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I am in a crossroads moment.
I have been co owner of a decorative railing/welding company for 24 years.
My business partner is 12 years old and has an ailing wife. The young man who works for us that I thought would buy my business partner’s half , wants the whole business…. I don’t think he can afford it. He is a very nice, but idealistic young man. That isn’t practical for this business.
I am going to have to decide if I want to buy the whole business. I do not have all of the technical skills that my business partner has in welding. I have the business .design sense, with a whole lot of willingness to get dirty and work through a problem.
But I am also tired…. Tired mainly of customers and continually being dismissed by some of my employees because I am not a grumpy man boss.
I would like to own my own small where I can just make/grow stuff and ship it out.
I have all kinds of like growing insects for pet food industry. Become a butterfly farmer, mushroom farm etc.
i have the ability to do my own Art studio. But in the age of Etsy, that seems like an over run market.
any thoughts on profitable micro farms or something similar?
thank you
If you don't want to sell to the young guy but are still willing to sell, you should talk to a business broker. Not only will they help you sell your business but you mighr be able to find a new one. Or they could help you arrange a deal with a partner who has the tech skills. All sorts of possibilities. I know about them as I worked for one in Indianapolis. Not as a broker tho. Sunbelt Network is a big one. It might help. Good luck!
There are a ton of details missing from this narrative as well as just words left out. You might want to rewrite. Your business partner is 12 years old and has an ailing wife? Please explain how this is possible.
If the young man can secure financing, let him buy it. Sounds like you’re burnt out.
Work to sell and move on. Sounds like you're ready for a change and some excitement in a new direction.
Don't get bogged down on your thoughts of this young man and how the business will run after you sell. That's a sure recipe for disaster for you staying put and turning into a grumpy lady boss.
I came here to say this. I would work to help this person secure a plan to buy out and start your next exciting project!!!
There's always room for new competitors - you just need to define what makes you unique or different!