I agree and thank you the encouragement. What I feel the best about it as I’m going to pursue some other sides of MEP work for now and the opportunity to ownership could always present itself in the future.
What really sealed the deal was realizing all the man hours and sweet it would take...
Thank you so much all who have posted. I told my boss today I would not be buying his company. He asked me if there was anything else he could show me financially that would encourage me to change my mind. I told him, the company doesn’t seem as profitable to me as it does to him. He has already...
I think the best course of action here is to get additional information on the financial state of the company. I have the evaluation report that shows the tax return data for the last four years. I don’t have all the supplemental s that created the report. The owner has offered me to talk to the...
I think this going to be the most likely scenario right now if I want to stay and not jump to another firm or go to the county. The owner doesn't' have anything else lined up so his options are limited.
Thanks LittleInch. I do agree with a lot of what you're saying to the point its not even worth it to respond to each item. I've got my work cut out for me to analyze this appreciate all (and others) input. Getting that gut reaction from so so many has been immensely helpful. I have more options...
Actually he most certainly can wait to 3-4 years before I buy in. He doesn't plan to retire right away. I could easily keep working for him, help him with the transition to employees and direction and then pay a lump sum for half the company and finance the rest over five years. Owner would...
No the $600,000 is just what is outstanding. I haven't seen the totals for the year but we did make enough to break more than even. Think it would be around $1.7m in revenue which is close to our expenses. We actually expected a lot more money to come in at the end of the year than it did...
I completely agree pharm. It has been concerning. I think it’s more of an operations issue as you say. This last year we’ve basically been turning away clients as well to maintain our long standing clients just because of the pace of work.
This year would have been a great win for us, but we...
I should qualify a few points:
1. The owner is essentially giving me control from year one onwards. He and I are very much like minded. We rarely disagree when it comes to how things should be done. He is taking my input on who how we hire very seriously. If I’m saying I think we need to move...
The County is not the only other job, but I am very attracted right now to the stability. My current salary is $100,000 and I think I could pretty easily jump and get $125,000 elsewhere. I don't really want to jump of course and I bet if I stayed as a non owner I could request up to $115,000-120...
PhamENG, thank you so much for these thoughts. You're summing this up in a way I was not able to totally describe. You're completely right about exchanging one boss for 20.
I've asked my boss the direct question about the discrepancy between his draws and book profit. The recent change to an...
For general profit, it seems the business owner has only been recently comfortable taking about $30,000 per year since the company transitioned from C corp to S corp. The evaluation that was done showed the book profit as upwards $100k-$200k per year on good years, but not always that. It is...
Hello all,
I’ve been looking through a bunch of old threads and I’m very impressed with the quality of the responses here. I’ve been quite a lurker and am now ready to throw a question in. I appreciate any input.
I’m considering buying my current MEP consultant company. I’ve been out of...
