Message Font: Serif | Sans-Serif
 
No. of Recommendations: 4
One of my companies isn’t doing so well. Cash flow is down. Moral is low. Several have quit. I have let the CEO go last week and I took over the company. Mea culpa for letting it get this far – I should have seen all the signs – yet I didn’t and now I am no longer ‘retired’ but back in the fray. At 70 I wonder my stamina for it but my choice is either take the company over and try to bring it back to snuff or pull the company down and lose a lot of investment money: almost a million.

This venture was a retirement choice: start up a company in a field I enjoy (boats) and let others run it. I would have fun being a part of it but now the fun is lesser and I am forced back in the saddle again as an operations manager.

I don’t know whether I should ask you pray for me or you should giggle as you sleep in knowing I have to be up bright and early opening up the store, turning on the ‘open’ sign, and making coffee for the troops.

Retirement? Feh!

MichaelR
Print the post Back To Top
No. of Recommendations: 1
Sorry to hear about your problems. Good luck with whatever you decide to do. Given that the business apparently involves the sale of boats (possibly mfg or repair as well), I would seriously consider whether the future has the potential to look much better than the present. What with gas prices, slip fees, and insurance all rising, the next hit from a likely to imposed luxury tax by Obama would make for a difficult environment, even after the credit problems and current market problems have resolved. Anyway, you obviously know what you're doing, so best of luck with whatever you do.
Print the post Back To Top
No. of Recommendations: 5
What with gas prices, slip fees, and insurance all rising, the next hit from a likely to imposed luxury tax by Obama would make for a difficult environment,

---------------


I doubt that President Obama will have much impact on luxury taxes in CANADA - which is where Michael lives.

AM
Print the post Back To Top
No. of Recommendations: 2
<<One of my companies isn’t doing so well. Cash flow is down. Moral is low. Several have quit. I have let the CEO go last week and I took over the company. Mea culpa for letting it get this far – I should have seen all the signs – yet I didn’t and now I am no longer ‘retired’ but back in the fray. At 70 I wonder my stamina for it but my choice is either take the company over and try to bring it back to snuff or pull the company down and lose a lot of investment money: almost a million.

This venture was a retirement choice: start up a company in a field I enjoy (boats) and let others run it. I would have fun being a part of it but now the fun is lesser and I am forced back in the saddle again as an operations manager.
>>


The good news for environmentalists is that the survival rate for salmon off the Straight of Juan De Fuca is going to be on the rise.

Sorry to hear about the wringer your business is going through.

Take comfort. Your bus seems to be doing very well indeed next to my Washington Mutual stock, although I've only been spending the paper value of my investments rather than my time on that outfit.



Seattle Pioneer
Print the post Back To Top
No. of Recommendations: 2
Sorry to hear about your problems. Good luck with whatever you decide to do. Given that the business apparently involves the sale of boats (possibly mfg or repair as well), I would seriously consider whether the future has the potential to look much better than the present. What with gas prices, slip fees, and insurance all rising, the next hit from a likely to imposed luxury tax by Obama would make for a difficult environment, even after the credit problems and current market problems have resolved. Anyway, you obviously know what you're doing, so best of luck with whatever you do.

ResNullius


Thank you for those kind last words. One of the most worrisome is taking action and hoping the action is the right one. I am shoring myself up by saying I do run other successful companies and I can turn this one around applying what I know works. All business is people business ands that I am good at.

It’s a situation where I have to cut unproductive lines and center on those generating cash flow. I may completely rear down our retail side and concentrate on servicing marine engines and boats. I have an advantage in the Canadian dollar being below the US dollar (I will get more business from Washington State) and doubly so if Obama does add high-end taxes and surcharges on higher incomes as I believe he will.

What this does to retirement is disconcerting in that I know my time will be filled and I won’t have enough time for my retirement passion of going out on the boat and pursuing salmon. But, and this somewhat surprised me, it’s that old fire bell and the pumper-wagon horse: I am actually looking forward to being in control and putting in methods to turn the business. I may have retired five years ago but the urge is in there somewhere.

Thanks again for the confidence.

MichaelR
Print the post Back To Top