner? Is this a gift? Did you somehow buy it?

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It's a buyout agreement, to be paid out over several years.