Replies

1. 
   Guest_ | Apr 03, 1999 01:07am | #1

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   The absolute key is the answer to this question: "Can you be a manager?"

   There are a lot of great tradesfolk who just cannot manage. When they try they just make themselves and their employees miserable and/or they go broke.

   A second factor is illustrated by one of my sayings: "Lots of folks can make money. It takes talent to keep it." Do you have that talent?

   If they answer to the above is "yes", have fun in your new adventure.

1. 
   Guest_ | Apr 03, 1999 07:03am | #2

   *Andrew,I am in the same boat that you are 'cept for its my 12th year and I am finally booming (quarter million in sales for 1998). When you get it all figured out, be sure to share the info with me. My ways are still painful. By the way, I think fred gives the best advice. The hardest part is letting other people do my work. No one is as good as me or knows how to do things my way (the right way). I'm sure you know what I am talking about. I always want to be right there and having my hands in the mix. It's been a tough transition for me thus far.Pete Draganic

1. 
   Guest_ | Apr 03, 1999 05:16pm | #3

   *Pete, did youever think about hiring a manger, and staying in the field?blue

1. 
   Guest_ | Apr 03, 1999 06:43pm | #4

   *Nice going Pete.Been there, done that and while everyone's situation and knowledge is different the one mistake I made was not knowing enough formal accounting. I later rectified that, but if I were to do it again, I would spend nights at a local tech school and take one year of accounting, financial and managerial before I did anything else. I would also drill into my head net present value and return on investment taking only the projects with the highest return. Dale Carneige has some good short courses also, and the How to Win Friends and Influence People was good for me, though as you might have noticed, I probably didn't take away as much as I should have. Also, if you don't have it, get Quickbooks Pro. You can have an accountant do all this, but if you want to keep your money, handle your own. There is nothing like having your hands on that filthy lucre to sharpen your business skills. And no one, including those closest to you, will appreciate the sweat, worry and striving to achieve that goes into making those dollars like you do. Have fun.Dennis

1. 
   Guest_ | Apr 06, 1999 09:14am | #5

   *hahahahahahahaha, good one Andrew P. Actually, everyone else has said the right stuff.

2. 
   Barry_Giles | Apr 07, 1999 07:35am | #6

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   Never, ever run out of cash!!!!Cashflow is GOD.
   Never, ever get into the bank for more than you can earn in a year!!!
   Employ the best person you possibly can to do your present job.
   SELL THE BUSINESS WHEN YOU GET A GREAT OFFER.
   (Been there but forgot to sell)

3. 
   Guest_ | Apr 07, 1999 11:00pm | #7

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   I'll take ten bucks for my boogerin' business!

   Blue

4. 
   SuzieQusie | Apr 07, 1999 11:26pm | #8

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   Can a gal join the discussion? I'm in Access Control Installation (widow left with business),am watching oldest son expand the business, his idea is delegate, delegate & delegate, it seems to be working. It is nerve wracking when the cash flow is not flowing. We really like Quick Books Pro, wish I knew how to use all the features but will get there sooner or later.

1. 
   jcallahan | Apr 08, 1999 05:23am | #9

   *Sold!

5. 
   Andrew_Phillips | Apr 08, 1999 05:44am | #10

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   My renovation business is booming after 10 years. I want to expand from a hands on contractor to more of a management position. Any advice from those of you who have made that transition would be appreciated.

6. 
   Guest_ | Apr 08, 1999 05:44am | #11

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   Geez. Been there and sold. Always wondered if I should have stayed. Reassurnace is always good.

   Dennis