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Post by AlanC on Jul 3, 2015 21:58:08 GMT -5
This post is for information purposes only. It will contain negative facts but I don't want anyone to think I'm complaining or griping. I want to lay out some background of what has been happening and what we are contemplating. First, the business in MS just keeps getting slower and slower. Miss is in trouble I think. We have, however, started working in Orlando where all my children- and grandchildren- are. I made a Fla corporation with a professional surveyor that my son worked with. Thru many convoluted twists and turns we are now working for a major theme park and assorted construction firms. I moved the business out of the old house we restored. It appraised for 260K in '07 and we poured a ton of money into it. It recently appraised for 135K; I still owe 184K. What a money pit! My mon's old house had been abandoned since the hurricane and we spent a little money on it and that is where the business is located now. It is only a mile from the previous office. There are so many empty commercial buildings all up and down the hwy. Getting out from under it clean will be a miracle. Another negative: to get Fla. off the ground, we funded it out of our already-depleted-by-the-crash IRAs. I don't think we had a choice. They weren't enough to retire on and so I kept pulling it out till it was all gone. Time for some upside: things are booming in Orlando. With a little effort, I could roust up more work than we could handle. My kids are clamoring for us to move to Orlando. I friggin hate it there but I am a pragmatist and know that some things are inevitable. We have been in our current home for almost 30 years and raised all our kids here. Emotionally, I think I just got to the place where I could let it go. I no longer envision spending our twilight years here. I don't know how that switch got thrown but it did and I'm OK with it. We have so many decisions and possible directions to go. Do I close down the MS Dale Stockstill & Associates? Do I try to keep it going? It's not dead, it's just so slow that if it gets any slower, it will be a negative drag and not paying for itself. If I close it down, we could live in my mom's old house when we are here. I don't see us moving completely till both our moms are gone. My mom is 85 with very bad smokers lungs; Lisa's has had several strokes and is bed ridden so it probably won't be that long- especially for mine. I need an office in Orlando; I need to make a decision about the MS DSA; I don't know how to live in two different places; I don't know how to run two entirely different kinds of surveying firms doing completely different kinds of surveying. I'm wondering if I can let the MS DSA employees work from their homes. Do I keep them as employees or independent contractors? Should I work our some sort of pre-tax profit sharing to give them some skin in the game? I am going to have to work that out for the Orlando work as I am not registered in Fla. and the Professional there is expecting to share in the profits as well he should. I can't work there without him. Would it be better to drop the very expensive Blue Cross Blue Shield and go to individual Obamacare? Do I get a live/work place in Orlando for an office and apartment? I don't know what is going to happen in the next year but I know that things will HAVE to change. I might as well get ahead of the curve and not wait till change forced upon me. Major decisions: Keep MS DSA or close it. If I keep it how do I run it from Orlando? If I give them a portion of the pre-tax profits will they take ownership and do what needs to be done without me telling them? Or will they just take the money and still wait for me to push things along like I always have to do. "Is it done"? "Yes" "Did you parse the scope and make sure everything is there to submit"? No where is the scope"? (to myself) "It's right there in the $%$#$ file! Why the %$%$ do you wait for me to tell you to read it? Blankey blank blank blank. Out loud. "Please read the scope and make sure you finished everything.... thank you". I have a smoldering anger at myself for not preparing better for retirement but other than having 20-20 hindsight I don't know that I could have done anything different. With a business there are so many outside factors that you have no control over. Looking back, I could have done much better if I had known.... but. So there, my friends, you are updated. Feel free to offer advice.
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Post by RickW on Jul 3, 2015 22:13:42 GMT -5
Wow, Alan, it was time to vent. Way too much going on there.
I kind of feeling like curling up in the fetal position just from reading all that. Good luck is all I can say.
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Post by majorminor on Jul 3, 2015 22:27:55 GMT -5
I think I would sanitize your post a little because if Orlando is your immediate future and you have a non disclosure why risk it ? That stuff is not that germaine to the topic. I'd probably keep a presence in Miss for some set amount of time and make a decision after a trial period. Too much technology these days that allows you to work remotely not to consider that carefully. Also, what is it, an hour flight? I wish you the best, but I am pretty sure you'll get it sorted out. You didn't last this long owning a business by being lazy or stupid. Don't spend too much time worrying about shoulda, coulda, woulda. Make the moves to make the $$ or work until you croak.
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Dub
Administrator
I'm gettin' so the past is the only thing I can remember.
Posts: 19,841 
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Post by Dub on Jul 3, 2015 22:46:43 GMT -5
Alan, my heart aches for you. I'm guessing there is enough experience here to give you some ideas at least.
At the same time, I think you should heed Mm's advice and scrub or even delete your post. I'll save it before you do. Keep in mind tha the search bots are always crawling this forum. Even though interested parties might not know about us, Google, et al., will happily provide a link to this thread for anyone entering, even accidentally, the right search terms.
Maybe PMs would be better.
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Post by Doug on Jul 3, 2015 23:02:20 GMT -5
Sounds like something you've been thinking about.
I wouldn't want to go back to Orlando and I grew up there BM*. Helped build the Mouse. But in the years before my mother died I hated going to Orlando to see her. Got a brother and a sister there. The recession hit Orlando hard and my mothers house that was appraised at 240k in '04 sold for 85k. I here it recovering but my brother has had his house on the market for 5 yrs and can't get out break even so there are still deals there. Can't give you any tips on Orlando because it's not the place I grew up in any more.
Still it sounds like you have it together even if you don't feel like it now. Good luck, Ken is at the west end of hwy 50 so there are some Soundholers near by.
*BM = Before the Mouse
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Post by david on Jul 3, 2015 23:13:42 GMT -5
Alan, I agree with sanitizing the thread. Then, keep your options open as long as reasonably possible, make decisions when you have to, with as much information as you can, make the decision and don't look back. I do not know your family situation. If you have a significant other, I would try to get her involved in the decision making. Just know that you both did it the best you could. I know you are bright and experienced. It will work out. I wish you the best.
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Post by John B on Jul 3, 2015 23:19:16 GMT -5
Maybe the mods could sanitize if they see it before Alan checks in again?
I have a lot to say about working remotely, but I'll save it for tomorrow.
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Post by AlanC on Jul 4, 2015 0:14:05 GMT -5
Sanitized
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Post by Marshall on Jul 4, 2015 1:15:30 GMT -5
Alan - You da man ! ! ! !
There's a lot there. I feel your pain. Though I guess I dodged a direct hit from that last bullet. But still there's blood and pain.
But from my first reading, if you care about advice, I'd say move on. work things out in Florida. Sell or give away interests in MS (to former employees). Find one of them that can run the show and give it to him (if he has the proper licensing to carry on). If no one has the licensing, then consider closing up. Don't give up your personal license in MS. But don't carry the burden of a boat anchor. Cut the rope, if you can't drag the thing up. [My story on that is in the mid 90s I had some down times and for at least one year I was the lowest paid person in the company. Things rebounded. But for the next downturn I said, I just can't do that to myself. I owe it to MY family.]
I'm more concerned about your not being licensed in FL. I'm sure you do good work, and have arrangements worked out there. But you need to figure out reciprocity for the long term. It'd be nice for you to get that licensing in line and have something for your son to walk into, eventually, on an ownership side. Either that or work to get him licensed.
You're a good man. Best to you.
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Post by millring on Jul 4, 2015 4:14:10 GMT -5
I have a smoldering anger at myself for not preparing better for retirement but other than having 20-20 hindsight I don't know that I could have done anything different. With a business there are so many outside factors that you have no control over. Looking back, I could have done much better if I had known.... but. I sure can relate to all of it,but since I'm doing even worse than you at figuring it all out,I have no advice. That's the thing about this hindsight thing: At the time when changes might have been the most effective,they were also the very least indicated. Few people, if any, would change course while at their peak of success. |
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Post by theevan on Jul 4, 2015 5:55:47 GMT -5
Ho-lee cow.
How in the world the old house appraises for $135k is beyond me.
Based on human nature, running DS&A from afar, whatever the setup, wouldn't likely work.
I'm still shaking my head over the house. That place is soooo nice!
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Post by theevan on Jul 4, 2015 5:56:15 GMT -5
So no shindig there today, eh?
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Tamarack
Administrator
Ancient Citizen
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Post by Tamarack on Jul 4, 2015 6:30:18 GMT -5
Sending good thoughts your way. No advice -- can't improve on Marshall's advice.
I have an inkling of what your situation is like, having just closed a non-prosperous small business and (fortunately) gone back to working for a regular company. Making big changes late in one's working life is a tough row to hoe.
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Post by dradtke on Jul 4, 2015 8:36:45 GMT -5
I've got no advice, Alan, except take care of yourself and your family.
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Post by mnhermit on Jul 4, 2015 8:54:06 GMT -5
I have no advice for you, but I wish you all the best - you deserve it.
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Post by AlanC on Jul 4, 2015 9:02:21 GMT -5
Ho-lee cow. How in the world the old house appraises for $135k is beyond me. Based on human nature, running DS&A from afar, whatever the setup, wouldn't likely work. I'm still shaking my head over the house. That place is soooo nice! I know, huh? I guess that is a good canary-in-the-coal-mine indicator of the economy around here. I have a guy in Miss. that has gotten his Miss license and is working on getting his Louisiana. He could take over here in MS. I think he might want to- I haven't talked to him yet... way to early for that. I have to have a better plan in place before that happens. I appreciate any advice. When you are in the middle of stuff like this sometimes you can get tunnel vision and overlook something really important. |
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Post by Village Idiot on Jul 4, 2015 9:20:34 GMT -5
What a change, Alan. I have no advice, except to say that you never know if a place will grow on you somehow.
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Post by Rob Hanesworth on Jul 4, 2015 10:47:20 GMT -5
Best wishes, Alan. I never had guts enough to be an entrepreneur, so have no advice.
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Post by theevan on Jul 4, 2015 11:07:46 GMT -5
Best wishes, Alan. I never had guts enough to be an entrepreneur, so have no advice. It's scary stuff. Offhand, I think there are perhaps seven of us in the 'hole. I've always half-assed my way through (though working plenty hard in the process), dividing my interests with the guitar, church, missions, etc. But the enterprise has grown and forced me to shift. At the suggestions of a business friend I have joined Entrepreneurs Organization. They have a one-year program that looks like it will help walk me into getting a grip on my besetting problems. My goal is my own mental health, but the benefits will extend to my employees as well. And I'll position myself for an exit in 10-15 years. |
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Post by majorminor on Jul 4, 2015 13:45:52 GMT -5
That's about where I'm at. If I can sell it, or turn it over to someone to manage I can retire at 60'ish and have money coming in from 4 places. I think my big fear 10 years out is whether technology is going to make our methods and practices obsolete and if so will I have the cash and brainpower to get with the times with only 5 years to bagging it.
Alan - all I was trying to say is unless it is an unfixable sucking hole maybe don't shut down the current business until the other one is up and running. I spent the first 8 months when I bought this business living in a rental and commuting back 3 hours on Thursday night and returning here on Sunday night. It can be done. I think you had some security breach and may be concerned but maybe you could digitize the key documents of a job file and put them on a server. Maybe have a master to do list form in each file that the employee fills in when completed with any notes....you could call it something like "READ THE ****ING SCOPE!!" and monitor it from afar.
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