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  #21  
Old 08-24-2014, 09:29 AM
32vld 32vld is online now
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Join Date: Feb 2011
Location: LI NY
Posts: 3,134
Quote:
Originally Posted by Efficiency View Post
EVERYONE is replacable. Read that again.

My key employee (manager) walked two Mondays ago. I didn't know what to do. Tuesday after, it's business as usual. Guys got promoted from within, brought in new tallent, it's all good again. Don't let fear push you into something that isn't best for you long term.
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That and adding his business to yours is not going to add money to your pocket.

Now if you were to increase your volume through adding new customers then you can hire a manager to free you up. Promoting from within is how you retain good employees.
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  #22  
Old 08-24-2014, 10:26 AM
Snyder's Lawn Inc's Avatar
Snyder's Lawn Inc Snyder's Lawn Inc is online now
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Location: Kirksville Mo
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OP you never answered my question How many employees you have now or you just solo
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Snyder's New Lawn Service Inc.
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  #23  
Old 08-24-2014, 01:54 PM
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CNYScapes CNYScapes is offline
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Join Date: Mar 2003
Location: NY enroute to Atlanta
Posts: 783
Does he really have $100k cash to give you? I would be shocked if he did.

I tried the partner thing many years ago. Forget about making decision on your own anymore.

Heres an example of decisions you will not be able to make on your own anymore-

Hey "Bob", what do you think about buying a new zero turn to replace this old one? Bob Says- Why not run the old one until it dies?

What do you do then? Compromising SUCKS!
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  #24  
Old 08-24-2014, 02:37 PM
ajreeves ajreeves is offline
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Join Date: Oct 2013
Posts: 31
Quote:
Originally Posted by wbw View Post
Help us understand. You are on track to make 187k this year. Unless you live in Manhattan or Honolulu that is big money. Explain why you want to screw with what you have.

The only reason to take on a partner is if they can provide something you can't hire.
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I won't make 187k, I'm still in a growing phase which requires me to buy a couple new trucks, plows, sanders, mowers and trailers. Last winter I bought two trucks two plow two sanders- 60k roughly. This spring I bought 2 trailers 2 mowers and a mini excavator. Roughly 81k. About 55k of that is in loans. So at this point I am not focused on paying myself- I'm trying to reinvest for the future.

As far as why I am considering it, basically I want to be able to step away more often and have someone with a vested interest watching over my company. This summer I went away for a week and was thinking about work 100% of the time. Makes life tough for my young family.
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  #25  
Old 08-24-2014, 02:37 PM
ajreeves ajreeves is offline
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Quote:
Originally Posted by Snyder's Lawn Inc View Post
OP you never answered my question How many employees you have now or you just solo
Three employees and myself.
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  #26  
Old 08-24-2014, 02:39 PM
whiffyspark whiffyspark is online now
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Join Date: Jul 2011
Location: Chesapeake beach
Posts: 5,323
Hire a foreman.

A partner is not the answer.
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  #27  
Old 08-24-2014, 03:34 PM
ajreeves ajreeves is offline
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Originally Posted by ajreeves View Post
Three employees and myself.
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3 in the summer- 7 in the winter
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  #28  
Old 08-24-2014, 04:05 PM
Weekend cut easymoney Weekend cut easymoney is offline
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Profit sharing for foreman
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  #29  
Old 08-24-2014, 04:40 PM
whiffyspark whiffyspark is online now
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Quote:
Originally Posted by Weekend cut easymoney View Post
Profit sharing for foreman
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I wouldn't do profit sharing
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  #30  
Old 08-24-2014, 04:52 PM
LawnsharkMB LawnsharkMB is offline
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Join Date: Sep 2011
Location: Myrtle Beach, SC
Posts: 271
Quote:
Originally Posted by ajreeves View Post
Hey guys
I could use a little help with this.... Here's the situation.
A friend and long time subcontractor has made me an offer to buy into my company.

My numbers:
In biz 7yrs
Last yr Revenue 200k, net operating profit of 95k
This year projected revenue 390k projected net operating profit- 187k.
Equipment value - 180k
Loans- 56k

His numbers:
In biz 4 yrs
Last yr rev 100k, net operating 50k
This yr proj rev 150k, net operating 75k
Equipment value 120k
Loans 63k

Any advice on how I would determine what his buy in cost should be? We both offer similar services but he does not plow and I do.
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I don't understand what he would be paying you for?

If you are looking to expand and make more money by taking on this guy's accounts under your business name, shouldn't you be buying out his equipment and basically hiring him to work for you?
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