Why did I get into the motorcycle field?

[mg308]

Sometimes I wonder why I ever got into the motorcycle business. This is one of those times, but worse than ever.
Here is my tale of despair: I have made motorcycles my career. After being in the field for over 15 yrs, I got what I thought was my big break. I've wanted to start my own business for a long time. Four years ago I met someone with money who talked me into starting a shop with him. At first things went well. As we began to make money (I ran the shop) he began to step in and make decisions on his own. There is little I can do since he owns controlling interest. Well, his big spending and over confidence in his decision making have created a financial crisis that the company is NOT going to recover from. I,m mad as heck! :| All my hard work for these years is for nothing. You see, now that everything is going down hill, he has lost all interest in the business. That's fine for him. He doesn't have to work for a living. Me; I'm faced with having to find another job. I guess it's back to being a dealer tech, that is if any of my former competitors will hire me. And my employees, I really feel sorry for them. It's going to be tough to have to give them the bad news. Why couldn't he just leave it alone. I was starting to make us some money.
Any advice or encouragement would be appreciated. I just needed to get this off my chest.

 

[326mx]

Just remember at least you are doing something you love. And no one can take that little bit of your job away. I mean there are people who never get to do something they like. I am truly sorry about your shop. Sounds like you were a quality one with a dedicated staff. However that doesn't change that it is closing. Don't worry about another job. If I was a dealer owner and a former shop owner needed a job I wouldn't hesitate in hiring him. As for your employees well wish them the best and hope likewise.

Hope I helped.

 

[motometal]

find a silent partner, buy controlling interest, and turn it around! You can do it!

 

[Big Tuna]

To tell you the truth I don't no anybody that isn't in a better position today after being laid off at one time or another, myself included. It may look a little grim right now, but things "will" turn around for ya as long as you keep your head down and a$$ up. Sounds like you just made a bad choice in partners, and I'm sure you will learn from the mistake, and move on to greener pastures. :thumb:

 

[Tony Eeds]

mg308
I agree with motometal. If you can pull together information that shows what is wrong and how to change it, you can find someone to invest. Your business has value because of the previous success.
I would quickly try to get your "partner" to agree to a $0.00 buyout. If the business doesn't have a debt load that is beyond your means, it would be a way to get the offending party out of your hair. If he views things as hopeless, this might be easy.
I made a bad decision regarding partners that cost me a great deal of money. Although my company still suffers from limited cash, I have learned a great deal. The funny part was, I knew in my heart (If I am truly honest with myself) that it wouldn't work. Believe in your instincts and follow them.

 

[bsmith]

Here is how some a couple close friends look at your situation ;)

"Most people give up just when they're about to achieve success. They
quit on the one yard line. They give up at the last minute of the game
one foot from a winning touchdown." Ross Perot-I would say you sound pretty darn close :thumb:

"Our greatest glory is not in never falling, but in rising every time we
fall." Confucius

"Failure is Success if we learn from it." Malcom S. Forbes

"There is no future in any job. The future lies in the person who holds
the job." George Crane

" The people who get on in this world are the people who get up and look
for the circumstances they want, and , if they can't find them, make
them." George Bernard Shaw.

 

[BunduBasher]

mg308, looks like once you toss the bum, you can turn things around. At least you have gained valuable experience and know what works, and how to make a success of your business. You may have to go the bankruptcy route, this does not mean you should not be in business, nor have your own business. Salvage all that you can, equipment, tools, inventory etc. Don't give up now.

Heck, I wish I could be your partner, we would probably make a million ! :thumb:

Alan

 

[Zoomer]

*If the most of the dept goes with him, start over by your self.
I was in business for 15 years myself. The bigger I got,the more head aces I had (6 employees, morgages, insurance payments, sales tax,loan interest for new product collecting dust, and then selling at cost to unload. ect ect)

I finally pulled the plug. I would start over in a heart beat, in a small garage, me, myself, and I- only! And only service work, as sales is to cut throat now days, not much customer loyalty these days. No partners, never works. (most of the time) One gets lazy and if he has controling interest, look out.

Finding a silent partner is ok, but you still have all the overhead (and I take it all the inherited overhead from the previous partner.) If it is going under, get out, and start over by your self, small scale and work back into it. Keep your overhead low.

If you have a good following, send out a letter to all, that you are going to work out of: a) your garage untill you can find sutable real estate
b) a differant location that you can get reaonable to keep with in your means
You've had a taste of it, working for your self is very rewarding. Also a pain in the neck at times. The long hours are woth it.

Good luck MG308! :thumb:

 

[Jasle]

FWIW most of the people on the forbes 400 had several failed buisnesses before the hit it big and mad the list.
You will never loose all you have learned through the process.

 

[Chili]

One of the top race mechanics in my area had a shop that he couldn't make a go of, he now has a nice setup in his garage and seems to do very well. Good Luck I hope it works out for you.