First off I want to give a big :thumbsup to the founder and Admin's of the site. Huge wealth of information & very well laid out. Thank you for your hard work... It really shows
Here is my situation (WARNING: LONG POST ALERT)
I am 27 yrs old. My family has been in the construction business for over 90 years. Started with Great Grandfather, Owned & Operated coal mines in Central IL. Grandfather Owned & Operated Redi-Mix for 40 yrs until his early death. Uncle has had Excavating business for 32 yrs. I myself have always been around the construction business due to my family ties since I was able to walk(I was allowed to operate a Skid-Steer before I was allowed to ride a dirtbikeointhead)
I however took a different road. Worked in the family business all through my teenage yrs in the summers and one full yr after H.School. I then went into the Car Business while I was still 18. I have been in this industry for about 9 yrs(Which is worse currently Automotive or Construction:beatsme) I am a General Sales MGR at a large GM dealership. I have the typical wife & 2 children.
Due to an unfortunate turn of events my Uncle at the ripe old age of 49 has fallen ill with Cancer, and the prognosis is not good. I am currently at a cross roads and I am in desperate need of direction & advice.
My family's excavating business has mainly been in the residential side of things w/ approx. 90% of the work involving manufactured & modular home foundations and everything that goes along w/ those projects(septic, min. dirtwork, etc.) I spent 2 yrs part time as a sales rep. for one of the home dealers we installed for. Before my uncle went down & actually became a dealer myself. My first home project is about 30 days from closing currently(just tying up small loose ends, finish work inside). My master plan was to ramp up the home sales and do all of my own site work(foundations, septic, etc.)
The business is in less than fantastic shape due to the economy and my uncle's sickness. There are a few small glimmers of light based on my own knowledge confirmed by the information I have read on here. The first and foremost is that there are no liens or loans on any of the equipment or property. The equipment in the business goes as follows:
Case 580 SL ext hoe 7+ buckets 2800 hrs ex working shape
Case 1845C Grosser tracks 3 buckets, forks, dirtbox 530 hrs. like new
Case 580 SE 4000 hrs glory days here and gone but runs & starts excellent
86 IH dt466 sgl axle dump 130k mi needs tires and some other small maint.
My own 94 F350 Dump 351W Municpal Truck decent shape
Trailers adequate to move all pieces of equip.
Due to my family's long history in the industry with the same area my name still holds some water. On the flip side we did little to no for hire work, actually turned down a fair amount of work due to the fact we were doing 120+ foundation projects for the home dealers per/yr. Given that fact there is little to no direct customer base. In short, people know us but haven't experienced our work.
So to sum it up: 0 overhead , 0 customer base
Due to my yrs around the business I have the ability to operate everything to satisfactory level and maintain respective efficiency. My current position is a 90-100k /yr. job. But that's exactly what it is a job.As you probably know(unless you've been under a rock) the last 12-14 months in the auto industry has been enough to make anyone want to commit suicide. I think I have reached my level of tolerance within the field and I find myself day dreaming about digging in the dirt. I have always loved it and everything that goes with it, even the headaches.
Here are my options:
A. Liquidate the business and leave the industry that has kept my family thriving for nearly a century.
B. Try to juggle both my current job(70+ hrs./wk) and do the excavating business part time(kind of what I am currently doing)
C. Leave the auto business in the dust and go full steam with the excavating before it's too late....
Now I wouldn't have spent the last 1/2 hr of my life writing this extremely long post if:
1. The economy was stable
2.All of my own personal assets were paid off (mtg, car payment, boat)
3. I was single, didn't have a newborn, and a teenage stepson eyeing cars & college.
I apologize for boring some of you to death but I am in a pickle. I know ultimately I am the one who must choose my path and the glory or consequnces that come with it. I came here to gain any extra industry insight and advice the assist me in making a decision that is going to have a huge bearing on the rest of my & my family's lives.
Don't you guys feel special??? lol
Thank You in advance for any insight you can give me.
Jason
* NOTE:Sorry for the double post in the general industry section*
Here is my situation (WARNING: LONG POST ALERT)
I am 27 yrs old. My family has been in the construction business for over 90 years. Started with Great Grandfather, Owned & Operated coal mines in Central IL. Grandfather Owned & Operated Redi-Mix for 40 yrs until his early death. Uncle has had Excavating business for 32 yrs. I myself have always been around the construction business due to my family ties since I was able to walk(I was allowed to operate a Skid-Steer before I was allowed to ride a dirtbikeointhead)
I however took a different road. Worked in the family business all through my teenage yrs in the summers and one full yr after H.School. I then went into the Car Business while I was still 18. I have been in this industry for about 9 yrs(Which is worse currently Automotive or Construction:beatsme) I am a General Sales MGR at a large GM dealership. I have the typical wife & 2 children.
Due to an unfortunate turn of events my Uncle at the ripe old age of 49 has fallen ill with Cancer, and the prognosis is not good. I am currently at a cross roads and I am in desperate need of direction & advice.
My family's excavating business has mainly been in the residential side of things w/ approx. 90% of the work involving manufactured & modular home foundations and everything that goes along w/ those projects(septic, min. dirtwork, etc.) I spent 2 yrs part time as a sales rep. for one of the home dealers we installed for. Before my uncle went down & actually became a dealer myself. My first home project is about 30 days from closing currently(just tying up small loose ends, finish work inside). My master plan was to ramp up the home sales and do all of my own site work(foundations, septic, etc.)
The business is in less than fantastic shape due to the economy and my uncle's sickness. There are a few small glimmers of light based on my own knowledge confirmed by the information I have read on here. The first and foremost is that there are no liens or loans on any of the equipment or property. The equipment in the business goes as follows:
Case 580 SL ext hoe 7+ buckets 2800 hrs ex working shape
Case 1845C Grosser tracks 3 buckets, forks, dirtbox 530 hrs. like new
Case 580 SE 4000 hrs glory days here and gone but runs & starts excellent
86 IH dt466 sgl axle dump 130k mi needs tires and some other small maint.
My own 94 F350 Dump 351W Municpal Truck decent shape
Trailers adequate to move all pieces of equip.
Due to my family's long history in the industry with the same area my name still holds some water. On the flip side we did little to no for hire work, actually turned down a fair amount of work due to the fact we were doing 120+ foundation projects for the home dealers per/yr. Given that fact there is little to no direct customer base. In short, people know us but haven't experienced our work.
So to sum it up: 0 overhead , 0 customer base
Due to my yrs around the business I have the ability to operate everything to satisfactory level and maintain respective efficiency. My current position is a 90-100k /yr. job. But that's exactly what it is a job.As you probably know(unless you've been under a rock) the last 12-14 months in the auto industry has been enough to make anyone want to commit suicide. I think I have reached my level of tolerance within the field and I find myself day dreaming about digging in the dirt. I have always loved it and everything that goes with it, even the headaches.
Here are my options:
A. Liquidate the business and leave the industry that has kept my family thriving for nearly a century.
B. Try to juggle both my current job(70+ hrs./wk) and do the excavating business part time(kind of what I am currently doing)
C. Leave the auto business in the dust and go full steam with the excavating before it's too late....
Now I wouldn't have spent the last 1/2 hr of my life writing this extremely long post if:
1. The economy was stable
2.All of my own personal assets were paid off (mtg, car payment, boat)
3. I was single, didn't have a newborn, and a teenage stepson eyeing cars & college.
I apologize for boring some of you to death but I am in a pickle. I know ultimately I am the one who must choose my path and the glory or consequnces that come with it. I came here to gain any extra industry insight and advice the assist me in making a decision that is going to have a huge bearing on the rest of my & my family's lives.
Don't you guys feel special??? lol
Thank You in advance for any insight you can give me.
Jason
* NOTE:Sorry for the double post in the general industry section*
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