Should I or shouldn't I?.....

[ccpro]

I've been at the same job for 14 years..."working for the man". I really have a problem with having a boss, I have two of them and they can't really teach me any more. I know my scope of construction better than most and most of all them. I was making low six figures five years ago, given a 30% paycut in 09 and later layed off. I went to work with a competitor and began making a dent in my old employers wallet. They hired me back full pay 8 mos. later with the understanding that I was in line for a deal of 10% ownership. Well like everyone, they blame the economy for the delay in our agreement. My head is bumping on the ceiling of this small company and I often have words with the main owner. All of my clients "say" they will follow me if I were to leave and start my own bus. I have many connections and could make a go of it, but...... I have no dept, 3 kids in private school and living paycheck to paycheck. I lack capital although I could probably get it privately with my reputation...my credit score is only about 720, so I don't know if I could get a small business loan. Do I go for it or play it safe. The home market is on the rise down here.

 

[BigGameHunter]

Do you have insurance/benifits, or a 401 K with this guy?

 

[Yaya]

Do you have insurance/benifits, or a 401 K with this guy?

great question.....

 

[Braw16]

Credit score is considered good credit. 680 is when it changes from poor to good so credit wise your in good shape. If you take a risk and fail at least you took that risk. You will always wonder what if and you know the only real way to get ahead is to do it for yourself. If you have a solid plan and already have customers and I'm sure you are willing to bust your ass then go for it. That was a good question about benefits and a 401 k. There are ways to get benefits for you and the kids. Especially if you have your wife's full support on this

 

[Jada]

Tough situation brother , u have to go with what ur heart says. Deep inside the answer is within. Just to give u a idea my boy left a job paying him $20 a hr to move to PA and buy a house for his family . I told him to really think about it since some of the jobs in PA don't pay that high. Well he left to PA Workin construction got laid off couple of time , been through hell and back but he is still on his feet. At the end if u really want to make this move and u have some income to back u up for a while then do it. The greatest thing is having ur wife having ur back and supporting ur moves.

 

[IWannaGetBig]

They hired me back full pay 8 mos. later with the understanding that I was in line for a deal of 10% ownership.

When you were layed off, did you sign a disclosure or a non-compete? What about upon rehiring?

All of my clients "say" they will follow me if I were to leave and start my own bus.

Does the company have signed contracts with their existing customers that state if an existing customer breaks their agreement they are liable for damages? If so, some of those that said they would follow you may fold at the thought of litigation.

 

[oldskool954]

Oh shit your in s fla me too! What area of construction are you talking about? remods? do you work for a GC? That would be helpful info. Im a service supervisor for one of the largest a/c contractors in Florida Who always come out on top. But this last year and this year already is tuff.

 

[oldskool954]

Also snap desicions can be very risky esp. in an economy like this. 10+ years ago maybe not as much risk. But any major descisions like that nowadays should really have pros and cons acurately laid out. Esp in the financial side of things biz is so risky these days.

 

[ccpro]

They've been fair to me but that's it...I've made them alot of money and made alot of sacrafice. They pay full health insurance, $1,600 per month for family, company vehicle/gas to take home and discontinued profit sharing. I spent the $40k I had in retirement when they laid me off. I have never signed a non-compete clause and I hold my license in which field I work. My wife is completely supportive and could help out with the office side of things. The problem I see with some of our clients is that we'll let them go 30-60 days for billing. As a starter I won't be able to provide that luxuary to them. I also have an office and yard to available to me to next to nothing in cost. I will have to lease/buy some equipment and hire only 2-3 operators. I will handle sales, estimating, and all field operations. My mom is a bookeeper and my wife has worked as an office manager in the past. I already look back at chances I didn't take when I was younger and fear that in the future. I'll be 44 next week, married 16 years with 3 kids under 12. Family life is as stable as one could expect. I'm respected among my peers and have many contacts in this town which I grew up.

 

[BigGameHunter]

I just closed one company and sold the other one. Almost 15 yrs of stress and headache paid well at times but other times I lost my ass. I got to live a good life but gave up alot of things to achieve these things. Honestly if I had it to do over again I would but I would have got out sooner. Now Im an employee again and I love it.

I quit my job years ago because my boss was an asshole. I started my own company and eventually got dozens of new asshole clients so I didnt really solve that problem. If your potential new clients know your considering making a move dont think your boss doesnt know this too. Ive had several employees try this to me with my clients over the years and I had to squash them nothing personal its just buisness. It is a jungle, be prepared for this, on top of the legal ramifications as mentioned above by IWGB. These are also things that could hurt your reputation. Ive burned so many bridges and wish I hadnt, you never know whats in store for you or him in the future.

Why not do both, work for this guy, set aside some time and find your own projects on the side, aside from his clients and do both? Maybe you can have the best of both worlds. Then when the time is right maybe youll have an ally/former boss/compeditor instead of an enemy. The company I sold I gave to a very well deserved, loyal employee and friend.

Good luck keep us posted.

 

[italian1]

Hey man I'm gonna have to say stay for a little longer. I own three construction related companies, and believe me when I tell you its not all its cracked up to be. 10 years ago working for yourself was a no brainer. Especially in construction. It was super easy to make money. Even alot of it. Shit is way different now (even though improving) still not anywhere even close to what it used to be. Its easy to leave your boss and pick up a year or two of good work from contacts you had with your old company, but when all those leads run out its real hard to generate new ones. I'm young only 35. But been working for myself since i was 20. Today I sat at the computer since 7 this morning and tried to get tax shit going on just one of these companys. Right now its 10"30 at night and I'm just wrapping up. Guess what I found out so far- this year company #1 did -$26K. Yeah boss thats a fucking minus. You know what that means. I went to work 6-7 days a week for this past year and paid out 26k out of my pocket. If you have a job that pays you, then you need to stay. -At least for a couple more years to see where construction goes.

 

[BigGameHunter]

You were typing while I was. I just read your post.

Do it. Try and get a grant instead of a loan. I didnt know you had those type of resourses the facility and SKILLED faimly support. Youve got a good wife, each one of you should open a company seperate names apply for the grants/loans and you bid low and let her bid high. She will get the work if its govt bldgs and such
if she is within 3 bids of the best bid because she is a minority(woman). She will also get the grant too. Be aggressive and dont give up. Fuck it got for it and live your dream. Protect that reputation Pro its the only thing you cannot repair especially within the community you grew up in. They will treat you right.

Try and leave the current employer gracefully he sounds like hes taking very good care of you. Good luck.

 

[gymrat827]

They've been fair to me but that's it...I've made them alot of money and made alot of sacrafice. They pay full health insurance, $1,600 per month for family, company vehicle/gas to take home and discontinued profit sharing. I spent the $40k I had in retirement when they laid me off. I have never signed a non-compete clause and I hold my license in which field I work. My wife is completely supportive and could help out with the office side of things. The problem I see with some of our clients is that we'll let them go 30-60 days for billing. As a starter I won't be able to provide that luxuary to them. I also have an office and yard to available to me to next to nothing in cost. I will have to lease/buy some equipment and hire only 2-3 operators. I will handle sales, estimating, and all field operations. My mom is a bookeeper and my wife has worked as an office manager in the past. I already look back at chances I didn't take when I was younger and fear that in the future. I'll be 44 next week, married 16 years with 3 kids under 12. Family life is as stable as one could expect. I'm respected among my peers and have many contacts in this town which I grew up.

how long have you been kicking tires with this decision???

 

[AlphaD]

It is one of the biggest, pivotal decisions that you could ever make. I was faced with this back in 2000. I had been working for a healthcare recruitment company in Maryland, and was by their means doing an awesome job that withing 6months they promoted to an Account Manager. And sent back up to PA (where I am from) to open my own office for them. Great pay, excellent benefits, car, cell phone, profit sharing.........Then I saw first hand the integrity of this corporate powerhouse, or lack of for that matter, and I was put into compromising positions that would jeopardize my namesake. So I said good bye and walk out the door. Only to re-emerge 6 months with my own company. I was scared as hell at first, not gonna lie, but I worked my tail off to get where I am today, and been in business for 12 years. You it and all golden clouds, and there has been good years and there has been some dreadful years, but I am in charge of my destiny not anyone else. I work hard, take pride in my business, and am committed to my clients. Just my two cents......

 

[tiny123]

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[g0re]

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What a great post full of awesome advice

 

[BigGameHunter]

It is one of the biggest, pivotal decisions that you could ever make. I was faced with this back in 2000. I had been working for a healthcare recruitment company in Maryland, and was by their means doing an awesome job that withing 6months they promoted to an Account Manager. And sent back up to PA (where I am from) to open my own office for them. Great pay, excellent benefits, car, cell phone, profit sharing.........Then I saw first hand the integrity of this corporate powerhouse, or lack of for that matter, and I was put into compromising positions that would jeopardize my namesake. So I said good bye and walk out the door. Only to re-emerge 6 months with my own company. I was scared as hell at first, not gonna lie, but I worked my tail off to get where I am today, and been in business for 12 years. You it and all golden clouds, and there has been good years and there has been some dreadful years, but I am in charge of my destiny not anyone else. I work hard, take pride in my business, and am committed to my clients. Just my two cents......

Boom, positive thinking always wins IMO. Great insight

 

[ccpro]

Bros, I'm hanging tight for now. Boss is riding me like he wants to get rid of me? There's no reason for him to do this other than I don't take the verbal assault when he lays it down. My department would crash without me, it would take them 2 years to get someone up to speed in my position. He might be sensing I've had enough?

 

[getgains]

I was in your same shoes a few years ago i had a job i fucking hated (co) and i just decieded one day driving home from work you know what fuck it i jumped head first into a biz i had no idea how to do long story short it should have failed a million times but i was like a dog with a bone did all i had to and then some and now im retired at 36 it can be done you have a leg up on me already you know the biz your obviously great at what you do and have a loyal clientel if you dont do it youll never know im pulling for you your story sounds just like mine 10 years ago good luck brother

 

[ccpro]

I was in your same shoes a few years ago i had a job i fucking hated (co) and i just decieded one day driving home from work you know what fuck it i jumped head first into a biz i had no idea how to do long story short it should have failed a million times but i was like a dog with a bone did all i had to and then some and now im retired at 36 it can be done you have a leg up on me already you know the biz your obviously great at what you do and have a loyal clientel if you dont do it youll never know im pulling for you your story sounds just like mine 10 years ago good luck brother

Thanks Bro, that means alot...exactly what I need to hear. I'm going to look into a small bus loan before I spend any more thoughts on it.