First of all, I'm new here. I am a 36 years old guy, in my 8th year of my business, which is a service/ delivery type operation. I have always had an entrepreneur ambition since about High School age, so while gaining new business and new work is still challenging in our flat-line economy, it comes fairly easy for me.
Short story, I originally purchased my business from a guy who wasn't doing very well with it, and who was undercharging and taking on very problematic accounts. Within four years, I had turned the business around and was gaining traction. Hit a road block into my 5th year as my two year old (at the time) was diagnosed with a life-threatening illness.
I pretty much sold 80% of my accounts, and ran the business on "auto-pilot" while my wife and I spent the next year focusing on our sons illness. Fast forward, after my sons recovery, I got back in full gear and hit the ground running. It was at this time I made a decision going forward to only take on new work locally. Over the next two-three years business doubled, almost tripled and exceeded expectations.
However looking at where we are today, I find that I'm in a terrible position and unsure what direction I should take. I have turned away or referred out more business this past year, than ever before (deep down inside I hate to tell a paying client no). My best skill sets are sales and marketing. I am mechanically inclined enough to do quality work and labor, but I don't LOVE that part of it. For me the gaining of new business, sales and marketing are my first love.
Right now in my town, my company is probably number #2 out of a myriad of competitors. I actually send all of the work I can't take on anymore, because I'm maxed out to the #1 company which works out great. I find that by promoting my direct competitor and mentor, he will not bad mouth or berate my company when a prospect is cross-shopping our services. We also communicate, albeit on a thin line about rates, services and fees to make sure that we keep the rate for quality work where it needs to be, and not lower. He has his niche and I have mine, so we are not exactly battling for the same work all of the time.
Anyway, now with a 2year old and 5 year old, there simply isn't enough room or time in a day, to add or take on anymore work without working late weeknights or weekends. I could hire an employee but with an almost $2000/month childcare bill (wife has full time job of her own and doesn't help with my business), it simply isn't in the cards for us right now.
I was thinking of pretty much selling the entire business, but keeping the name, since our reputation is part of what brings in the work. Taking a few months off to take a breather, and build everything back up till I'm maxed out again?
Like I said it's the "sales" part of the business, that I enjoy and find rewarding, and when I'm so busy I can no longer take anymore work, I start to despise the doing what I'm doing.
Short story, I originally purchased my business from a guy who wasn't doing very well with it, and who was undercharging and taking on very problematic accounts. Within four years, I had turned the business around and was gaining traction. Hit a road block into my 5th year as my two year old (at the time) was diagnosed with a life-threatening illness.
I pretty much sold 80% of my accounts, and ran the business on "auto-pilot" while my wife and I spent the next year focusing on our sons illness. Fast forward, after my sons recovery, I got back in full gear and hit the ground running. It was at this time I made a decision going forward to only take on new work locally. Over the next two-three years business doubled, almost tripled and exceeded expectations.
However looking at where we are today, I find that I'm in a terrible position and unsure what direction I should take. I have turned away or referred out more business this past year, than ever before (deep down inside I hate to tell a paying client no). My best skill sets are sales and marketing. I am mechanically inclined enough to do quality work and labor, but I don't LOVE that part of it. For me the gaining of new business, sales and marketing are my first love.
Right now in my town, my company is probably number #2 out of a myriad of competitors. I actually send all of the work I can't take on anymore, because I'm maxed out to the #1 company which works out great. I find that by promoting my direct competitor and mentor, he will not bad mouth or berate my company when a prospect is cross-shopping our services. We also communicate, albeit on a thin line about rates, services and fees to make sure that we keep the rate for quality work where it needs to be, and not lower. He has his niche and I have mine, so we are not exactly battling for the same work all of the time.
Anyway, now with a 2year old and 5 year old, there simply isn't enough room or time in a day, to add or take on anymore work without working late weeknights or weekends. I could hire an employee but with an almost $2000/month childcare bill (wife has full time job of her own and doesn't help with my business), it simply isn't in the cards for us right now.
I was thinking of pretty much selling the entire business, but keeping the name, since our reputation is part of what brings in the work. Taking a few months off to take a breather, and build everything back up till I'm maxed out again?
Like I said it's the "sales" part of the business, that I enjoy and find rewarding, and when I'm so busy I can no longer take anymore work, I start to despise the doing what I'm doing.
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