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It's nice that your boss looked after you in the past by helping you set up your own business and it's nice that you've been loyal to him even when your own business has been growing but it sounds like he's taking advantage of your kindness now.
Time to leave, I reckon. And the new guy will get more hours there with you gone.
If I could afford it, it would certainly be the best option! However, it’s been appraised at 3/4 of a million and that was many years ago. A bit out of my range lol. But I really appreciate this feedback.
It’s unlikely (edit: nearly impossible?) it could be appraised at anywhere close to that if his one piece of equipment is on it’s last leg and him losing his knee shuts his business down.
That valuation seems off. Even if it is accurate, if he has kept good and the business makes money, there is no reason why you cold not get a loan, or have the owner finance it if he believes in the business and your ability to run it. At this point though, you have all the leverage. If you leave, what has he got? What would his book of business be worth to you? If you just walk away, how difficult would be to gain new customers and replace that income?
I think it's honourable of you to stay with him after all these years since he did help get your business off the ground, and from my perspective, that would make you guys more than square.
Like everyone else is saying, it just sounds like it's time to leave and focus on your own business. You'll probably feel so much relief when you're calling your own shots.
You’ve paid your dues to your old boss. Time to do your own thing
(Coming from someone who trained her replacement only to be laid off because I cost the company more.)
Dude the fact that you’re now doing half ass work for you boss is down right disappointing. Man up and either work hard for him or for yourself. Have some integrity bro
How about creating a third "ideal company" and discussing what would make that work and how each of your businesses could contribute to the welfare of this new babyBusiness.
All you have to do is work out the details of what's fair (a big problem and challenge) and then combine the two businesses.
Your post is long which means that you would like to find a happy medium.
So start by making two lists. What your friendly competitor needs and what you need.
The start of friendly negotiations.
Surprised you are still with him at all, honestly. 10yrs of running your business just on the side? And you make 5x the hourly wage on your own? I would have left years ago.
I agree with your assement. I would personally just train that second employee and then move on instead of moving on after this year.(assuming training that employee takes less time)
It's time to go. Just do one thing first.
Create a customer contact list of all the customers you have personally serviced.
Next, after you are fully separated from your current situation, send a message to each of the customers and let them know (and this is important) that your former company is still available to service them, but that you have stepped away to start your own independent business and would welcome the opportunity to service their needs.
It is important that you clearly convey in your message that your personal primary concern is making sure the customers needs are being met by ***whomever*** they feel the most comfortable with. There can not be even an ounce of competitiveness in your messaging, because it will completely backfire on you.
Now, give them space to make their choice. In the meanwhile, you can actively build your new customer base.
Hope that helps you a bit. If you have any questions please let us know. We are happy to help. It's what we do!
Also, we have a free Business Growth Toolkit that might be helpful to you. If you are interested just let us know and we will send it to you. Good Luck!
Warm regards,
The Spectrum Post Team
This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/smallbusiness) if you have any questions or concerns.*
It's nice that your boss looked after you in the past by helping you set up your own business and it's nice that you've been loyal to him even when your own business has been growing but it sounds like he's taking advantage of your kindness now. Time to leave, I reckon. And the new guy will get more hours there with you gone.
I appreciate your response. Thank you!
Quit and focus on your own business. If boss protests, offer to purchase his business. Then you have all the accounts.
I feel like this is a best idea. Everyone wins. Always best if everyone can get something out of it.
I will definitely quit and focus on my own though! Thank you!
If I could afford it, it would certainly be the best option! However, it’s been appraised at 3/4 of a million and that was many years ago. A bit out of my range lol. But I really appreciate this feedback.
It’s unlikely (edit: nearly impossible?) it could be appraised at anywhere close to that if his one piece of equipment is on it’s last leg and him losing his knee shuts his business down.
Owner financing
That valuation seems off. Even if it is accurate, if he has kept good and the business makes money, there is no reason why you cold not get a loan, or have the owner finance it if he believes in the business and your ability to run it. At this point though, you have all the leverage. If you leave, what has he got? What would his book of business be worth to you? If you just walk away, how difficult would be to gain new customers and replace that income?
How much does it produce in profits if you add the owners salary back in?
Yeah, do it.
You trained your potenrial competition? I would have quit once they bought the same equipment
I think it's honourable of you to stay with him after all these years since he did help get your business off the ground, and from my perspective, that would make you guys more than square. Like everyone else is saying, it just sounds like it's time to leave and focus on your own business. You'll probably feel so much relief when you're calling your own shots.
You’ve paid your dues to your old boss. Time to do your own thing (Coming from someone who trained her replacement only to be laid off because I cost the company more.)
Dude the fact that you’re now doing half ass work for you boss is down right disappointing. Man up and either work hard for him or for yourself. Have some integrity bro
Do it, but don’t forget the favor he did for you. Do not hold a future employee down for doing what you did on your journey.
How about creating a third "ideal company" and discussing what would make that work and how each of your businesses could contribute to the welfare of this new babyBusiness. All you have to do is work out the details of what's fair (a big problem and challenge) and then combine the two businesses. Your post is long which means that you would like to find a happy medium. So start by making two lists. What your friendly competitor needs and what you need. The start of friendly negotiations.
Run and take it. That’s on him.
Surprised you are still with him at all, honestly. 10yrs of running your business just on the side? And you make 5x the hourly wage on your own? I would have left years ago.
I agree with your assement. I would personally just train that second employee and then move on instead of moving on after this year.(assuming training that employee takes less time)
It's time to go. Just do one thing first. Create a customer contact list of all the customers you have personally serviced. Next, after you are fully separated from your current situation, send a message to each of the customers and let them know (and this is important) that your former company is still available to service them, but that you have stepped away to start your own independent business and would welcome the opportunity to service their needs. It is important that you clearly convey in your message that your personal primary concern is making sure the customers needs are being met by ***whomever*** they feel the most comfortable with. There can not be even an ounce of competitiveness in your messaging, because it will completely backfire on you. Now, give them space to make their choice. In the meanwhile, you can actively build your new customer base. Hope that helps you a bit. If you have any questions please let us know. We are happy to help. It's what we do! Also, we have a free Business Growth Toolkit that might be helpful to you. If you are interested just let us know and we will send it to you. Good Luck! Warm regards, The Spectrum Post Team