Re: would you give up your business to work for someone else again?
 

thanks for the input guys. i do appreciate it. i haven't got this other job yet. i am going to definitely try for it though. the hiring process can take as long as a year, but i feel if there is going to be an offer made it will be within the next 5-6 months. it would be full time permanent... no contract.

the plan right now is to go ahead with the new job (this is the only opportunity i would consider giving up my business for) and when my father-in-law starts to come help part time in the new year if i do get the other job, he can run it part time on his own and wind it down to when the lease on the shop runs out (a year later). if the business really takes off before this job offer comes though, then i'll just stick with the business. i just don't realistically see the business making enough to pay myself more than $60k tops.

i can't go with the "hire someone to run it for you" option, because i'd have to hire myself... like chris said... no one could do all the machining/fab work that i can do and pay them $15/hr to do it, plus have the skill necassary to run the business on their own... at that point i might as well sell it, and there isn't much to sell right now as i only have about 5 regular customers.

as for potential on my business, that is mostly limited by my capital to invest... which, right now is $0. i don't see potential for much more than $150k gross/yr... with a couple salaries out of that it doesn't leave much.

potential for the job is just limited by time in the job and hours i would want to put in. like any other job, the longer you are in it, the more opportunites for advancement come along.

Re: would you give up your business to work for someone else again?
 

So many good points have been made adn the only one that makes sense to me is the one where it benefits your family. They, much like you, will benefit from the nice chunk 150k brings. Howevere it will ultimately be your decision as to what you want to do. Good luck Sir and i wish you the best.

If it were me, i would take the job.

My.02

Re: would you give up your business to work for someone else again?
 

Do some math. Figure out how much you think your buisness will grow. Then figure out your payments on your various equipment. Then come up with a number you will be making in 5-10 years. Then take that number and divide it by 2. Then figure out how much you think your business will be worth at the same time. Take that and divide figure its actually worth about 66% of that. Then figure you will make 150k a year during that whole time. So add that all up. Which number is higher? Go with whatever will leave you with more money in said time period.

Re: would you give up your business to work for someone else again?
 

Then pay them $20/hr, and find the right guy. At some point in life you won't be able to work anymore. Adjust early and figure your way out of working, and go play with the kids. There's no such thing as a big gain, without a big risk. Your only risk right now is losing a business that hasn't seemed to even fly yet.

Write out on a piece of paper 1000 times, "It's just silly metal puzzle pieces, relax ya hoser" and send it to your big American daddy. :6

Re: would you give up your business to work for someone else again?
 

I repeat, Aaron, ignore most everyone else in this thread.

Re: would you give up your business to work for someone else again?
 

One machinist who I know hit it big was RPM service you own one of his throttle bodies. He was a normal run of the mill dude running a local shop my buddy/mentor dhr brought the idea to him back in like 99 for a billet unit. They built literally out of a chunk of billet didnt form it to look like a throttle body just to see if they could make it work and there it was. It worked and he eventually and still to this day just builds billet throttle bodies from every car including Dodge stuff which I helped in the design.



Moral of the story he became a success in business because one guy had a great idea for him. They worked together and still make a great product and continue to sell the product at a strong pace even 8 years later



The next big thing could be around the corner or it couldnt. Thats the joys of business.

Re: would you give up your business to work for someone else again?
 

i have an idea like that, just need to get the machinery to produce it and then test it to see how it works.

Re: would you give up your business to work for someone else again?
 

I just recently turned down an offer for 100k EUR/year (about $150k) for a 9-5 job. Decided it wasn't worth relocating...

Re: would you give up your business to work for someone else again?
 

And in most cases you don't even need to be the originator. You just have to have the clout (or access) to hit the lawyer and patent scene hard. Much like the case of a scruffy bodykit broker who decided these new wing doors were worth it. Took a gamble, and now owns verticle doors inc, with millions of dollars. I still remind him of the days of fighting with his wife and sleeping on the floor of my 500 sq ft apartment though. lol. Only in America.