[Wood Magician]

Hello, my name is Eric. I'm a long time visitor of contractor talk and finally decided to sign up. I've read a lot of interesting stories and learned a lot. Thank you to everyone for sharing and hopefully now I can contribute.

I've been building things all my life and been employed with the same company since graduating high school 12 years ago. After being the foreman for the last 8 years I've made an offer to purchase the company. My offer was accepted and as of Jan 1 2015 the deal will be official. All of the details of the sale haven't been worked out yet and I'm sure I'll have lots of questions.

Thanks again for this awesome site!

p.s. the name Wood Magician was given to me by one of my good friends who has always been impressed by my work he says "you can turn a piece of wood into anything you're a wood magician!":laughing:

 

[hdavis]

Welcome to CT, Eric! Sounds like 2015 will be interesting for you

 

[Stunt Carpenter]

Welcome.

Can I ask why you decide to buy a company vs starting fresh? I guessing the name must be trusted in your area?

 

[Reg]

Welcome! Cool name and reputation. Have fun here.

 

[tgeb]

Welcome. I wish you the best in your new business endeavor.

 

[Wood Magician]

To answer Stunt Carpenter's question, there are many reasons I'm purchasing this company and not starting fresh.
1. I'm loyal, buying out the GC allows him to retire and cash in all his company assets. We have some nice trailers, tools, and a nice shop building in the industrial park and I'm happy to step in to all this instead of starting from scratch.
2. If I just started fresh the GC would likely stay in business for at least a few more years and be my competition.
3. This company has a great reputation but mostly that rep is tied to the me and the GC. we live in a small town and the company name means nothing once he isn't around but I have built up a great name for myself too.


There's several other reasons but I'm trying not to ramble on. I'll be happy to answer any other questions and am open to suggestions.

 

[arcadecks]

Hello Everyone. It is best to start a new business.

 

[Stunt Carpenter]

Hello Everyone. It is best to start a new business.

I think If you read his answers above you would see that he has put a lot of thought into his decision and it sounds like he's making the right one

 

[egettys]

Arcadecks can you give me a few pros and cons for starting vs buying out?