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Author Topic: non sound related question  (Read 1056 times)

Kevin Conlon

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Re: non sound related question
« Reply #10 on: January 08, 2018, 11:16:26 am »

Ah Kevin, this is tough.  It seems like no matter what decision you might make there is the potential for significant regrets.

Based on my observations I think it's a bad idea to continue a business because of some sense of obligation (which is what I'm kind of reading between your lines) and respect.  You mention you're ill-equipped to replace your partner's talents and skills and don't feel comfortable supervising the likely replacements.  I think you'd be wise to give weight to your gut reactions on these things.

Also running this particular business doesn't seem to hold further appeal now.  As you're a partner I suggest you hire a attorney to represent YOUR interests as his estate will certainly represent the interests of the estate and heirs.  It may be prudent to sell or close the business before your partner passes away.  You need professional advice regarding these factors and a frank discussion with your partner and counsel.

Finally, knowing the inevitable is about to happen doesn't soften the blow or lessen the loss.  Losing your friend and business partner is gonna suck.

edit: fix typos
Thank you. and thanks for all the comments. We have been closed since the first of Dec, selling off the things i won't need and can't use. I can do some of the race stuff but i will not do it without Dan. The shop would become general repair and maint. I have been doing this in the same city for 30 years and can live without the race guys. Selling the dyno ends the race part anyway, Dan wanted it to stay but i am not taking on that much debt. Dans wife is in agreement with the situation, there won't be problems there. I am buying a few things from the shop just to give her some money every month while she sorts things out. None of this is a done deal. To add to things the landlord just had a heart attack and is in Nashville at Vanderbilt. If he dies, i get the boot. the rent is half of other nearby places so that would lessen my desire to continue. As it is now i am calling people to pick up their stuff, and taking phone numbers of the ones i can help, also taking numbers of people wanting to drop things off. This way there are no suprises. If i reopen i have work. Tim, your reading between the lines holds some truth. Most of me is ready to go it alone. The economy has hope. I told my wife some years ago i had one shop left in me. So many factors going on. A lawyer/ judge has been out to evaluate our agreement and feels all is well. Dan won't see February and yes it sucks big time. I just need to decide by march. Thanks to all.
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Kevin Conlon

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Re: non sound related question
« Reply #11 on: January 08, 2018, 11:20:11 am »

Kevin -

Sorry to hear of your situation. 

If available to your area, I would suggest you contact a government program, S.C.O.R.E., and talk with one of the mentors about this.  I started my first business in the mid '70s, and was directed to a retired VP of G.E. who saved me a lot of time and effort by sharing his knowledge and experience. 

Your situation is not unique in business.  There are bound to be important considerations you have not realized, and this may be an opportunity to be put on the right path.

This service was free when I used it.

Best of luck to you,

-Tim T

https://www.score.org/
I sort of remember hearing of that. Thanks, i will check it out.
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Kevin Conlon

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Re: non sound related question
« Reply #12 on: January 08, 2018, 11:34:03 am »

Any self employment or sole trader business, or any business for that matter, needs 100% commitment, which you know yourself from previous experience and only you will really know if you still have that desire.  If may seem harsh, but if you need to ask the questions, then your heart is probably not in it to make a real go of it.

You say that 'everyone' wants you to keep the shop open, but is that due to the work they have had done before by your partner or is it due to the other services that you can still provide?  If it is the former, these people will soon be looking elsewhere to get their work done.

Perhaps it is actually a good time to draw a line in the sand and go in a different direction.  It is very easy to always do what you have always done purely out of convenience and simplicity.  Sometimes we need something like this to give us the push to do something new.
It is not harsh. At this time i am making plans to re-open. Already sending the race guys to someone else. I did well with my old shop but closed to help with my dad in his last year. They are just plans and agreements if i re-open. Getting things done while we are all still here. It's killing me to see him like this. Your comments are good food for thought, Thanks.
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Tim McCulloch

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Re: non sound related question
« Reply #13 on: January 08, 2018, 11:54:31 am »

I sort of remember hearing of that. Thanks, i will check it out.

Kevin, I'll echo Tim T's suggestion of SCORE - Service Corp of Retired Executives.  Brilliant program, advice from the kinds of folks we'd probably never get to meet otherwise.  Partnered with (and I think originally founded by) the US Small Business Administration at the Dept of Commerce.

www.score.org
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"Practicing an art, no matter how well or badly, is a way to make your soul grow, for heaven's sake. Sing in the shower. Dance to the radio. Tell stories. Write a poem to a friend, even a lousy poem. Do it as well as you possible can. You will get an enormous reward. You will have created something."  - Kurt Vonnegut

Scott Holtzman

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Re: non sound related question
« Reply #14 on: January 08, 2018, 12:33:50 pm »

Kevin, I'll echo Tim T's suggestion of SCORE - Service Corp of Retired Executives.  Brilliant program, advice from the kinds of folks we'd probably never get to meet otherwise.  Partnered with (and I think originally founded by) the US Small Business Administration at the Dept of Commerce.

www.score.org

I know some SCORE folks in the Cleveland Metro area.  Giving service to this organization is a key part of my "semi-retirement" plans.

Writing business plans, designing and documenting process are weak areas for many entrepreneurs.  I am excited to share knowledge and experience in that space.
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Scott AKA "Skyking" Holtzman
River Delta Audio is now:

Ghost Audio Visual Solutions, LLC
Cleveland OH
www.ghostav.rocks

Kevin Conlon

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Re: non sound related question
« Reply #15 on: January 08, 2018, 12:41:53 pm »

Kevin, I'll echo Tim T's suggestion of SCORE - Service Corp of Retired Executives.  Brilliant program, advice from the kinds of folks we'd probably never get to meet otherwise.  Partnered with (and I think originally founded by) the US Small Business Administration at the Dept of Commerce.

www.score.org
Just opened the link in a new window. I will start investigating later. Have to clean my chimney right now while the stove is out. It was roaring like a rocket engine last night! Thank you all for your support during this trial of mine.
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Kevin Conlon

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Re: non sound related question
« Reply #16 on: January 08, 2018, 12:48:07 pm »

I know some SCORE folks in the Cleveland Metro area.  Giving service to this organization is a key part of my "semi-retirement" plans.

Writing business plans, designing and documenting process are weak areas for many entrepreneurs.  I am excited to share knowledge and experience in that space.
Things we think we know but have no clue about. I need the help and am going to ask. Wish i checked with them years ago. Scott, when i buy out the local sound guy i work with, will you be on the list at score?
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Nathan Riddle

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Re: non sound related question
« Reply #17 on: January 08, 2018, 02:03:11 pm »

Man, my heart goes out to you.

You could do a Pros and Cons list and weigh the options and analyze things.

But at the end of the day unless your heart & love is in owning a business; I'd say work for someone else. It isn't worth the hassle otherwise.

If you want to continue the business, I'd have a frank conversation about the handing off of the business with your friend/employer. Then draw up the paperwork before owning it becomes a huge legal battle.

After that's all over, relax and take some time with your friend.

Those are my thoughts. Best to you
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I'm just a guy trying to do the next right thing.

Scott Holtzman

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Re: non sound related question
« Reply #18 on: January 08, 2018, 03:32:25 pm »

Things we think we know but have no clue about. I need the help and am going to ask. Wish i checked with them years ago. Scott, when i buy out the local sound guy i work with, will you be on the list at score?

Who knows it's years away.  I am around anyway.  I love to help with this stuff so I am always available. 

I have already done what you are trying to do so certainly can help.  BTW you get a better deal with cash, folks rarely want to do unleveraged earn out type acquisitions.

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Scott AKA "Skyking" Holtzman
River Delta Audio is now:

Ghost Audio Visual Solutions, LLC
Cleveland OH
www.ghostav.rocks

Kevin Conlon

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Re: non sound related question
« Reply #19 on: January 08, 2018, 07:23:36 pm »

Who knows it's years away.  I am around anyway.  I love to help with this stuff so I am always available. 

I have already done what you are trying to do so certainly can help.  BTW you get a better deal with cash, folks rarely want to do unleveraged earn out type acquisitions.
Interesting you mention that. In the sound end of things the owner originally said i just use his stuff and give a percentage back. He did not say if that percent was 10 or 90. His condition has improved greatly from a lifestyle change and some weed to calm the heart. That decision is hopefully a few years off. If you are speaking to the bike shop, the payment plan is what the wife wants. She never had to worry about the bills. I know what they are as they come to the shop. The payment plan to her gives her some time to sort it all out. The stuff i want to keep is really not worth trying to sell as it would bring peanuts, and i already own most of it anyway but i would miss it at home. An interesting time for sure. By the way, for anyone reading along, the landlord is home and also wants me to stay. I am thankful for all the support from all of you and my long time customers.  Thanks for giving me a great place to vent. Very helpful info to digest. Will check in in a few days. Many thanks to all.         Kevin.
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