A Thread For Small Business Owners

[jrs146]

I thought it would be nice to start a discussion amongst us small business owners. I always find it enriching to find other folks who experience the same challenges that I do when it comes to running a business.

So what small business do you run?

What are your challenges?

Let’s hear some success stories too!


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[JasoninDenver]

Started and managed two law firms.

Now I assist other small business owners in starting or running their own ventures.

[Art 1]

Self employed for many years. I get to deal with some intersting people and see things on a daily basis that most people never will. It gets into the blood.

[Tmac478]

I run a small communications cabling company in the Bay Area. Been in business for almost 30 years. I've had many ups and downs over the years but business has been great the last few years. I'll be hanging it up and leaving it to my son in a few more years although I doubt I'll ever fully walk away.

[jrs146]

Originally Posted by Tmac478

I run a small communications cabling company in the Bay Area. Been in business for almost 30 years. I've had many ups and downs over the years but business has been great the last few years. I'll be hanging it up and leaving it to my son in a few more years although I doubt I'll ever fully walk away.

Originally Posted by Art 1

Self employed for many years. I get to deal with some intersting people and see things on a daily basis that most people never will. It gets into the blood.

Originally Posted by JasoninDenver

Started and managed two law firms.



Now I assist other small business owners in starting or running their own ventures.

Thanks for sharing!

My wife and I own an independent wealth management firm. We also own four Sport Clips Haircuts franchises.

How many of you work alongside your spouse or other family members? Lots of people ask us what it’s like to work with your spouse. We met at our first job right after college so it’s really all we know.


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[brandrea]

Im a 50% owner in a small business and we are in the midst of selling it.

I love the customers and our suppliers, I dislike my partner (and that’s an understatement)

My advice is if at all possible, do it on your own.

[brandrea]

Originally Posted by Art 1

Self employed for many years. I get to deal with some intersting people and see things on a daily basis that most people never will. It gets into the blood.

I’m intrigued by the nature of your business Art

[MonBK]

Originally Posted by brandrea

I’m intrigued by the nature of your business Art

It's a pretty cool business.

[encarter13]

Originally Posted by jrs146

Thanks for sharing!

My wife and I own an independent wealth management firm. We also own four Sport Clips Haircuts franchises.

How many of you work alongside your spouse or other family members? Lots of people ask us what it’s like to work with your spouse. We met at our first job right after college so it’s really all we know.


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I also work with my family. I am the third generation here. My grandfather, grandmother, and dad all still come to work daily. Parts of working with the family suck, but other parts are great.

[jrs146]

Originally Posted by brandrea

Im a 50% owner in a small business and we are in the midst of selling it.



I love the customers and our suppliers, I dislike my partner (and that’s an understatement)



My advice is if at all possible, do it on your own.

Ha yeah I couldn’t agree more!

I had a 50/50 partnership in one of my sport clips stores and I sold that store this year because I couldn’t stand having a partner. It was never actually 50/50 in the work. Man I could talk for hours about this one.

Also, I used to have partners in our financial planning firm but recently we also divested from them.

Now in both business ventures it’s just my wife and myself. We will NEVER have another business partner!


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[brandrea]

Originally Posted by jrs146

Ha yeah I couldn’t agree more!

I had a 50/50 partnership in one of my sport clips stores and I sold that store this year because I couldn’t stand having a partner. It was never actually 50/50 in the work. Man I could talk for hours about this one.

Also, I used to have partners in our financial planning firm but recently we also divested from them.

Now in both business ventures it’s just my wife and myself. We will NEVER have another business partner!


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Preaching to the choir

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[Wcdhtwn]

I own a franchise of V's Barbershop, in the River Oaks neighborhood of Houston. River Oaks is to Houston what Beverly Hills is to L.A. Nice area, but expensive rent. I'm not a barber so I rely on other people doing the work for income. Which creates the biggest headaches I have to deal with... people aren't easy. But I've been at this for over 7 years and it's successful. I came close to opening another location a couple of times but it didn't work out for various reasons.

[jrs146]

Originally Posted by Wcdhtwn

I own a franchise of V's Barbershop, in the River Oaks neighborhood of Houston. River Oaks is to Houston what Beverly Hills is to L.A. Nice area, but expensive rent. I'm not a barber so I rely on other people doing the work for income. Which creates the biggest headaches I have to deal with... people aren't easy. But I've been at this for over 7 years and it's successful. I came close to opening another location a couple of times but it didn't work out for various reasons.

We should def chat! I own 4 Sport Clips Haircuts franchises. I bet we have a ton of the same challenges!


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[Wcdhtwn]

Originally Posted by jrs146

We should def chat! I own 4 Sport Clips Haircuts franchises. I bet we have a ton of the same challenges!


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I bet we do! PM your contact info and I'll send mine. Would be great to chat with someone else in the business that doesn't own the same franchise.

[Art 1]

Over the years I have considered taking on a partner but never did. Too many people told me of the potential for problems.

[superdog]

Originally Posted by brandrea

Im a 50% owner in a small business and we are in the midst of selling it.

I love the customers and our suppliers, I dislike my partner (and that’s an understatement)

My advice is if at all possible, do it on your own.

Been there done that.

I left and literally gave him my shares.

He asked "what do you know that I don't know". The trouble with that question is that I had been telling him the problems for two years. He just never listened.

I now support his business and he pays me a monthly fee.

In regards to the OP's question. Gosh, I would not know where to begin.

When we are busy, I am stressed, when we are slow, I am stressed.

We grew so much over the last 6 years that I had to build my infrastructure. Now it costs me so much to run the daily operation that if I am not selling, I am not eating.

It is a never ending cycle. We just got listed on Inc 5,000's list of fastest growing companies in 2017. Sadly, that does not talk about the struggles that go along with it and the pain that is sometimes inevitable. Sure, we are growing, but so is the stress and anxiety.

And after that small rant, I can still say I love everyday and I am as happy as can be. I would simply like to change my mindset and embrace the issues. And that, I am working on daily.

[brandrea]

Originally Posted by superdog

Been there done that.

I left and literally gave him my shares.

He asked "what do you know that I don't know". The trouble with that question is that I had been telling him the problems for two years. He just never listened.

I now support his business and he pays me a monthly fee.

In regards to the OP's question. Gosh, I would not know where to begin.

When we are busy, I am stressed, when we are slow, I am stressed.

We grew so much over the last 6 years that I had to build my infrastructure. Now it costs me so much to run the daily operation that if I am not selling, I am not eating.

It is a never ending cycle. We just got listed on Inc 5,000's list of fastest growing companies in 2017. Sadly, that does not talk about the struggles that go along with it and the pain that is sometimes inevitable. Sure, we are growing, but so is the stress and anxiety.

And after that small rant, I can still say I love everyday and I am as happy as can be. I would simply like to change my mindset and embrace the issues. And that, I am working on daily.

That's an amazing story Seth! I congratulate you on your business success!

True ... it's very tough to find just the right work / life balance and growing a business is a very demanding, challenging and rewarding adventure.

One of the reasons I've decided to move on is that my partner and I can't agree on just about anything anymore. It's to the point where it's just not fun anymore. I'm finally at a point in my life where I don't need the stress of it all so we both agreed to hit the sell button. At least we could agree on something

I hope things go well for you Seth and remember to take time to step back once in a while and smell the roses





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[superdog]

Originally Posted by brandrea

That's an amazing story Seth! I congratulate you on your business success!

True ... it's very tough to find just the right work / life balance and growing a business is a very demanding, challenging and rewarding adventure.

One of the reasons I've decided to move on is that my partner and I can't agree on just about anything anymore. It's to the point where it's just not fun anynore. I'm finally at a point in my life where I don't need the stress of it all so we both agreed to hit the sell button. At least we could agree on something

I hope things go well for you Seth and remember to take time to step back once in a while and smell the roses







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Great advice. And glad to see that you are making the move you need to, in order to be happy. Happiness truly is the goal.

Daily, I struggle with the idea that all the money in the world is simply not worth it. And I wonder if maybe I should just step back and settle down.

Maybe someday I will. Aspirations of a Ferrari don't help so much with that plan though.

[jrs146]

Originally Posted by superdog

Great advice. And glad to see that you are making the move you need to, in order to be happy. Happiness truly is the goal.

Daily, I struggle with the idea that all the money in the world is simply not worth it. And I wonder if maybe I should just step back and settle down.

Maybe someday I will. Aspirations of a Ferrari don't help so much with that plan though.

Congrats on the business success Seth! Did I miss the thread that you said what type of business it is?

I think every business owner struggles with that very same dilemma of financial success and happiness. It's in our nature to want to be as successful as possible and more sales or more companies or more revenue etc. is an easy indicator of success.

For many years I was obsessed with growing as much as I could in as many different directions as I could. I made major financial investments in my financial planning firm, purchasing client accounts and transitioning those clients to our firm. I continued to open up more Sport Clips franchises at the same time also pouring more and more time/money into that business. All while also having our first two children, who are now 1 and 3.

One day my wife and I had a true heart to heart about what we wanted for our family. We realized that we were spending so much time growing our businesses that it almost became unenjoyable. Not to mention the major time commitment and financial responsibility.

2017 was the start of our plan to simplify our professional lives as much as possible. As I mentioned in another post, we divested our interest with ALL of our business partners in both companies. We sold off one of our franchises and sold off the remaining open license with no future expansion plans. We consolidated our financial services firm to one office where we can run our firm with a core group of staff and not have to worry about the headaches of partners.

Do we still want to grow - of course. I'm a firm believer that if you're not growing your slowly dying. But I've come to realize whole heatedly that I don't need to take over the world. I used to really feel that way. I think after having children and seeing how fast they grow it has really put things into perspective for me. And hopefully by being more focused on our current operation we can actually become more efficient and perhaps grow what we have even faster!

[Art 1]

Originally Posted by superdog

Great advice. And glad to see that you are making the move you need to, in order to be happy. Happiness truly is the goal.

Daily, I struggle with the idea that all the money in the world is simply not worth it. And I wonder if maybe I should just step back and settle down.

Maybe someday I will. Aspirations of a Ferrari don't help so much with that plan though.

About 6 years ago I decided to down size. I could no longer handle the stress. I also stopped taking on the work that was causing the stress, and that was very lucrative work. But I figured out a way to make some money off of that work that I was turing away, stress free and has worked out well. I had decided over a course of a few months that the money was not worth the stress and anxiety.

This all was one of the best and smartest things I've ever done. I can make plenty of money this way, I live a very good life traveling between Florida and Ontario several times per month. I have no desire for expensive toys and clothing like I once did. It means nothing, it was easy trade off once I saw the big picture and understood life better. A Ferrari is nothing more than metal in a different configuration than a Toyota. Actually now that I have experienced the stress involved in obtaining and maintaining material things, I sort of feel sorry for people that have them or have to have them. It's all very hard to explain exactly.