You Can't Work Forever, Or Can You?

ron schenker

It's probably still a long way off, but...what will you do when it's time to retire?
With your spare time..
Paying the bills...
Keeping your sanity....

willbone3

take a harley down the coast, just the wife and i. We have always wanted to ride the coast. then just rot away.

bevs

Would like to use what knowledge I have to a group of church builders called "Labors For Christ." You can make a few bucks, help out congregations, and work for the Lord...... Probably be to feeble to do anything, but it sounds good.

bigdifficultme

I would like to be a hermit, live in the woods, and hunt and fish all day But this would not last for ever so I woud expect to be put in a nursing home where I would live out the rest of my days running over toes and fingers with my wheelchair

Teetorbilt

Your life and objectives can take a curve at any minute. In 2 yrs. hurricanes, breast cancer and a heart attack have pretty much wiped out everything except the retirement accounts.

I'm starting over at 54, not too many years left to catch up.

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You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

Melissa

Oddly, I'm not looking too forward to retirement. I like to work and need something productive to do with my time. I've been a stay at home mom for 3 1/2 years and it gets a little boring at times. So when the time comes, I'll either keep working or volunteer or something.

briselec

I fall to bits when I'm not being challenged by something. I'll probably work till I drop

Grumpy

I'll do like most people and die of boredom when I retire. Seriously though, after I sell my business I will probably take one of my hobbies and start up a part time business just to keep busy a few hours out of the day.

ron schenker

Ditto for me

Glasshousebltr

Ah........Are ya trying to say there's a time to quit?

Bob

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Bob

A+Carpenter

Heck ill work till my bones fall apart.

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joasis

Turn my hobby into my business...I have a circle sawmill..and I love woodworking...so i imagine I will stay on top...key to retirement is have something to retire with....I need to try my Grandfaters retirement plan...make more then I spend, or spend less then I make...both ways will work.

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jmic

Just curious, maybe someone can shed some light on me. I'll just you this as an example, but when someone says I'm going to sell my business, what are they really selling? Roofing business........... in Grumpy's case I believe he's using subs, but even if he had employees, this is something that could turn 360 degrees over night. Key man dies, wakes up with a hair across his butt and quits or whatever, nothing solid worth buying IMO. Do you have a valuable warehouse or commercial building, property thats worth something, or just renting an office and garage somewhere that again could turn around overnight when lease runs out. Whats that worth to someone? Equipment ? Ladders.........what does your nomal roofing co. own in equip. that someone wanting to get into the business just wouldn't buy new. Unless I'm missing something I just can't comprehend someone buying this type of business and just going it on your own. Please shed some light on me or tell me I'm totally wrong.

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___"Remember You Never Get A Second Chance To Make A First Impression"______________________
Joe

pwrpapa

You are not wrong at all. I don't see a very strong demand for construction businesses. I'm trying to think of one person that sold one an made any money on it.

DaveH

Re-tir-eme-nt What is this word? Hmmm sounds like a French thing to me...

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A buck a foot is not an estimate! It's a crap shoot!

DaveH

I actually sold a construction company, and made a nice bit of money. The thing is another company will buy you for several reasons.

#1 Market share
#2 Established negotiated cutomers
#3 Company name
#4 Niche aquirement

Employees can be expendable, even good ones. Your warehouse and equipment will have a value but it will be below replacement value so you actually lose money there. The company I sold was established for 20 years. We had a base of customers who "gave" us all there work, and there was a lot of it. We had a well known name in our region for quality. And we were #1 in our niche (Drywall, steel studs, acoustic ceilings) Over the years we watched several...actually all our competitors rise and fall. A arge company came into the area and tried to compete figuring we were some mom and pop outfit that could be over thrown with lower pricing. Finally they got tired of trying to compete and made several offers. We finally accepted one 1 1/2 years later. The company bought our "Blue sky". It was the amount they figured they could make with our name in the years to come. It turned into a win - win situation for all...

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A buck a foot is not an estimate! It's a crap shoot!

Gordo

Dave,
That is great that you were able to sell your business for $$$. Thank you for breaking down the criteria that was key in selling. Were you a supplier and installer outfit or just one?

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Looks like some pros were here.

Gordo

That is what I am saying. From the residential remodeling standpoint.

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Looks like some pros were here.

Gordo

As DaveH said the money would be in the market share/branding and probably any real assets (land/structures/cash ).

I agree with not seeing somebody buying a construction business and going on their own. That is unless the assets were there and they were selling for below value. I would not IMO buy a business (resid. remod.) for market share because of decentralization/competion....there is to much around here at least.

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Looks like some pros were here.

Melissa

About selling businesses- When my old doctor retired a new doctor took over his patients. It was a private practice. And I kept him as my doctor Probably a similar situation in construction???