Well, out of nowhere, I had the owner of the largest company(150 pieces, give or take) I do work for call me last Friday seeking to employ me fulltime. Come to find out, the lead man (employed there 14 years) has left the company abruptly and naturally...……...it has them panicking. I am currently listing pro's and con's of making such a move. Money is a BIG deal as I have numerous people I take care of and have for years. I talked with him in his office a bit today to get an idea of what he expects which is pretty much what I expected. I run the show with ALL the heavy equipment, shop and field, am allowed whatever personnel I feel I need, and the freedom to do repairs as I see fit. The problem is I have been self-employed for 29 years which is a good majority of my working life. I don't know if I can even have a boss again. Another big issue is ALL the other customers I have that would have NO other option other than myself, or the equipment dealers. How I would handle that isn't an easy fix, as the potential new boss does not want me moonlighting. I could make other customer repairs on my own time, but do I want to have 2 jobs at 55 yrs. old? Not really. It is not that I doubt myself doing the job, its more of not having the freedom I have now...…...maybe the fear of losing it. 35+ years of experience, all my contacts over the years for reasonably priced parts and tech info...…………..how do you go about placing a value on that? Is it possible to even do that? The pros are a steady paycheck (whatever that may be), health insurance (which I don't have now), my familiarity with the owner and the company ….. and his willingness to purchase the service truck I just bought new last year ( not sure about the tooling as that wasn't discussed yet.) I have a lot of thinking to do to decide if it would be worth it. I'm afraid what I would have to get money wise would have to be astronomical with the losses I would incur from not having my other customers. Any advise out there???? LOL
Wow- what an opportunity. Too bad it didn't show up 20 years ago when you were fighting to build your customer base. Seriously, you bring up good points. As a small business owner and farmer, I understand where you are coming from. I value my customers, and the trust they've put in me. Some thoughts- A) Hate to put insurance first, but it would probably cost you $2,000+ a month for family coverage. At 55, (I am too), you can't take the risk much longer. 5 years ago I took a 16 year old son through cancer treatments. The bills I saw hit 7 figures. It would have taken the business and all my assets. B) What's he pay? Looks to me like that's a biggie, to compare with what you've been banking yourself after reasonable depreciation and taxes. C) Security- many things point to us being back in some type of recession within the next 18 months. Don't know how strong, or how long. But we all remember what construction and dirtwork did 15 years ago. A lone ranger might have a better chance to fight out a living, than an employee. How strong is the Co.? D) Will you spend all your time trying to find good help? You've been working all this time, and I presume enjoying it. Becoming the "boss" is a new thing. Hiring, firing, dealing with the bookkeeper on invoices and so on. Sometimes I just want to go get my hands dirty and not have to listen to anyone's gripping (spelling? Intended verb form of gripe ). E) Contacts- you won't lose them. He wants you because you have parts and tech contacts. Priceless. F) 55 From what I've learned on here, and felt myself, laying on your back in the cold mud replacing a starter isn't getting any easier. Dispatching that job out to one of your younger guys- there you go!
Seems to me that the only benefit would be health insurance and steady income. Those are the only pros that I can think of. Even if he were to pay you a decent wage. I think that you would lose so much more. It depends on your situation. If you have good customers that pay and you have pretty steady work. Then I would stay put. You can't put a price on your independence. Maybe you could work out a contract to help the guy out and help find a decent replacement. Something like a consultant. Then you can keep him happy and keep your customers. Good luck to you. (Wish I had your problem) lol
Welcome to my world! lol. It’s a tough one man, I feel your pain. Let’s chat about it tonight.
I too see the pros/cons, weighed them myself years ago and stuck to moonlighting, two sometimes three operations in play and burnt that candle as if in a forest fire. I opted to fleet service knowing I was getting old, had enough income to pigeon hole a chunk, and get my farm aligned then have a pension as a topper. Some days I really miss the different work and conditions, others I dread having to fix my own junk. It is what it is and always a crap shoot to step off the mark. Tell him no thanks and maybe lose a first good customer, maybe pick up More work from him and send him those you think will suit his needs for internal workers, a great client base is fine until they start retiring and leaving you sitting in a shop truck with little to do in it. Roll the dice bubba, is only Your decision.
Why did the lead man quit? 14 years is a long time to abandon. RTSmith makes a good point about your health and insurance. Lots to consider... And a nice place to be in.
It would be nice if you could speak with the guy who just left (and take it with a grain of salt). Get a contract if you do decide to make the move. A few/several year guarantee at $xxx. I have worked for myself my whole life with the exception of a few bartending jobs in my youth. I could not/ would not work for anyone else now. Life is too short to put up with crap from others.
Tell him you could do it part time and don't want to abandon your customer base that took years to build up. Work for 3 days a week and it gives you time to look after your other customers as well. If it doesn't work out for whatever reason, your customers may not come back if you left them hanging.
I would hate to abandon my customer base. If they're good people who've kept you working, it's not their fault that the other guy lost his help. Hosspuller touched on a good point. Why'd the other feller pick up stakes? Gotta make ya wonder. These days, insurance is just such a big factor. hard to ignore. Best of luck with whatever decision you make.
The thing about putting all you eggs in one basket it only takes one thing to put you out on the street,like what has happened to other members here recently. ( Boss retires ,dies,gets sick ,let’s kids takes over business,sells business and many other causes ... It happens often.). Not easy starting over in your late 50’s. Good luck whatever your decision.
Do u think he's trying to hire u because ALL HIS WORK will now be coming to u at a BIG expense.?? Why pay a guy 3,000.00 for work on a crane {1 job}, when u can pay him 1000.00 A WEEK & have him fix ALL my sh*t.. Like the others have already said>> Pay & bennies.. how do they compare? & he DOESNT want u moonliting?? bullsh*t.. If it wasn't for moonliting, "HE" wouldn't be your customer..{IDK, just guessing, but u could always throw it out there}.. Personally, I like the 3-4 days a week.. & that gives u time to take care of the others.. but you'd have to prioritize your after hrs customers.. Explain that u NOW have a 40 job & hafta "fit'm in".. & see how that flies.. U might hafta go & tear something down & make a parts list in the evening & on your luck hr get the parts ordered & the following weekend go put it back together.?? Good luck Man..
You all have made some valid points, for and against. Let me see if I can answer some of the questions asked. 1. The company has been in business for over 30 years, and I have known the owner that long also. We have always had a good and trusting business relationship so no issues there. 2. Yes, insurance for me to purchase myself I consider way too expensive...…….over 2k a month since I had a heart attack back in 2014. No other health issues so far other than the typical sore back and a tad of arthritis that shows up sometimes in my right hand. 3. I have done work for this company since 2013, and the workload for them has increased every year by an average of 15%. 4. I have 2 customers that retired last year. Although I didn't do a tremendous amount of work for either, when they needed something I got the call. I have others nearing retirement age, including this particular company owner. His youngest son has worked with him in the business and I have known him since he was a small kid...…….but I know he will run things a bit different when his dad retires. 5. The previous lead mechanic was hired on 14 years ago with no experience in heavy equipment. I had a great working relationship with him and we worked well together but his knowledge was limited to basic repairs, and troubleshooting had always been a struggle for him. I have not talked to him since he left this last Thursday, but the story I got from a job super is that he had hit a motorcyclist in his company truck about a week and a half ago (at a stoplight with the motorcyclist in front of him at 9:30 in the evening.) He was apparently driving the company truck for personal use when this happened and it is against company policy. The super then pulled up the GPS records on the truck and had found 33 instances of the truck being used off company hours for the last 2 months...…...again against company policy. Because of the accident, the general manager had informed him that he would have to take a drug test, and that since he was driving against company policy, he would be responsible for the costs of the motorcycle repairs and anything else attributed to it. He then handed over his truck, keys, records and left. On the record here, I have worked with this guy for years and never had any inclination that he could be on drugs. He never seemed to be impaired but was a bit high strung. 6. The previous mechanic above was putting in over 70 hours a week on a regular basis. 7. The customers I have now I have had for many years. At times payouts have lingered in the 45 day range, but being self employed that is something that isn't uncommon. Sometimes, **** happens that you cant control and I know how that can happen so I do have patience with them. They have NEVER stuck me with a bill. 8. Sure, security is always an issue when you work for someone else. I have learned that being self-employed has more security, but economic conditions I cant control and have several times that those came close to ending my own business. 9. Pay hasn't been discussed as of yet. I currently do around $250K a year on my own and that's a weak year. I have done as well as $650K (2013) and peaked at $1.3Mil (2014) annually. As of the last 3 years, I average around $11-$13k a month for this customer alone in billable repair time. 10. Here is the real kicker. In Oklahoma, the pool of qualified, experienced heavy equipment techs is extremely small. This company (and others including the dealers here) haven't been able to keep even basic help. They have hired 3 supposedly experienced mechanics, only to have them quit in less than a month. The only mechanics available are the dealer techs and a lot of those are a crapshoot. There are less independents like myself every year due to retirements or injuries and there is no one available to replace them. The owner already knows that to get what he wants he has to look BIG. 11. I am extremely loyal to my customer base. If I were to do something like this, I have NO referrals and will end up leaving them helpless which is undesirable. 12. A contract is a possibility maybe...……….I am an advisor for them already and have been for awhile. I will sleep on this tonight as I'm sure I will have more to throw out there on this in the morning.
My only advise I have is stay where you are and give your self a raise that will pay for health insurance premiums. From your last post I t hink there is room for insurance premiums in your income.
Lets visit the "he wants to buy my truck" part.. THAT MEANS> it gets GPS'd & u cant do sh*t after hrs.. Let THAT sink-in overnite.!!! lol Maybe its just me, but NOBODY OWNES ME when I leave the property.. Its MY TRUCK & MY TOOLS & I'll turn'm wherever I please, when I'm off YOUR clock..
The question I would ask myself is how how much more or less am I going to have to work in the coming years than what I am right now if I work for this guy I have rarely seen a mechanic at company that worked less than 50 a week most work more my guess is you wont have much time to moon light If he bought your truck it would be his truck end of story I would think But this thought occurs to me he is trying to buy you out basically for much less than your business is worth not that you could sell out your book to anyone for what it's worth so you may never just a thought
I don't think he could pay you anywhere near to what you are making on your own and sounds like he wants to keep you on a leash. The reason for buying your truck may be more to keep you on a leash. If you do consider the offer lease the truck to him and you keep it in the end. You need the truck to do the work and it's cheaper for him than buying a new truck. My dad did this when he sold out and stayed on doing commission sales. I'm not sure but I don't think there are many mechanics making close to 200K working for someone else. This is allowing the extra to cover your insurance, etc. Simple figuring if he paid you 13K/month is $156,000/yr. How many hours per week does he expect you to work?
Just a few thoughts. Are those incomes you speak of gross sales or net income? Either way they likely are far and away more than you will ever get paid by any employer. Second item is what do you have in the kitty for retirement and what will you still owe on when you stop working? How many dependents are you carrying? Does the employer have any type of retirement plan, 401K with company match, IRA plan or other tax deferred way to acquire funds? Being an independent generally means you are reacting to your customer's needs as they come up. Working for a fleet means assessing present condition and making future plans for spending. Do you have the business skills to put together a financial plan to keep the fleet at a minimum state of readiness. Last item is how well do you work with people? As an independent contractor you really don't care about all the quirks and idiosyncrasies of those around you. As the boss, all the quirks will get on your nerves before too long. How are you going to keep them producing when they get tired of all your quirks and idiosyncrasies? You have a lot to think about. As far as I can see you can't lose either way. Just keep the truck and your own tools. You can always go back to your own business later.
wow thats going to take LOTS of hard thinking
Seems that perhaps you have answered your own question, after reading the above post. Go with your gut.
Go w/ your GUT & WHATEVER your WIFE SAYS.. lol
My effin monitor went out this morning and to type my thoughts overnight would take me hours on this phone. Will update as soon as the wife figures out the computer issue.
After reading all the replies & sorta being in that boat.. but opposite.. I HAD a job for 30 years & decided to walk off.. it just wasn't worth the headaches anymore.. IF your making what u say ur making {no reason not to believe you} THATS a pretty sweet gig.. & u CAN AFFORD your own health insurance.. STAY PUT.. The work will find YOU.. & that customer/boss will be sending u his work for thousands more than your WEEKLY pay check.. {from him}
I'm in almost the same boat. the big difference is my wife has a job with heath insurance that covers us both. I just recently took a 3 month project on (and completed) for a company that wants me to come on full time and has for years. I had the freedom to "moonlight" as much as I wanted as long as the project was going smooth. It's turns out that for me at 56 years old I just didn't have the drive to keep everyone happy just not enough hours in the week. I guess what I'm trying to say is it would be very difficult to do both and that if you commit to working for them 3 or 4 days out of the week you would not likely keep everybody happy. For me I have decided to stay on my own (my wife's insurance maybe the biggest reason). Like most here have to say "I't a tough one to make". Good Luck my friend!
This might be fraught with problems, but what about an agreement that his shop (you) would continue to service your existing customer base for a year or two or three? And bill it through the office at a rate similar or a little more than what they have been used to.
[strike]thinking[/strike] drinking
I will throw this out there, when I was looking at giving up side work, weighed heavy as to the money but my body was telling me getting close to limits. 40 became my magic number to stay on the street and at a dead run where at 38 went to the Utility company where not long after changed career direction as a plant operator. When working as a Contractor I got paid really well but no bene's, that I got from a full time job 8 hours a day, when everything started falling apart(Me physically) insurance was not enough as they declined MOST of my degradation to a life of abusing myself and notified me to contact Work Comp which was BS as you have to make those claims in a limited time frame. At 55 are gonna be lucky to press thru to 65, 67 MAYBE 70 if luck holds out and illness does not set in or the company folds under you, not much time to build a big 401K or arrive at a modest pension, Medicare starts at 65 where even being fully employed most at that age only receive a supplement for the money. 10-12 years does not come too fast but passes at the blink of an eye. If making good coin now stick to it and pigeon hole as much as can hide, at that point everything begins to fall apart bodily(after 62) sell the business to another and bank the money to ride into retirement.
If the company that wants to hire you, had the guy you will be replacing working 70 hour weeks, he doesn't want you part time. He wants you to work for a hourly wage rate, all the time for him. If he's doing 12,000 average a month with you now, why go to work for a wage for him? You're going to get the good work from him anyways, and just not have to do the greasing, oil changes, tire changes, and simple stuff that his other mechanic spent 70 hours a week doing. You'll get the good paying, more involved repairs. I see no reason to want to do all the other stuff. Most guys avoid having their own business because of the insecurity and they don't know if they can make enough to survive. You've done it. You have the dedicated customers, and have been making it work. Why stop that if you enjoy it? Do you think you will enjoy working for him more than you like doing your own thing? You can buy benefits. Having benefits, won't make you enjoy work. I see no reason to give up your own business for medical benefits that won't be as good in the future as they are now, and will be more and more paid by the employee. And 70 hour weeks. And babysitting a bunch of other peoples employees, and equipment. From what I've read of what you do, and what he wants you to do, I don't even know why you are thinking of going to work for him. If the economy goes south, and you can't continue on your own, then you can look for a job. Until then, I see no reason to stop your current business. Good luck, and I hope whatever you decide works out.
Amen, CrOp.. that sums it up, in a nice clean package.. I'd like to be a fly on the wall when he walks in & says, "Thank You.. BUT No Thank You".. & depending on what type of boss he is, watch him grovel.. I'll be interested in how he "sweet'ns the pot".. The thing that eerks me was the, "buy your truck & no moonlighting".. & you know they would put a gps on it 1st thing.. & probably have HIM do it.. lol..
The fella wanting to be boss KNOWS how much he does, KNOWS how much he pays him now, without the truck he gets no access to burn that extra candle wick and cannot just up and quit when it turns sour and that man KNOWS this. May be an absolutely alright regular guy but IS a shrewd businessman and understands how to check all the appropriate boxes. I too would be sticking to contracting.
No more talking to the company boss as of yet, just my thoughts the last 2 days. 1. My monitor issue was no power. The wifey turned the monitor off the night before (which she NEVER does) because it came on during the night while she was sleeping and woke her up. NOW BEFORE YOU GUYS START RAGGING ON ME...……….I pushed that dam on button 20 times yesterday morning and NOTHING. She gets here after work and it comes on the first time she pushes it. I am convinced it is some kind of conspiracy against me. I have decided to pretty much just stay where I am( haven't informed the company Pres. yet). In the last 2 years, I have been trying to decrease my workload and spend more time with the family which has been working and not effected my income by a lot. I have summed up the pros and cons below...……... Pros... 1. I know their equipment already, and the employees. 2. Health insurance. 3. Steady paycheck. 4. I am supposedly in charge of the equipment and what gets done. 5. Possible 40 hour work weeks. 6. No more dealing with insurance companies, state and fed taxes, IRS......etc 7....…….that's about all I can think of at the moment. Cons.... 1. Loss of freedom. I value that HIGHLY. I can take vacations whenever I want, for as long as I want. If I want a 3 day weekend...…….I take one. 2. Possibility of the boss man (president) that would be hiring me..retiring real soon. He has already bought a place In Arizona last year and currently travels between there and Tulsa. 3. The person taking over for the retiring boss is his youngest son. I currently do not deal with him and have no idea about his thought processes. He is a #'s guy, and if workload gets slow, I could be gone if making a high wage. 4. Loss of security. I am NOT wealthy, but I own everything I have outright with the exception of the new service truck I bought last year. Yeah, its costing me $1400.00 a month, but in the grand scheme of things it isn't a big deal. 5. I highly doubt that 40 hours a week for me will work for them...…….It is highly likely that could turn into much more, and I wouldn't be in the position to say no....RIGHT? 6. Less family time, which would contradict my goals the last 2 years. 7. Possibly servicing and repairing numerous pick-up truck and small equipment like plate compactors and such. Not that I care a lot about that, but I am not supposed to be doing that work. It is likely I will because.....again, It would be difficult to say NO being on the payroll. 8. Too many customers I still have depend on me. With the inability to continue for them, that would eat on my consciousness. Yes, a lot will be retiring over the next 5 years, but I CONSTANTLY turn down new work as it is. 9. The company already has a super high turnover in employees...…..not good, but I also don't know a lot of the reasons people leave. 10. ……..and for the GRAND FINALE and the most important of all...…….The job could become mundane for me knowing my nature. Working on the same equipment all the time is what got me started in self employment. Lets face it, for me it gets BORINGGGG after awhile. I left good jobs when I was young because I learned the equipment easily and would be come bored after 2-3 years. When you are self employed, it is ALWAYS something new. A new place I haven't been, new customers I haven't met, new contacts that can work into good jobs and income, and new equipment of differing makes and models with new technology to challenge me. THIS is the biggest reason I LOVE SELF EMPLOYMENT! If I am not constantly challenged, I will lose interest...……...I know myself well. I believe I will talk to this company boss on Friday. I am going to offer to make up the workload as best I can until they find someone to operate for them in the capacity that was being done before. With the current state of affairs concerning the availability of heavy equipment techs for hire, it is unlikely I will lose any work at this point in time. I will offer to help him hire an individual that will be an asset and not a liability, and someone I can work with as before. Lastly, I would like to thank ALL of you for your comments. It really helped me focus on WHY I do what I do...…………..as the distraction of the offer was clouding my judgement! I look forward to continueing to offer what assistance I can here, and getting to know everyone here even better!
FREEDOM - that is the one thing that I would miss the most if I went back to working for someone else. I've busted my butt to build my business and customer base over the past 25+ years. I won't part with that until I retire and sell off my business, with plenty of training time for a new owner. It's more about the quality of my life than the amount of money I make. If I work harder & smarter, I can make as much money as I want to. "Money can't buy you love" or happiness, that's up to you to figure out, so don't base it all on the green. Consistent money is nice but I can drop whatever I am doing, provided I don't have any pressing contracts going on, and head out of town for some decompression time at most any time I choose to. I can't do that with a boss or employees to look after. And if I did not enjoy what I am doing, I would have gotten out of it many, many years ago. Life is short so do what makes your life the most enjoyable, whatever that is for you.
Figured you are smart enough to figure it out on your own. You only needed us for a sounding board!!
A Dog offered to help a Wolf get regular feed from his Master. The Wolf listened but saw a bald spot on Dog’s neck where the collar sat. Goodbye said Wolf. Better starve free than be a fat slave.