Have you ever just said "Fuck It"?

[Stoo]

Excuse the idle ramblings at 3 something AM. I'd like your opinions...

For the past 20-odd years, I have operated two reasonably successful businesses. One of them always produced a product that would result in the business having a limited life span... It manufactured "buggy-whips" essentially. Over the past few years, I have gradually planned for it's orderly closure and that is now about complete.

Unfortunately, I think that I have underestimated the interdependency of the two businesses. In other words, closing the one company is having a fairly detrimental effect on the other since the two companies split many operating expenses. While I have tried to reduce these "shared expenses" I am finding this more difficult than I expected, due to the general state of the economy. This has left my core business struggling...

On top of this, I have come to realize that certain key members of my staff just aren't earning their keep. I am taking steps to change their compensation packages, but if you run your own small business, you are aware that this doesn't happen over night. Reducing staff is difficult since many of them have been with me for many years so "common law" dictates a significant buyout.

Anyway, all of this has left me feeling disheartened and questioning if I even want to carry on with this business. I have a significant personal investment in the business (as a secured shareholder) and I have come to the conclusion that the best way for me to be certain of getting my money out is to declare bankruptcy. This is not to say that it's impossible to fix this, and honestly, it's not in my nature to give up, nor do I have any desire at all to stick my many suppliers (some of which are small businesses with me being their largest customer) with a bad debt.

But at the end of the day, this isn't fun anymore. I have looked at several merger opportunities and for various reasons, they don't make sense. I have been offered a job with another much larger company in the same field, but having been an entrepreneur for a long time now, I just don't think I would make a very good employee! Besides that, I have come to dislike the industry I am in.

So my question is this: Have any of you found yourself in a situation with your work life where you just said "Fuck It" and made a complete change? A new job or business in a different field, perhaps one that holds more personal interest for you? If so, are you glad you did?

I appreciate that the easiest thing to do is to go work for someone else or merge, but I don't really think these options would leave me feeling any more satisfied than I am now. Assuming I can get my investment out OK, I could afford to take some time off to "re-group".

So fellow Terbites, I await your sage (and free) advice!

 

[LKD]

You could always put your company up for sale rather than merge or declare bankruptcy.

 

[Stoo]

You could always put your company up for sale rather than merge or declare bankruptcy.

With one of the merger opportunities, this is really more what it would be, as I would end up in a minority position. The other guy is only willing to go forward of I agree to a long-term agreement to stay... And I'm not sure I want to!

This would likely be the best way to go financially however.

 

[a 1 player]

My new philosophy

http://www.videosift.com/video/Chappelle-s-Show-Fuck-It

 

[papasmerf]

When I got divorced a couple of decades back I closed my company. I went from 16 hours a day to 8 maybe ten. Until a few years ago I did not miss the independence.

 

[Stoo]

My new philosophy

LMAO... Perfect. Thanks for the chuckle (although I am concerned about the "no pussy" part...)

Actually, that little ditty kinda sums up my feelings... I think. The kids are finished at school, so no huge obligation there. The alimony just ended. The investments aren't doing too badly, all things considered...

I really don't have the same financial "needs" I had a few years ago.

 

[Stoo]

I probably should have mentioned that I am in my early 50s. I have always expected to be doing "something else, somewhere else" by 60. Perhaps I just need to advance my plan a little bit...

I'm going to try to get back to sleep for a bit. If you guys wouldn't mind discussing this while I get my beauty rest, I'd appreciate it. I'll check in about 6:30 for your solutions~

 

[papasmerf]

I probably should have mentioned that I am in my early 50s. I have always expected to be doing "something else, somewhere else" by 60. Perhaps I just need to advance my plan a little bit...

I'm going to try to get back to sleep for a bit. If you guys wouldn't mind discussing this while I get my beauty rest, I'd appreciate it. I'll check in about 6:30 for your solutions~

You are on to something

Sel and retire

 

[lawyerman]

I am at a stage in my life where I want to change my career.

I have enjoyed what I have done and I have learned a lot but numerous things have turned me off completely.

I am planning to do something in my career that I love doing. Why do something that you don't even like or dread going to work every day?

Enjoy life and be positive. Do it for yourself.

 

[Danolo]

Yeah, I know what you mean...

I'm 61 and several years ago I said "fuck it" and left a six figure income, corner office, big staff, 12 hour days, six days a week, company car...

I have never been so happy since I left.

I now run a small consulting business that lets me work when I want to, I have reduced my expenses and live simply, and I'm pretty serene.

I do not suggest bankruptcy, Stoo. The betrayal of your suppliers and long term staff would hurt you in the end. On the other hand, if staff are not carrying their weight, get rid of them.

Saying "fuckit" does not mean (in my opinion) walking away from problems, but rather executing a planned change that, while it may be dramatic, gives you the best result.

But, I believe you have to do it honorably. Because, wherever you go, you take yourself with you.

I believe we have a responsibility to ourselves and to our family (If that's the case for you) to do the best we can and live happy and serene lives.

As for the mechanics of selling, merging, dissolution, whatever, I cannot judge... you know the facts of your business and market best.


I wish you well.

 

[Stoo]

Why do something that you don't even like or dread going to work every day?

Bingo. My nature is that I tend to be a very positive, upbeat guy. Even though I own these businesses, I spend my most productive and enjoyable time selling and supporting my clients. Lately though, I am having to spend the vast majority of my time dealing with the BS of "running" the business. (One of those over-priced, under producing guys I referred to earlier is supposed to be the General Manager, but he just isn't doing it..) It's this BS that's sucking the life out of me. Ya, I hate my job and dread going to work everyday.

But, I believe you have to do it honorably. Because, wherever you go, you take yourself with you.

LOL. Well put. I have no desire to screw suppliers or staff. "Honor" is an overused word I think, but have I always tried to conduct my affairs in such a way. Many of my suppliers are small businesses and the loss of my business would be devastating for them, but I would give them as much notice of my intent to wind down as I could. My "sticking" them would I suspect result in their closing as well. If I end up going the insolvency route, I would clear up their accounts as best I can. Other suppliers are huge multi-nationals and the amount of money I owe them wouldn't represent coffee money to them.

All the same, one option I am considering, is to essentially became a consultant to my best clients, and I would need the support of these same suppliers to do that effectively...

So here's a solution... How about those of us that feel the same way, swap jobs? Even temporarily. Maybe a walk in someone elses shoes would make us all feel better!

 

[HG Hunter]

With one of the merger opportunities, this is really more what it would be, as I would end up in a minority position. The other guy is only willing to go forward of I agree to a long-term agreement to stay... And I'm not sure I want to!

This would likely be the best way to go financially however.

Try to get him to take you on a shorter term, say a couple of years or so, and that will give you time to transition out. During that time you should be able to work less hours, have less pressure and less stress, but reap most of the benefits you're used to and plan for your next "career".

Good luck.

 

[Stoo]

Hire someone (wink wink, me) to run the business and lay off the slaggers. You can go travel and consult with me on the desk occassionally. Im a ball buster, I wouldnt let anything bad happen to your baby.

LOL... Hey Sweetie... We've had this conversation. I really don't know it would help the business much, but it would make it more enjoyable going to work everyday! (And keep my desk cleared off!)

You look after "my baby" pretty well as it is!

 

[elmo]

Have you considered working a deal for a buyout with your underperforming GM? This might motivate him and give you an out.

 

[enduser1]

Hi,

Given what you said I would expect you to declare bankruptcy. The good news is that the lousy economy gives you a good excuse. The golden rule of bankruptcy is that: the little guys who will be destroyed by your actions are the ones who are going to oppose them. A very classy thing to do would be to settle accounts with your small suppliers.

But beware, you don't want to make what is called a preferential payment. A good strategy, if you can hang on for a while, is to switch suppliers to big companies that won't care and offer credit, while settling your smaller accounts with the smaller suppliers, (In The Ordinary Course of Business). Also, when arranging lines of credit, make sure they are unsecured.


EU

 

[Stoo]

Have you considered working a deal for a buyout with your underperforming GM? This might motivate him and give you an out.

He's actually older than me and I don't think he'd have much interest. He is on a profit-sharing incentive.

I do have one sales guy who I have spoken too in this regard. He doesn't have the resources to buy the company outright... and I don't think he has the skills. Good sales instincts do not necessarily translate into good management skills...

 

[Stoo]

The golden rule of bankruptcy is that: the little guys who will be destroyed by your actions are the ones who are going to oppose them.

Agreed. Fortunately, the amounts that I owe to some of these little guys is pretty small and it should be easy enough to clear them up. I also know them well enough personally that I could give them a private assurance that I would look after them after the fact.

Other than myself, there are no secured creditors. I don't have a bank LOC, and no personal guarantees on anything. The largest single obligation I have, other than employee severance provisions (as required by "common law") is the remaining time on a lease.

 

[Diode]

Its interesting. We seem to be weathering the storm ok. No layoffs, and contracs seem to be comming back. The thing that drives me nusts, is workers just don't understand that now there are many under/unempolyed people who would KILL to have their jobs.

Unlike those of us in managment and sales who have hussled times 10 for the last 9 months to ensure we can all eat, workers seem to be living in some twilight zone, where they don't have to work any harder.

Is that what's getting you Stoo? That no matter how hard YOU work, others just don't seem inspired?

I know its what pisses me off the most.

 

[james t kirk]

I think you're being a tad selfish.

You state that there is a buyer/merger for your company, but YOU don't like the idea of working for someone else.

Who says you have to work, who says you have to work for them?

You seem to be pretty much resolved in your mind that you're going to declare bankruptcy, even though you really aren't broke. (Just too much grief.)

Again, you're thinking only about yourself.

If you don't want to do it anymore, and you have a buyer - then sell it to them and walk away. That way you don't stiff your creditors and the people you have working for you get to keep a job for now.

I dunno, seems like a no-brainer to me.

 

[artj]

Everybody says "fuck it" once in a while. If you close your company(s) it is a long ajustment on work hours and on taking orders from an other person. It will time, but I think you may need the rest or you will burn out.