Where do I start?

[yammiman]

I don't want to freak out any of the shops out that I have had contact with, but at the end of the day, I would really love to have my own shop - I have the capital, the facility, and 25 years of business management experience - I would like to find some one with restoration experience I.E. welding, dis assembly, assembly, etc. - I would make the right person a part owner right out of the gate - we could sub contract the painting, interior work, etc. until we reached a point where we could self perform that work - my question is where do I start to find this person???

[Stuart Adams]

Truthfully. Save your money. Work in the industry and learn the in and out of what your perceiving is really reality. Talk to succesful people in the arena an take baby steps. IMO. A partnership is very risky and you can go broke in. 60 seconds. It's a marriage You wouldn't marry someone on the first date.

[Rick D]

Truthfully. Save your money. Work in the industry and learn the in and out of what your perceiving is really reality. Talk to succesful people in the arena an take baby steps. IMO. A partnership is very risky and you can go broke in. 60 seconds. It's a marriage You wouldn't marry someone on the first date.

:thumbsup: :yes:

What Stuart said! Been there done that!! Unless you both have the same money invested and you are both doing the same work, meaning you both do fab work, you both do suspension work, you both do engine work, you get what I mean?? If you have the business sense and the money look at opening your own shop and bring in the right people to do the work. But if your just starting off your going to have to have something you can show, a car you have built, or work you have done??

Good luck!!

[Vince@Meanstreets]

First off, where are you located?

Finding good help is very tough right now. The competitiveness of the industry is making it tough to keep them when you find them. You see alot of good workers moving for more pay.

Im going to tell you from experience. Building cars doesn't make money. It takes alot to keep going and when your average project takes 6-7 months to complete its tough to get bills paid during that time.

I started out in the wholesale manufacturing and slowly got pushed into the car building side and find myself stuck here. Its going to take time transisioning back but that takes capital.

Take this advise.
Plan your business to have more than one facet. They say build on the "secret sauce", I say fill your cabinet with more than one.

Start small don't grow till you have a good plan set forth.

If you have the capital don't blow your load. (I'm guilty of this and I'm still trying to recover), I was advised to invest 30% of it and I didn't.
Never assume you can regain the money back in the future. You will not.

Always move forward. You can remember and learn from the past but don't dwell on it. "Only the fool and the foolish trip on things behind them".

Avoid investors and government assistance if you can. When things get low (and they will) investors will pull their money. Smart ones will at least.



I have seem many shops rise and fall. Some self detroyed , some for stupid decisions and some for taking on more than they could handle.

Whay type of service do you plan on providing?

[Vince@Meanstreets]

oh, and NO PARTNERS!!!!! That one almost put me back to flipping burgers.

[214Chevy]

Wait a minute...he's gonna make me partner straight from the jump? He doesn't care that I have a hidden drug problem and I'll steal from him. Where do I sign up? :poke: Just trying to exaggerate and make a point to you. Be careful of doing business that way. Like Stuart and Vince said...be very careful about a partner. Especially, the one I just exposed to you. And, you said first "I have the capital." A con man would see that and financially rape you. Harsh words, but oh so true. I've never been in a business, but almost lost my Chevelle in a shop dispute just like this when I first bought it 11 years ago. I lost $3000 out of the deal, but at least I got my car and $4000 worth of parts back.

[yammiman]

Wow..listening to you guys I wonder how I ever reached 50 plus employees with my current business!!!...I guess I should have just done it myself without any employees!! LOL!!...you can make someone a "partner" with shared profits without making them an "owner"...e.i. stockholder...if the market is that competitive as you guys say, I need to make the deal more enticing than just an hourly wage....25 years of running a business makes me a pretty good judge of character, believe me...what I'm looking for is a top notch guy that eventually wants his own gig some day, but doesn't have the means to do it himself...they have to be out there, where do I start to find them??:EmoteClueless:

[camcojb]

Wow..listening to you guys I wonder how I ever reached 50 plus employees with my current business!!!...I guess I should have just done it myself without any employees!! LOL!!...you can make someone a "partner" with shared profits without making them an "owner"...e.i. stockholder...if the market is that competitive as you guys say, I need to make the deal more enticing than just an hourly wage....25 years of running a business makes me a pretty good judge of character, believe me...what I'm looking for is a top notch guy that eventually wants his own gig some day, but doesn't have the means to do it himself...they have to be out there, where do I start to find them??:EmoteClueless:
Probably should have put this info in your first post, would have definitely affected the responses. ;)

[DBasher]

Start hitting the local shows and "scene" and talk with the guys whose cars you're drawn to. Find the guys that have done the majority of the work them selves and need a jump start.

Offer to supply the space and a lift, some cool tools and have them build you a car. You pay the hourly that's agreed on, maybe split the profits of the build. You get a relationship started, see the work ethic and aren't out too much money.

I know of a couple talented people that all they need is a car to build and someone else to pay for it.

It's that easy.:thumbsup:

Dan

[Che70velle]

Where is the facility that you have located? City and state please.

[Vince@Meanstreets]

Wow..listening to you guys I wonder how I ever reached 50 plus employees with my current business!!!...I guess I should have just done it myself without any employees!! LOL!!...you can make someone a "partner" with shared profits without making them an "owner"...e.i. stockholder...if the market is that competitive as you guys say, I need to make the deal more enticing than just an hourly wage....25 years of running a business makes me a pretty good judge of character, believe me...what I'm looking for is a top notch guy that eventually wants his own gig some day, but doesn't have the means to do it himself...they have to be out there, where do I start to find them??:EmoteClueless:

Yeah now I'm confused.

Doesn't sound like you need much help.


Try a trades school. Sometimes they have job fairs and business owner meet and greets.

Again, where is your prospective location or state.

[Stuart Adams]

Wow..listening to you guys I wonder how I ever reached 50 plus employees with my current business!!!...I guess I should have just done it myself without any employees!! LOL!!...you can make someone a "partner" with shared profits without making them an "owner"...e.i. stockholder...if the market is that competitive as you guys say, I need to make the deal more enticing than just an hourly wage....25 years of running a business makes me a pretty good judge of character, believe me...what I'm looking for is a top notch guy that eventually wants his own gig some day, but doesn't have the means to do it himself...they have to be out there, where do I start to find them??:EmoteClueless:

I think I'm clueless after reading this. Why are you so needy about making someone else successful when you have no experience in the business your trying to get going. It just seems real odd. Fill me in.

[yammiman]

It would be in the Lansing, Michigan area - I'm nearing retirement and this is what I want to do - I have a couple guys that are working toward taking my current business over and I'm not the type to sit around - always been a car guy and would love to have a small shop -just figured that a profit sharing/partnership arrangement would attract the kind of person I'm lookin for

[Stuart Adams]

It would be in the Lansing, Michigan area - I'm nearing retirement and this is what I want to do - I have a couple guys that are working toward taking my current business over and I'm not the type to sit around - always been a car guy and would love to have a small shop -just figured that a profit sharing/partnership arrangement would attract the kind of person I'm lookin for

It may, just hate to see a love for cars turn into business and take the love out of it.

Personally I love golf and have played at a high level in the amateur ranks since a kid, then 2 years ago I made it to the finals of Senior Tour Qualifying, seeing it as a business or a job took alot of the fun out of it. I had fun because I had a real job to fall back on, but the others were grinding to eat.

Just a little perspective, wish you the best, good luck.

[Sieg]

What type of business are you transitioning out of? Will the new venture be more similar to a vacation than work?

[yammiman]

Will the new venture be more similar to a vacation than work?

Exactly, I'm coming out of the construction business - had as many as 70+ employees one time - average about 40 - gets pretty stressful at times - small shop with one or two guys I would think would be easily managed

[BBT FAB]

It's not as glamorous as you might think and if you have no "shop" knowledge it will be really easy for you to get burnt by either employees or customers. Ask yourself these questions.... How do I explain to my customer why this seemingly simple task took 22 hours? What do I say to my employee who took 22 hours to accomplish this that it should have only took 8 when he was busting his ass to get it done?

Building cars for customers with employees involved is a whole lot different then building them for yourself.

Having a facility and the capital to make this happen are just small elements of actually turning out a quality product.

I wish you the best of luck. Make sure you do a lot more research before you jump into the industry.

-troy

[yammiman]

Thanks for the feedback guys - I'll keep ya posted :thumbsup:

[ironworks]

Will the new venture be more similar to a vacation than work?

Exactly, I'm coming out of the construction business - had as many as 70+ employees one time - average about 40 - gets pretty stressful at times - small shop with one or two guys I would think would be easily managed

Until you find out that hot shot profit sharing partner is not as smart as you thought he is. There are so many elements needed to build car properly that if the guy with the wallet is not as well versed and as knowledgable or more then the workers, then your money is along for the ride with customer liability forever haunting you.

[DBasher]

Maybe ask a different question. Like, Hey shop owners, how did you all get started and would you do it again?

You've got the money, the space and the drive to try something new. Sure that's not everything you need but it's more than some have started with.

:cheers:
Dan

[cluxford]

I'd go the other way, see if one of the existing extremely well known, well run shops would be interested in some additional expansion capital and are open to you taking an equity stake in their business.

Sounds like a retirement hobby business, so I'd be looking at getting in with the best not trying to build up from scratch.

[Vince@Meanstreets]

I'd go the other way, see if one of the existing extremely well known, well run shops would be interested in some additional expansion capital and are open to you taking an equity stake in their business.

Sounds like a retirement hobby business, so I'd be looking at getting in with the best not trying to build up from scratch.

i agree, OP would have been a great combo with Frank @ Prodigy. Good workers, killer cars, innovative ideas but weak business model.

[Vince@Meanstreets]

It's not as glamorous as you might think and if you have no "shop" knowledge it will be really easy for you to get burnt by either employees or customers. Ask yourself these questions.... How do I explain to my customer why this seemingly simple task took 22 hours? What do I say to my employee who took 22 hours to accomplish this that it should have only took 8 when he was busting his ass to get it done?

Building cars for customers with employees involved is a whole lot different then building them for yourself.

Having a facility and the capital to make this happen are just small elements of actually turning out a quality product.

I wish you the best of luck. Make sure you do a lot more research before you jump into the industry.

-troy

Great points Troy, you let the work speak for itself.

[yammiman]

"I'd go the other way, see if one of the existing extremely well known, well run shops would be interested in some additional expansion capital and are open to you taking an equity stake in their business.

Sounds like a retirement hobby business, so I'd be looking at getting in with the best not trying to build up from scratch."


Love the sounds of this idea also - still boils down to, "where to start?" - I am as much an "investor" as anything else - like to be involved on some level though

[214Chevy]

I would assume after 25 years of business you would have it figured out. You said, "Where do I start?" As if, in the very beginning like you have no clue on how to run a business. We were just trying to tell you to be a bit apprehensive and careful if you had no idea of running a business. Now, thatyou've told use all of that info, you should know where to start. I understand you may need contacts, etc. I'm just saying. Good luck.

[LS7 Z/28]

"I'd go the other way, see if one of the existing extremely well known, well run shops would be interested in some additional expansion capital and are open to you taking an equity stake in their business.

Sounds like a retirement hobby business, so I'd be looking at getting in with the best not trying to build up from scratch."


Love the sounds of this idea also - still boils down to, "where to start?" - I am as much an "investor" as anything else - like to be involved on some level though

You are about an hour away from B&B Classics in Ortonville, MI. If you are serious about investing in a company they would be a good one to talk with because of location. I can't speak for them, but maybe they would have interest. Contact Bill and Billy Utley http://www.bbclassicsinc.com/

[Vince@Meanstreets]

You are about an hour away from B&B Classics in Ortonville, MI. If you are serious about investing in a company they would be a good one to talk with because of location. I can't speak for them, but maybe they would have interest. Contact Bill and Billy Utley http://www.bbclassicsinc.com/

Excellent idea, those Bill's have their stuff together.