Great opportunity, or really dumb idea?

Some of you know that I have been a builder most of my life. Lots of varied, unusual experiences. I've spent most of my life self employed.

I am not currently self employed. My business dried up during the economic downturn.

I work for a great company. I am paid well, have 3 weeks worth of vacation per year, health plan, a 401K with a good match, and very nice bonuses each year. All the stuff I never had when I was self employed. Company loves me, and my job is very secure. It's a job many of you would be envious of, and a good fit for my skills. It's a good place to retire.

But I may never get the damned entrepreneurial attitude out of my blood. And, the job (and circumstances) demand a lot- I don't have much freedom any more, and am very limited in the time I can spend with my family, etc.

The area I live in is the very Deep South- it's kinda inbreed, and deeply loyal. Poor hard working independent folks that are used to doing things their own way. It was never a place for me to make good business connections- I'm not from around here, and I don't get first choice of the jobs. Period. Regardless of the price or quality. That's really what killed my business (not the National economy).

The other piece of the equation is that my father is 90 years old, and lives by himself in the greater Myrtle Beach area. He will not always be able to do that, and we have been trying to figure out how to be able to support him.

So, here's the opportunity (or curse)...

My father has a lawn care company handle his lawn. Small company- just a husband and wife that do all the work themselves. They have about 75 accounts in just 1 neighborhood, and have been turning down work for years. He wants to retire, and may be willing to sell me the business. It would generate enough revenue to replace about 3/4 of my income (not counting the benefits) immediately out of the gate. Business also does light exterior maintenance (like pressure washing, etc).

What strikes me is that the ability to grow the business is so strong. He hasn't even tried, and has completely maxed out his potential, mostly because he doesn't want employees (and isn't a very good businessman). His customers are VERY loyal, and would love to be referring him for other work.

Seems to me it would be pretty easy to double the lawn care business in a year or 2. Then, I could add to the business just about any level of handyman and home maintenance services I wanted to. Plus, the area has nearly unlimited potential for growth. The population is 10X where I live, and 49% of them were not born in the state. In other words, its an older population of transplants with money who desperately need services I am more than capable of doing with a big shortage of people to provide the work. I could also add home repair services, light construction, handicapped retrofits, guy/gal friday services, and a pretty long list of other services. It would be a major relief in stress level for me (this work would be super simple for me), and it would feel good to be in growth mode again. There would also be good opportunities for my wife to generate income (she doesn't work right now).

But I'd have to quit my job, move, and start over. I'd give up everything I've got. I'm 55 years old, and not a kid anymore.

So, give me your thoughts... If you were me, would you give up a "dream job" with security to chase a dream one last time? Or is it time for me to act like a grownup and appreciate the good things I've got?

When do you plan on retiring? Do you plan on retiring?

You say that the customers are loyal--are they loyal to his business, or to him? They probably don't care as long as its done right, but you never know...

You mention that you had more freedom and time with your family when you owned your business, but you didn't have 3 weeks of vacation. Seems contradictory (and I know its not, just putting it in a different light).

Honestly for me the big deal would be starting over at 55. When would you be able to retire, assuming you want to? What does your plan look like now if you didn't change?

My last comment of warning would be that if something happened in the economy again, it seems like mowing your own lawn is an easy way to recoup some of your budget. Similarly, how many of the folks in Myrtle Beach have the house as a vacation home? Same story--sure, the grass still needs to be cut, but will the foreclosing bank stay with you?

My comment of encouragement: Doesn't sound like you're happy in your current situation, and you think you'd be happier in the potential one. What do your wife and kids think?

First off, this sounds like a commitment to care for your father. That is commendable. Second, what is the best way to do that? Sounds like you are used to hard work, as a lawn care business will be.

Is there a way to bring Dad to you and keep your current position? Would that make you happy?

Oh, one other thing--you said you can replace 3/4 of your income. But what is the cost of living increase (if there is one?) Probably not as big an issue for you, since you're as industrious as you are and can make due with less than most, but still a consideration.

This not an apples to apples comparison, so take it for what it's worth. I have a good friend here in Dallas who's done very well in the lawn care business, but wants desperately to get out. He has 10 or 12 guys in 4 or 5 lawn care trucks and one truck doing landscaping. All of his guys are undocumented immigrants.

When his employees (or the employees of his competitors) children make it to adulthood, they'll be in a position to buy a truck and a mower and undercut him to all of his customers. It hasn't happened in the industry yet, but it's only a matter of time before a pool of legal, English speaking, young men take advantage of their fathers experience and contacts, and take all the business away.

I know you're proposing something different enough for none of this to matter, but it's something you may not have taken into account.

age, both yours and of the current customer base is the killer here. I agree in the need to hire to expand the potential market, but hiring the right pieces is the fit. A pay scale that is both hourly and with a bonus ofr number of jobs done a day is key. You want to trust the employee to do the job as you would do it yourself, to be through, to clean up after themselves when they are done and to care for the equipment. Offer the customer the opportunity to inspect the job to ensure approval before leaving. Tell them you don't want to leave until the job is done well enough that they'd recommend you to a friend, then once it's agreed upon to completion at that level, ask them that they do recommend you to a friend. The age of the current average customer doesn't lend itself to social media reviews and content

I'd imagine the customers are so fiercely loyal to this business because the current owners probably spend a ton of time making sure that everything is perfect. They may even socialize with their clients a bit on visits. In the lawncare business, time is everything. As you grow the business, and increase the number of lawns you service you'll have to spend less time per lawn, or invest in new equipment which can do the same job quality in less time. Both scenarios there obviously have their own drawbacks.

Honestly, the time required in growing a business like that seems like it would go against your wish for more time with the family (although you'd be closer to your Dad, so that might be a plus). If you want to work 5 days per week, then the current number of accounts means you'd be doing 15 lawns per day. Depending on size and number of obstacles, etc in each lawn that could mean some long days. If the weather causes you to be delayed, does that mean you're working the following weekend?

The condition of the current equipment, and the types of equipment needed should also be closely scrutinized. A full sized commercial mower that will handle the work, and do it quickly can easily cost the equivalent of several challenge cars.

I think you could step into that business with the same client base and not lose a single account if you did all the work. Growing the business and using a crew is a different story. What population typically works lawn service jobs in that area? That varies a lot by location. Are you comfortable/capable of managing them well? Is that client base accepting of a crew instead of a husband/wife team? In my opinion those are going to be the hard parts of growing the business.

How old is your youngest kid?

In reply to mtn:

Retirement at this point is probably tied to inheritance. I may retire, but it is likely to be another 10-15 years.

But, I will be inheriting a house in Myrtle Beach at some point, and retirement there is possible.

The customers are loyal because of their age group, and good service. Not him.

Mowing your own lawn is probably not likely for the demographic, regardless of the economy. They are on healthy fixed incomes, and can't mow their own.

Yeah, you're right. I do good work, but I'm not happy. Kind of Ann empty shell of what i once was (mostly lacking creative and innovative leadership opportunities)

In reply to trucke:

Yes, this is being driven by a commitment to my Dad. He won't be around much longer, and moving with no income at all is not an option. Moving him to GA is not an option. Really hate the idea of a nursing home.

I can't move there and start a business from scratch. A base to build on would be possible.

In reply to mtn:

Yes, you're right. There is a cost of living increase.

In reply to btp76:

Good word on the immigrants taking over issue. I don't think this would be about a lawn care business for me- it would be about building on a loyal customer base and providing varied services to them, and expanding. Definitely mostly construction based within a couple years (but not at all adverse to keeping the lawn care thing going as long as it is worthwhile)

In reply to captdownshift:

I see the age of the customers as an asset. Internet connectivity does not create loyal customers. The fact that they are largely not connected is a good thing.

AngryCorvair wrote: How old is your youngest kid?

Still have a 12 year old.

SVreX wrote: My business dried up during the economic downturn. (ding, ding, ding) What if you relocate and THAT business dries up? I work for a great company. I am paid well, have 3 weeks worth of vacation per year, health plan, a 401K with a good match, and very nice bonuses each year. All the stuff I never had when I was self employed. Company loves me, and my job is very secure. It's a job many of you would be envious of, and a good fit for my skills. It's a good place to retire. But I may never get the damned entrepreneurial attitude out of my blood.

If you have kids or a wife, there's more to it than your "needs". I would stay with the security and try to tone down the spirit thing.

I want to build a Supercar.

I want to date a Supermodel.

I want to live on a hillside in New Mexico.

I have other obligations ....

The lawn care business is in a different area to where our are now correct? Otherwise I'd fear you're doomed to the same shut out by locals that you experienced in the past. Also, if it is a different area, how will that move impact the rest of your family?

The other big question is, will someone with your experience and what comes across as passion for construction be content doing yard work and minor maintenance. Not for a moment am I suggesting you're some kind of a job snob, but skilled people often wind up bored and frustrated when downgrading to less skilled work.

If it's a different area and you don't have a problem with stepping back from the level of skilled work you do now, its a case of do all the relevant sums and see if it fits your lifestyle, you're a smart and capable guy, so if it's what you want to do you shouldn't have to much trouble making it work

In reply to SVreX:

It is regarding customer loyalty, not seeking the cheapest guy etc, but it isn't when it comes to growing the business and getting the word out about the satisfied job and service you provide.

Who do you owe more to, your Dad and yourself, or your spouse/children? I apologize if I'm totally off base here, but it seems like taking the job near your father benefits your desire to be self employed, and probably benefits your father and your relationship with him. On the other hand, it seems like your current job probably benefits the rest of your family (and your retirement) more. For me, my "wants" are put behind my family's "needs" in the priority chain 98% of the time, but I realize everybody's situation and priorities are different. If the rest of your family is stoked about the idea of moving, then disregard my opinion.

How much would you have to grow the business in terms of finances/insurance/retirement/etc to be in the same situation you're in right now? How feasible is that? How many 55 year olds can physically deal with that type of work all day, every day? I don't see many 55 year olds landscaping unless they're in charge of several employees.

914Driver wrote:

SVreX wrote: My business dried up during the economic downturn. (ding, ding, ding) What if you relocate and THAT business dries up? I work for a great company. I am paid well, have 3 weeks worth of vacation per year, health plan, a 401K with a good match, and very nice bonuses each year. All the stuff I never had when I was self employed. Company loves me, and my job is very secure. It's a job many of you would be envious of, and a good fit for my skills. It's a good place to retire. But I may never get the damned entrepreneurial attitude out of my blood.

If you have kids or a wife, there's more to it than your "needs". I would stay with the security and try to tone down the spirit thing. I want to build a Supercar. I want to date a Supermodel. I want to live on a hillside in New Mexico. I have other obligations ....

I know you are correct. Just not sure if you are correct for me, or for you. The world takes all kinds.

My family did better (both financially and emotionally) when each of us were fulfilled and plugged in to things that met "our needs".

My kids have traded their father who was always there when they needed him, engaged at all levels, involved with the things they enjoyed, for a decent paycheck and an empty chair at the dinner table while I spend most of my time on the road.

So, maybe I agree with you. Maybe not.

And BTW, my retirement investments were always much more then they are now.

In reply to STM317:

No, you are not off base. I appreciate the feedback.

I too give 98% of the time. It's just that right now I realize I've given so much that they have nothing left of their father, and that's not good.

I think it s very likely I could grow the business to more than I have right now within 2 years, and have no intention of being the guy pushing a lawn mower for ever (although, I could probably outlast 80% of 20 year olds on stamina). It's an interim thing, which gets me the client base I need to make the transition.

When unhappiness outside of home starts to effect things in the home, it's time for a change. Change in career field, change in employer, or job within the same employer, change in scenery, change in attitude, change in income, etc. Change can take many forms, but it sounds like you need some form of change. Have you talked to the rest of the family, to get their thoughts?

Have you asked your kids that are still in the house and your wife what they think? 12 years old is old enough to have a valued opinion.

I don't have anything useful to add, but I wish you good luck. I can sympathize with that unsettled feeling that there's something else you'd like to be doing more.

Definitely don't exclude the family from this discussion. I'm just at the beginning, and know better than to begin engaging everyone else before I have gotten my own thoughts together.

That just reaps confusion and fear.

My wife and I have begun talking. Will engage the kids soon.