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Business Plans
I wish to share a thought with those of you either in business, going into business or who work for a business.
If your business is on a stock market this may not apply to you, but other wise it may more than you realize.
Many businesses depend on certain key owners or employees, who without them the business will suffer if not die. Yet they do not take action to continue the business when that happens. We all will die.
The other thing is they do not consider what will happen if that person decided they wanted out. What happens to the business. Does that person have to sell their part and if they do at what price and who can they sell to.
In my business that is something I listen and look for. Sadly it caught me off guard a few years ago.
If you have any part of ownership in a business and you don't know what would happen if you or another owner decided to open a competing business, to just stop working, became disabled or was to die...let this be your warning. Take care of it.
Never thought my sibling would cause a business to split but they did. If you can not make those decision while all is going well, it will be court and lawyers at best down the road.
If you think a marriage divorce is bad and it is, a business can be worse due to how many families can be destroyed.
Now, those of you who work for a family owned business, you might do well to ask them what happends when one of them wants out or dies. If they will not tell you, be sure you have your plans on what to do when it hits.
GB
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You sound like you are of heavy heart. Share with us; we're friends here.
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That has happened to my father. He and a a very good friend started a contracting venture. Was good for a couple years then one morning my father went to the shop and it was empty. I mean there was not even a scrap of wood or a tool left in the place. about $300,000 GONE He then went to his "friends " house and guess what. It was also empty. 15 years later and still nobody cops lawyers no one. know where that som bitch is.
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I was the 'key man' that left and put the nail in the coffin of one business. I didn't feel good about it but a guy has to be paid with something besides rubber checks.
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KW: Sounds like the co's fate was sealed before you left. Are they still around?
When I lost my partnership with another corporation, they called me in the office and told me I was, "sinking fast without a life preserver". Well isn't that nice. It took me 5 years by myself to get it to the point I was making a little money and when I joined forces with the partnership I lost eveythoing in 6 months.
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Earthwrks, nope they're not around anymore. We designed and built a nice digital building automation system for which I wrote most of the software. We had about 40 installations that generated recurring revenue and new business lined up for several years, but the owner wanted to branch into analog controls (Variable air volume systems). He took a job automating a new 14 story building with an analog product that didn't exist then spent all his money trying to cobble something together. Some guys just don't know when they have it good.
Sorry to hear about your business going south. Business can be brutal. I'm now a one man shop and intend to stay that way.
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kthompson... You are quite correct. Been there and done that.
While I didn't loose everything, I was forced to leave a 6 figure sum of money on the table when I parted ways from a corp. I was 33% owner of years ago.
What's so difficult, is you go into business with people you trust, plus everyone's thinking about the potential success - rarely any failures - or - resulting greed from success. Hence, the last thing on the to do list is a proper exit strategy/plan.
Jason
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KW: The plastics biz, that was 20 years ago. But the business I have now, contracting, though I haven't lost it (yet) literally did go South (to the Gulf Coast) for Katrina.
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earthwrks,
Yep a heavy heart. A business that belongs to some very good people looks like it may go bust soon. So dumb, seems each really thinks a lot of the others.
As a friend I have talked with some. It makes no sense as what one or more owners wants will kill the whole business. Remember the story of the goose that laid the golden egg?
Before you go into any business organization be sure you know how you will get out and be sure you can at least live with it or without it. Ownership fighting and such kills some very good companies.
GD, Gb
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oneance,
Has your father tried an internet search? I am not throwing off on the police, but my limited experience with theft it is not likely to be solved unless happen so.
Guys, a proper plan is also important when nothing goes wrong, as Jason said, greed often hits the successful business. People don't change with money, it just allows the true perosn to show.
Ken, say a local business finally close it doors the same as the one you said your were the key person who left. Their key person left for same reason, rubber checks or no checks. Turned out the business was paying for family members total expenses am claiming they were business expenses. Family was drawing NO income but living very well untill IRS questioned it. Doors closed.
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