Posted on 09/23/2021 11:52:08 AM PDT by Kaslin
It's time to sell the business and retire — but that's easier said than done.
Gary and Judi Eubanks are one of a kind. Both in their 60s, Judi is a skilled pianist and Gary can often be found playing pick-up basketball with the young people he used to coach. They have two sons and a handful of grandkids, and they’re heavily involved in their local church, where Judi is one of the piano players and Gary is almost always either leading worship or fixing the heating or air conditioning.
That’s because the duo also owns All Temperature Systems, a heating, cooling, and refrigeration business situated about halfway between the Chain O’Lakes and Parfreyville in the 6,000-resident town of Waupaca, Wisconsin. Though this couple is unique, a big part of their story is all too commonplace: They’re victims of the debilitating worker shortage.
The Eubankses have been running the business since 1985, but back then it was called Omits Refrigeration Service. Just after their first son Joe was born, Gary and Judi were living in Houston and realized they didn’t want to raise kids in a city. So they moved up to Waupaca, the small town where Judi was born and raised, and took over Omits Refrigeration on April 1 that year so that its owner could retire. They acquired another heating and cooling business 15 years later in 2000 and became All Temperature Systems.
Though Gary was the only worker during those early years, the company now has eight employees aside from Gary and Judi, who are now about ready to sell the business and retire. But that’s easier said than done.
The Eubankses have been running the business since 1985, but back then it was called Omits Refrigeration Service. Just after their first son Joe was born, Gary and Judi were living in Houston and realized they didn’t want to raise kids in a city. So they moved up to Waupaca, the small town where Judi was born and raised, and took over Omits Refrigeration on April 1 that year so that its owner could retire. They acquired another heating and cooling business 15 years later in 2000 and became All Temperature Systems.
Though Gary was the only worker during those early years, the company now has eight employees aside from Gary and Judi, who are now about ready to sell the business and retire. But that’s easier said than done.
Is there an echo in here?
Why are you asking?
Raise the wages of the good employees, fire the bad, and keep working.
I am 62 and I have no plans to retire at all. I will keep doing something until God takes me out.
- like termites eating away at the foundation. In this case, the idiotic "stimulus" which stimulates nothing except inflation and government dependency.
Gary couldn’t have been the only worker because that other guy, Gary was also working there ;-)
If you are able to work do it, and good luck.
My wife owns a veterinarian practice. She wonders if anyone will ever buy it when she is ready to retire.
2 local vet practices near us were not sold and just closed up after not finding a buyer.
The issue is young folks only want to work 9-5. They do not want the hassles of meeting payroll, long hours, employee issues, paying bills etc. They want their 9-5, no nights or weekends and their $140k per year.
This is also why family doctor offices are dying out. No one wants to be an owner anymore and the hassles it entails.
Force vaccination and cause more labor shortages business community.
😂
🙃
Not my retirement plan. After watching most of mine vanish after 9/11 at the age of 35, then again due to bad investments by a financial advisor at about 45, I pulled every cent out of my ROTH account (wasn’t much left...maybe 10K) and stuck it in MY SAVINGS ACCOUNT>
So monthly I put same amount in as I was with my job and guess what? It’s all there, no penalty if I need it, and the stock market has zero to do with it. I feel confident unless the banks collapse at which point we’re all screwed anyhow.
I started buying cheap houses for cash in 2008 now own 12 with huge gov pension
I like what I do, and plan to work until I die. Its good to know there will be even less competition around for my services.
but I don’t want to be a mere productive sheep, to be fleeced by corrupt, woke government in taxes or by inflation. So I part of my work will also be keeping every penny possible out of the hands of rapacious government.
That’s happening everywhere. I know a dentist, paid a lot of money to buy his practice decades ago. Doesn’t believe he can sell it. Many more dentists out there who don’t need to buy a practice and patient attrition is high.
Hair salons used to be owner-managed. They trained their staff and had pride of ownership in getting happy clients. Now, they just rent the booths out and turned into landlords. No payroll, no payroll taxes, no scheduling staff and minimal insurance.
It’s a free for all. Look at the “gig economy”. Lots of easy money for conglomerates. Hard work for everyone else.
What are you getting in the bank? .05% interest. Your nest egg will be eaten up by inflation.
I lost money in the 87, 98 and 2008 crash but left it in and my account balances always came back in a few years greater than before the crash.
For example, I put $2000 and $1500 (3500 total) into a IRA Putnam account in 1987 and 1988. It is now worth over 40,000 and that is even with the 2 crashes it went through.
"Oh, please. Do me a favor. Don't use the word. You may not use that word. It's off limits to you! Only those in this house who understand nest egg may use it! And don't use any part of it, either. Don't use 'nest.' Don't use 'egg.' You're out in the forest you can point: 'The bird lives in a round stick.' And, and, and you have things over easy with toast!"
how much do you expect to get paid
for business-goodwill?
This isn't just a case of young folks not wanting to work long hours. One huge issue is that when these businesses began, the startup costs were significantly less. Many were new, not rollovers, and did not have a seller's note attached.
Now, a new buyer would have to pay off the note to the seller on top of all their operating costs. Too often, it's just not possible.
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