so what are you going to do with it?

DVS Hardscaper

LawnSite Fanatic
Location
County Jail
you built a company. multiple crews. doing well. good reputation. happy employees.

You'll get old. Health issues will arise (eventually).

What will you do with the business?

The younger generation isnt interested in labor intensive industry. So even as much as you are hoping, it's doubtful your son or daughter will really want to take over. Operating lean and making a profit in a cut throat industry is an art and a skill, something that you don't learn overnight or learn with a text book - so if your child does take it over - they'll probably be over whelmed, most likely not realizing it.




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STL Ponds and Waterfalls

LawnSite Bronze Member
Location
St.louis MO
Leave it to my dogs. If you have employees I would give them the option to buy it. I have a feeling the younger generation will come full circle and realize they have to work with thier hands. That's a big gamble though.:rolleyes:
 
OP
DVS Hardscaper

DVS Hardscaper

LawnSite Fanatic
Location
County Jail
The only way the younger generation will ever work with their hands is if it begins at home at a young age.

A person is not going to grow up inside the house with video games and computers and then at the age 23 suddenly decide to go outside and pick up a tape measure and start pushing wheel-barrs up and down hills.

A person who's family pays someone to cut their grass and clean their house and pool (which is common with the average American family) will not suddenly decide to start lifting 70# blocks all day long.

It all stems from your childhood.

I have shared this story before: Years ago I was at a client's home for the signing of a contract. Their toddler son, Evan (his real name) had a toy he was playing with while mommy and daddy signed my proposal and wrote the check. Evan's toy would not work properly. Good looking, intelligent kid. His reaction to the toy not working (and I'm NOT making this up) "we'll have to call someone to fix it". I will never forget this as long as I live. His statement did not derive from thin air.

LOL - when something breaks in my house - my kid says "we can fix it" because he doesnt know that calling someone is an option.





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zedosix

LawnSite Silver Member
Location
Eastern Ontario
Its called retirement Andrew, just sell the equipment and leave just enough to dabble in small jobs as you get older, maybe have one employee or two maximum. That is my goal. There are other things in life besides laying brick. Besides, we should all of made enough money at this game to be able to retire comfortably, right?
 
OP
DVS Hardscaper

DVS Hardscaper

LawnSite Fanatic
Location
County Jail
Its called retirement Andrew, just sell the equipment and leave just enough to dabble in small jobs as you get older, maybe have one employee or two maximum. That is my goal. There are other things in life besides laying brick. Besides, we should all of made enough money at this game to be able to retire comfortably, right?
Right. But thats not my point. The last thing on my mind when it comes to life is laying brick.

There are some folks with multiple crews, doing millions of dollars in annual sales. Just curious what their plans are? Seems to me it's often *American* tradition to pass the business down through the family. But generations have changed so much - is that really possible?


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STL Ponds and Waterfalls

LawnSite Bronze Member
Location
St.louis MO
Its called retirement Andrew, just sell the equipment and leave just enough to dabble in small jobs as you get older, maybe have one employee or two maximum. That is my goal. There are other things in life besides laying brick. Besides, we should all of made enough money at this game to be able to retire comfortably, right?
Umm yeah! I guess I'll retire at 90.


DVS I agree, but they're some kids that are working with thier hands even at a young age around here. I'll agree that it is very unordinary by today's standards. But, if things don't change they will have to work with thier hands out of neccesity.
 
OP
DVS Hardscaper

DVS Hardscaper

LawnSite Fanatic
Location
County Jail
LOL - have you ever seen equipment owned by old men? It's usually worth more as scrap!



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LVHardscape

LawnSite Member
Location
Orefield, PA
I've read in a few different business books that a company should always be started with the end in sight. What they go on to explain is that if you get to attached to it, you may miss the option to sell when your company is at its height, and therefor be stuck with it in the decline. Kind of like the stock market and holding on to a stock because it's your "favorite"
so to answer your question, i'm not sure what i'll do with mine.
 

shovelracer

LawnSite Silver Member
Location
North Jersey
I fully agree that the younger generation lacks in work ethic and shows a bit of self- righteousness. However, the construction trades will always exist out of necessity. There will always be someone who sees the possibility of making money in something. Much the same that just about every one of todays children is expected to go to college, there will always be the ones that do not or can not. Look at many of our nations richest people. Most of them are not college educated or dropped out. There will always be the ones that go into the workforce at a young age out of necessity. Lets face it once you are out of the school groove, the odds of getting back in are not in your favor.

So what do you do? You cant get a job making $100,000 with no formal education. So you have 2 choices. Work for the man or be the man. With the expectations that are imbedded in you from a young age the do-ers will try to be the man. You could easily develop software that nets you millions, or you could wind up laying pavers by a pool. That all depends on the person. I personally have to be outside, my body needs a certain amount of fresh air and sunlight to function. So for me a software business is out.

I would venture to say many of our parents or at least one had a college education. I would also guess that a fair amount of us have college educations as well if not some sort of formal trade education. So what happened to us? If your parents went to college then it was expected of you to go as well. Maybe not expressed that way, but at least thought. Now a loving parent just wants you to be happy, but I'm pretty sure they weren't looking over you in your crib thinking maybe one day you will doing construction. Now your business is successful and they are still proud of you, but deep down there will always be that little bit of disappointment. Hey, maybe you couldn't be president or that anesthesiologist, but maybe the CEO of a financial company or at least VP. Construction, not likely.

So we all wound up here. Can any of you say this is what you wanted to do from a young age? Don't get me wrong I love my job, I couldn't imagine doing very much else. I also know there are a millions things I would not want to do, even if they would bring in more money. The industry will always have companies. The do-ers will make that happen. What may continue to be a problem is the labor force. 50 years ago it was acceptable to work labor to feed your family. Today many would rather not eat over working hard. This conversation then turns into a topic of foreign and uneducated labor which gets ugly fast so I stop here.

The direct answer to the OP. If your company is not a multimillion dollar company with a real strong client base, leading contracts, and a stable workforce, then it is not really worth much. From time to time there are people that see a unique opportunity and can get into ideal buyout situations. Realistically though even after a lifetime of building, your company is not worth much more than the used auction value of your equipment. In most situations the company dies with the owner.
 
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