Life Changes

[maplelakeduckslayer]

I didn't call him today I've been formulating a plan all day. Gonna call him tomorrow.

I'm going to tell him I'll throw myself into the mix and hope that's enough to change his estimators mind...take pressure off him etc. Give him a happier life.

Or he has another guy...long story he left during covid when my dad laid everyone off. Maybe he'd come back he's older, worked for my dad a long time. 20,+ years. Maybe someone younger having his back would be enough

I dunno if it will work. But it's all I can do I feel terrible.

If I jumped in solo it'd be a shit show . I can estimate smaller projects but I've never done like a whole home rebuild.

I hate it...I really do. My dad doesn't need the money from his business sale but I hate seeing it end like this.

See what I can do

[maplelakeduckslayer]

I just got an invite from people in the industry to go sporting clays shooting next week...who I haven't talked to in a year plus.

My roots are deep I can push this. I'm just formulating the plan.

[lanyard]

Hardest part for a lot of business owners is figuring out there if there is/isn't a market value in their business. It's unfortunate and hard on families, but focus on the fact that you love your dad first and don't be a martyr second. Falling on the sword is ironically more selfish than addressing the reality of the business.

Ask yourself and your dad- what are we selling?

Exclusive market, territory, contracts, etc? You might find a strategic buyer that won't require a long term retention contract for an estimator (2 yrs)

If it's "market know how"? You and/or your dad will be on the hook to earn the valuation through an employment contract, there likely isn't any other value if all the employees are gone, no succession in relationship management/sales/etc.

If it's hard assets like trucks, tools, etc- you'll be at auction value and happier with a call to KBid.

If you think you can go to work for dad, be miserable, but you can make bank on a sale in 6 to 12 months, might be worth it. But if this is you and him driving around the cul de sac until someone says stop, all you've done is burn gas and gone no where.

[maplelakeduckslayer]

Ya I dunno.

He sounds ready to just walk away from it.

He had it for sale for a mil. Which it "was" worth on paper. Til he has no estimator. I probably should have jumped in right after I sold my business, would have bumped the numbers his guy woulda been happier and probably could have sold it

He fortunately has done very well for himself so it's not like he was counting on the sale being his retirement

I talked to him a long while. I offered to do anything he needs help with or wants me to do. But he's tired he's 65 he don't want to start all over. I can't just jump in and be the estimator I don't know enough. I told him if you wanna talk to the guy tell him I'll come work etc...

Think he just wants to be done at this point

Kinda a sad time it was his business he grew. Feel like I dropped the ball not jumping in sooner

And feel bad I didn't want to take it over but I know in my heart I wouldn't be successful at it because I'd hate it every single day

Just kinda a disappointing end to a 40 yr business

[maplelakeduckslayer]

You make great points in the value though and honestly there wasn't anything differentiating there which is why is probably didn't sell.

He turned good numbers but what his business is you could start up your own shop and do the same thing

Biggest asset is he's on an insurance company preferred program so jobs just automatically come in...there's no marketing required etc. And experienced people.

However, no set territory, not a really fully managed business, no social media presence etc

It was a great money making venture for him because he worked in the business not on it. Most buyers want a fully managed business where they just manage people basically. Have it all streamlined. Not be involved in the day to day operations like getting materials at Menards meeting a customer writing job schedule etc.

My dad never took it to the fully managed point because he's not like that.

But that's why it probably wasn't really marketable

[lanyard]

All good points and clear thinking there.

I kind of believe what we want is what we invest our time and resources in. We just don't always realize it.

Your dad enjoyed work, being with the customers and crew in the field. It's why he hired an estimator- he didn't want to be in the office estimating- and he phucking enjoyed that for a helluva good long run, sounds like he provided a GREAT life for his family, and has his son for his best friend.

In the end, on a "family values" measure, any business is worth less than the time you get to spend with a good dog.

If he was interested in "business values" he'd have invested in the succession, marketing, etc.

The end is typically the time we measure what we don't have, there's no "tomorrow", and after a lifetime we can feel there should be a pot of gold at the end. Retire from a job and the company gives you a picnic, gold watch, and goes back to work next week. Quit your business and you have the turn the key a last time.

When I shuttered a business I had started i had a bit of cleaning to do. I'd hung the sheetrock, had slept in this place trying to meet production schedules, had employees that would work and get me a day off.... and then one day I was about to sweep it out for the last time. My chest seized up. Couldn't breathe. Just stood there for a minute feeling a huge weight in my chest. I let go of the broom, just let it drop to the floor, and walked the phuck out the door. Didn't even lock it. Just left. Called the guy on site that took care of the other tennants and told him I had a $100 for him to finish the cleaning and I'll mail the keys with it. And never went back.

But after a good night of self-pity drinking and a sunrise, I still had my wife, kids, and desire to work.

For your dad, the Town Baseball team needs someone that can swing a hammer and build a batting cage. There's a family that lost a child too soon and they need hands/experience to erect a play set at the City park. The hardware store needs someone that knows WTF they're talking about and can show some kid with his first house how to fix a toilet and sharpen a chainsaw blade. And when all that's done, he can grab a 12-er, a fishing boat, and go fishing. Life's amazing if we let go of the stress we've come to *believe* we need. Somewhere we think that all that BS is what our value is, yet it's never the thing we SAY we want.

[maplelakeduckslayer]

Sorry I felt the same way. There's a sense loss and a sense of freedom all at the same time.

But eventually you understand what happiness is

Ya I mean he's got at least 6 rental properties with 10 tenants. His own home, shed, lots, the cabin, etc....he's got plenty to keep him busy. I mean it's basically a whole nother business just managing his properties.

He said he's completely fine with it and I believe him to an extent...it was a means to an end for him all along and he got that end. His rental income is way more than enough to support him in retirement and he got a real estate portfolio to transfer to his children.

But it's still gotta be a bit of a mind f

I feel very bad about the whole thing, but have also matured enough to realize I would never be successful in taking his business over because I wouldn't be happy doing it.

Well see wish I could have at least helped him sell it but is what it is

[Stute Slap]

I have appreciated reading the two of you discuss this real life event unfolding. Clearly you both are amazingly self aware and aren't afraid to be honest and somewhat vulnerable. Lanyard possesses wisdom that unfortunately for most of us can only come with age and for many is never attainable. MLDS - for what it's worth I can relate to your situation partially both in family biz and the reality of selling a business that essentially can't run without you/your dad. For my two cents - I've seen you in the past make an extremely hard decision because you were smart enough to realize what made you happy, I think you have to do it again. Either way you know what how you want to spend your time, and time is all we really have which you know.

Good news is your both healthy, have money, so the rest is just noise.

Out of curiosity if asking price was a mil, what do you figure the hard assets are worth?

[maplelakeduckslayer]

Thanks! Not much imo. It's residential construction so there's very little equipment/hard assets that go into producing the jobs. It's mostly materials bought specifically for the job itself and labor. Most of the carpenters own all their own tools used day to day etc

That mil wasn't including the office/yard real estate he owns. He'll keep that regardless and rent it out

Sure he has like a bobcat, trailers, vehicles, misc tools etc outside of the real estate.i mean maybe 75-100k? It's miniscule in his position the cash flow was the value


I'm driving him to cataract surgery Thurs so maybe we can have a lil more one on one to discuss

[lanyard]

[quote="maplelakeduckslayer"]

But it's still gotta be a bit of a mind f

/quote]

100%...... and life's too short to apologize, if I read that correctly. You and your dad both have succeeded in ways most others can't, let alone even try.. The truth about having big balls is they can get heavy. Just because you set them down and take a break doesn't make them any smaller- just makes you smarter.