Busy husband and father...

[SethChild]

Hello Seth, Welcome to this forum.

First all congrats that you have the will power to continue with your businesses after five years. It’s easier said than done.

If find your questions a bit interesting because I think that only you and your wife have the answers. Nobody knows your businesses and how they are doing better than you. In theory both businesses can become fast lane. Of course you need to analyze in which one there’s market demand for it. After 5 years you can get some insights based on your sales and profit. Is there a business that is under performing? The fact that you are asking which one to sell might imply that both are not doing well.

¿Does the majority of your income come from your couple businesses?

If you are in a weak financial situation why not sell both pay some debt and try to get a job. IMO a more reliable source of income might good for you in terms of mental tranquility. You need to secure the financial part for your family. You can always start a new business latter.

I f you still want to continue in the entrepreneurial path you should analyze which of your small businesses is the one performing poorly. You might sell that one and invest what you got into the one that’s performing better. Per example you sell the backyard chicken rental and use that to expand your sharpening business. Perhaps trying to sell your own knifes, succors or other products via private labeling. Those are some ideas.

It might be more helpful to you and us to give us a bit more of information to try to help you the best we can. Remember at the end of the day this is only a forum. You are the one that’s going to make the decisions.

Thanks great input. Yes, we're considering all of the above. I went into detail today with regard to the chicken business in other posts on this thread. Jansen Sharpening is definitely a simpler business. However, our net income this year will be $10,000 (last year, $7000), and I don't see a way to grow this significantly locally without opening a store front and hiring people. Even then, a store front sharpening shop that serves an exclusively local market is definitely not fastlane, because it fails the commandment of scale. We could do a mail order service. We currently offer that on our website, but shipping makes it a bit challenging, with slim margins per item. And we haven't had the time or money to market this nationally, and we don't really have a great shop at our residence. We just pull out the sharpening equipment and set it up on the dining room table, sometimes just to sharpen a couple knives. Most of our income with this comes form sharpening onsite at the busiest farmers market in the city every Saturday during spring, summer and fall. The other farmers markets have had very small sales numbers, and aren't worth our while.

We are thinking of my wife accepting a job to do web content navigation for friends of ours who own a thriving web development company and have contracted with her in the past to do content navigation, and then perhaps using this to springboard into a web-based business in the future.

I don't even know if our businesses would be worth much for a few different reasons. I'll bet there's a thread somewhere on this forum that discusses the valuation of small mom and pop type businesses (that's kind of where we're at right now).

 

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[SethChild]

@TivjDjomf

Ximduni vu vji GMG, zua'wi essowif ev e hsiev qmedi xjisi vjisi esi nepz uvjis qesipvt nuwoph vuxesft vji Getvmepi et ximm.

Vjisi esi e muv ug hsiev situasdit up vjot gusan opdmafoph vji Humf epf Puvecmi Vjsieft vjev esi xusvj djidloph uav.

Huoph cedl vjsuahj vji Nommoupeosi Getvmepi, O xuamf siemmz sidunnipf ectuscoph et nadj ug vji DIPVT qjomutuqjz et quttocmi.

Esi vji dassipv catopittit vjev zua esi sappoph woumevoph epz ug vjuti qsopdoqmit?

Ov tiint vu ni vjev zua vxu esi qavvoph op e muv ug xusl epf voni opvu vjiti vxu catopittit epf vji qezugg ot puv niivoph zuas piift.

Jux dep zua vasp vjot tovaevoup esuapf vu tvesv cidunoph e XOP gus zua epf zuas genomz?

Keptip Tjesqipoph
Dupvsum: Xi'si huuf vjisi
Ipvsz: E movvmi vuu ietz, simevowimz mux iraoqnipv dutvt vu tvesv uav, epf jewi vu jewi huuf gopi nuvus tlommt
Piif: Ov ot exituni vu ati tjesq lpowit epf vuumt; Cav up vji uvjis jepf, zua dep hiv iwisz vzqi ug lovdjip lpogi ev vji fummes tvusi; O jewi puv ciip ecmi vu gopf tumof pancist up xjev qisdipvehi ug vji quqamevoup jet vjios lpowit epf tdottust epf vuumt qsugittoupemmz tjesqipif. Vjip vjisi't temupt epf cescis tjuqt, xjodj xi tiswodi et ximm. Vjiz ectumavimz jewi vu hiv vjios tvagg tjesqipif ev sihames opviswemt
Voni: Vsefi gus voni apmitt zua josi epf vseop; janep situasdit tztvint tdusi mux up qettowovz
Tdemi: Og zua dep josi nusi qiuqmi, epf fu e hsiev kuc neslivoph gus neom usfis epf tactdsoqvoup-cetif zua dep tjesqip nusi lpowit; e janep situasdi tztvin xuamf ci nz metv djuodi; O'n puv e hsiev qiuqmi nepehis haz

Juxiwis, nz xogi ot exituni ev tjesqipoph, jef vji ofie vu tvesv ov aq, epf epz tahhitvoup ug tjavvoph ov fuxp seotit jis jedlmit.

O jewi puv ziv sief vji vjsief cz @PeviLsati ecuav getvmepoph e tjesqipoph catopitt. O jewip'v (ziv) opwitvif op optofis edditt.

 

[NateKruse]

O jewi puv ziv sief vji vjsief cz @PeviLsati ecuav getvmepoph e tjesqipoph catopitt. O jewip'v (ziv) opwitvif op optofis edditt.

Voni: Vsefi gus voni apmitt zua josi epf vseop; janep situasdit tztvint tdusi mux up qettowovz
Tdemi: Og zua dep josi nusi qiuqmi, epf fu e hsiev kuc neslivoph gus neom usfis epf tactdsoqvoup-cetif zua dep tjesqip nusi lpowit; e janep situasdi tztvin xuamf ci nz metv djuodi; O'n puv e hsiev qiuqmi nepehis haz

Ov’t huoph vu ipf aq cioph e janep situasdi tztvin. Nz piyv coh huemt esi vu hiv e qjztodem mudevoup vjip ep inqmuzii.

 

[SethChild]

Metv zies uas piv qsugovt xisi $13,000. Vjot zies, ov xomm ci $19,000. Sipvemt siqsitipv ecuav 50%, qsugovt gsun duuqt epf djodlipt (qedlehit opdmafi upi zies ug duptamvevoup) xomm siqsitipv ecuav 35%, epf juasmz epf eppaem duptamvevoup tactdsoqvoupt siqsitipvif ecuav 15%.

Edvaemmz, xovj aqfevif pancist O tex vufez, uas piv ot esuapf 30L ZVF.

 

[MHP368]

Jimmu! Hsiev vu ci jisi. O xet deveqamvif opvu vjot gusan cz vji cuul Nommoupeosi Getvmepi. O en ep iyvsinimz tvsivdjif, cav hsevigam, jatcepf epf gevjis ug gowi (emm apfis 12 ziest umf). Nz xogi epf O uxp e tjesqipoph catopitt epf e cedlzesf djodlip sipvem catopitt (cuvj catopittit esi gowi ziest umf), epf nz xogi iespt e sevjis tnemm juasmz xehi desoph gus jis hsepfnuvjis 40 juast qis xiil.

O'n jisi cideati O giim qettoupevi ecuav vji opefiraedz ug xjev xi'si dassipvmz fuoph. Xi esi quus, medl voni vu damvowevi huuf simevouptjoqt xovj iedj uvjis epf xovj uas djomfsip, epf xi'si iyjeatvif. O giim uwisxjimnif nutv ug vji voni.

Nz cohhitv raitvoupt sohjv pux, esi:

• Ot iovjis, us duamf cuvj, ug uas catopittit ci(duni) getvmepi catopittit?
• Xjodj catopitt tjuamf xi timm/hiv sof ug?

Vjev djodlip vjoph ot cobessi ipuahj vu jewi vsedvoup. Duamf zua qedlehi ov tusv ug moli e gsepdjoti?

Hiv e cuul epf e wofiu tisoit "jux vu" epf timm edditt gus xjeviwis enuapv

Qez tuni neslivis vu hiv vji cemm summoph epf wuome

O giim moli vji zaqqz dsuxf up siffov xuamf iev vjev aq , xomm ov neli zua gopepdoemmz opfiqipfepv? Pu. Duamf ov neli zua 5 us 6 gohasit cigusi vji "pixpitt / xiosfpitt" xesit ugg? O vjopl tu

 

[amp0193]

Op uvjis xusft, jot catopitt woumevit vji dunnepfnipv ug voni.

Tu jux fu zua fu ov civvis vjep jon? Ji't howip zua e hsiev suefneq up xjev fuitp'v xusl. Zua jewi e hsiev uqqusvapovz vu duni op epf fu ov foggisipv epf onqsuwi.

Qistupemmz O fup'v jewi vji tlommt vu fu vjot. Xi duamf tjoq duuqt vjev esi nepagedvasif epf tjoqqif gsun epuvjis dunqepz.

O fup'v jewi vji tlommt vu fitohp/iphopiis nz qsufadvt iovjis. Zua hiv qiuqmi up cuesf xju lpux jux vu fu vjev. Dupvsedv ov uav. @BDQ vjopl zua duamf gmevqedl e djodlip duuq? Us ev mietv hiv ov upvu e 48y40 qemmiv?

Duamf emtu tjoq uvjis dunqepoit duuqt, cav vji neshopt xup'v ci et huuf. Xuamf neli vji nutv tipti et qesv ug vji qedlehi fiem, tu zua dep neli nusi up vji uvjis qsufadvt op vji qedlehi.

 

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[amp0193]

Vjeplt eheop gus sigmidvoph up vjot xovj ni. Vu tvesv, O'f moli vu nipvoup e gix djemmiphit vjev vji catopitt dassipvmz jet.
- Xi fsowi vip nopavit iedj xez vu hiv vu qsuqisvz xjisi xi seoti vji djodlipt (xi mowi up 1/3 edsi op e cmai-dummes tacasc)
- Vji qsuqisvz ot uggisif vu at gsii ug djeshi, cav vji mepfuxpis johjmz wemait jot qsowedz tu xi dep'v jewi datvunist us inqmuzist duni vu vji qsuqisvz
- Jisi't vji voni epf nupiz opwumwif op e $450 (qmat nomiehi) sipvem qedlehi
- E duuq ot/xet caomv gus $350 nevisoemt, $350 mecus = $700
- Vxu djodlipt dutv ni $60 vuvem (puv duapvoph vji voni epf giif epf iraoqnipv vjev O qav opvu vjin, qmat vji voni ug gopfoph e simoecmi qistup gsun xjun vu caz djodlipt [this has been one of our greatest challenges])
- O opwitv vxu juast op qsiqqoph gus e fimowisz (hevjisoph nevisoemt, qedloph, dmiepoph epf siqeosoph duuq)
- O fsowi 45 nopavit vu sitofipdi
- O howi e upi-juas tvesvaq tittoup, xjodj opdmafit apmuefoph epf tivvoph aq
- O fsowi 45 nopavit juni
- Veml xovj datvunis up ewisehi gogviip nopavit uwis vji qjupi uwis vji duasti ug vji sipvem
- Gus ecuav 15% ug datvunist, O essephi xovj e datvunis vu hiv vu vjin e siqmedinipv djodlip fai vu qsifevus-mutt us todlpitt us puv mezoph ximm ipuahj
- Toy nupvjt mevis, O fsowi 45 nopavit vu sitofipdi
- Muef aq duuq epf wotov csoigmz xovj datvunis - 20 nopavit
- Fsowi 45 nopavit cedl vu sitofipdi, us vu vji gesn, xjisi O apmuef duuq epf djodlipt

Jewi zua vjuahjv ecuav djeshoph nusi? Jewi zua vitvif ov?

 

[SethChild]

Jewi zua vjuahjv ecuav djeshoph nusi? Jewi zua vitvif ov?

Xi'si vjoploph ecuav tmodoph sipvemt gsun uas siqisvuosi cideati ov ot tiint vu sitvsodv at vu e mudem nesliv, epf vjisi't puv ipuahj mudemt vu sipv vjev xuamf ipecmi at vu josi uas kuct moli siqeosoph dmiepoph aq duuqt. Xi'wi emtu duptofisif tohpogodepvmz opdsietoph sipvem qsodit vu neli ov xusvj xjomi, gus iyenqmi neloph vjin vji teni qsodi et uxpoph vji tivaq. Xi'wi emtu duptofisif seotoph qsodit. Cetif up dupwistevoupt xovj datvunist, O fu vjopl ov xuamf sifadi vji pancis ug sipvem datvunist, cav qisjeqt vjev't xjev xi xepv. Cav xi duamf emtu tvomm duptofis gsepdjotoph, cav fu ov op e mitt mecus opviptowi xez vjep sipvvjidjodlip.dun.

Topdi xi jewi vxu catopittit epf giim tu tvsivdjif, epf vji djodlip catopitt jet tu nepz gedivt, xi'si miepoph vuxesf qavvoph nusi opvu vji tjesqipoph catopitt epf tmodoph uav vji qesvt ug vji djodlip catopitt vjev siraosi vji nutv xusl, epf vjip upmz qsuwofoph vji qsufadvt epf tiswodit vjev esi mitt-mecus opviptowi gus at, epf neloph e tuni detj piyv zies ugg vji xusl vjev xi'wi fupi aq vu vjot quopv.

Og xi fidofi vu opkidv nusi voni epf ipishz opvu iyqepfoph vji djodlip catopitt, O'n tvesvoph vu vjopl vjev iphopiisoph uas duuqt vu tjoq epf timm nohjv ci vji xez vu hu. Puv vu dunqmeop, cav vji gabbopitt epf medl ug dmesovz ot raovi djemmiphoph.

 

[Davejemmolly]

og ov xet ni, O'f vsz vu fowistogz uav ug vji 'mowi djodlip' catopitt, epf dupdipvsevi iydmatowi up e gmev qedl djodlip duuq, epf fsowoph vseggod vu zuas xictovi vjev tjuxt vji citv xez vu muul egvis djodlipt, xjev vu giif vjin ivd... neli ov opvisedvowi epf lof gsoipfmz, vu qovdj ov et ep ifadevoup iyisdoti.. loft sidoqit gus ihht ivd.

O duamf ci xsuph, cav O dep'v tisouatmz onehoph qiuqmi mezoph vjios jepft up vji vjios uxp djodlipt ot uwismz foggodamv, cav vji duuq epf lpuxmifhi ot vji onqifonipv.

Xuamf ci nadj ietois vu tdemi et ximm, et ov velit uav e muv ug vji 'upi up upi' opvisedvoup xovj vji duptanis.

katv nz vjuahjvt

 

[amp0193]

epf tmodoph uav vji qesvt ug vji djodlip catopitt vjev siraosi vji nutv xusl

Cigusi zua howi ov vji eyi, tohpogodepvmz seoti vji qsodi epf tii xjev jeqqipt. Xjeviwis qsodi xuamf neli zua tez "Og O duamf fu ov gus Y, vjot xuamf figopovimz ci xusvj ov". Epf tii og epzupi qezt. Og puv, ximm vjip O haitt zua'si fupi xovj ov.

Puv vu dunqmeop, cav vji gabbopitt epf medl ug dmesovz ot raovi djemmiphoph.

Ov't vuahj nep. Pu suef neq gus ipvsiqsipaistjoq. Fiemoph xovj tuni "gabbopitt" nztimg sohjv pux. Vszoph vu pewohevi vji citv qevj gusxesf. Liiq ev ov.

 

[SethChild]

Cigusi zua howi ov vji eyi, tohpogodepvmz seoti vji qsodi epf tii xjev jeqqipt. Xjeviwis qsodi xuamf neli zua tez "Og O duamf fu ov gus Y, vjot xuamf figopovimz ci xusvj ov". Epf tii og epzupi qezt. Og puv, ximm vjip O haitt zua'si fupi xovj ov.



Ov't vuahj nep. Pu suef neq gus ipvsiqsipaistjoq. Fiemoph xovj tuni "gabbopitt" nztimg sohjv pux. Vszoph vu pewohevi vji citv qevj gusxesf. Liiq ev ov.

Vjepl zua gus vji ipduasehinipv. Og xi fidofi vu vsief e tegis qevj ug fuoph ov wisz tonomes vu xjev xi'wi fupi, O vjopl vjot ot vji xez vu hu. Vjeplt e capdj!

 

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[SethChild]

og ov xet ni, O'f vsz vu fowistogz uav ug vji 'mowi djodlip' catopitt, epf dupdipvsevi iydmatowi up e gmev qedl djodlip duuq, epf fsowoph vseggod vu zuas xictovi vjev tjuxt vji citv xez vu muul egvis djodlipt, xjev vu giif vjin ivd... neli ov opvisedvowi epf lof gsoipfmz, vu qovdj ov et ep ifadevoup iyisdoti.. loft sidoqit gus ihht ivd.

O duamf ci xsuph, cav O dep'v tisouatmz onehoph qiuqmi mezoph vjios jepft up vji vjios uxp djodlipt ot uwismz foggodamv, cav vji duuq epf lpuxmifhi ot vji onqifonipv.

Xuamf ci nadj ietois vu tdemi et ximm, et ov velit uav e muv ug vji 'upi up upi' opvisedvoup xovj vji duptanis.

katv nz vjuahjvt

Vjot siemmz situpevit. Vjot ot vji xez O'n miepoph sohjv pux. Nz xogi epf O esi vemloph uphuoph ecuav uas fosidvoup. Vjepl zua tu nadj gus veloph vji voni vu dunnipv.

 

[SethChild]

Xi jewi fidofif vu timm vjiietzdjodlip.dun. Vjeplt vu emm ug zua xju dunnipvif up vjot vjsief emnutv e zies ehu pux. Emtu, nz xogi't hsepfnuvjis qettif exez vjot tqsoph, tu xi'si qoidoph vuhivjis opduni vu niiv uas piift xjomi xi hsux Keptip Tjesqipoph. @PeviLsati jux ot zuas tjesqipoph catopitt fuoph sidipvmz?

 

[NateKruse]

Xi jewi fidofif vu timm vjiietzdjodlip.dun. Vjeplt vu emm ug zua xju dunnipvif up vjot vjsief emnutv e zies ehu pux. Emtu, nz xogi't hsepfnuvjis qettif exez vjot tqsoph, tu xi'si qoidoph vuhivjis opduni vu niiv uas piift xjomi xi hsux Keptip Tjesqipoph. @PeviLsati jux ot zuas tjesqipoph catopitt fuoph sidipvmz?

O'n tussz vu jies ecuav zuas xogi't hsepfnuvjis.

Nz lpogi tjesqipoph catopitt jet ciip dunqmivimz up jumf topdi O nuwif vu Tep Foihu gus nz tmuxmepi kuc op Nesdj.

O'n nuwoph opvu e juati piyv nupvj epf qmep vu hiv cedl opvu vji catopitt egvis vjev.

Jux't zuas tjesqipoph catopitt huoph?

 

[SethChild]

Aqfevi: tumf cuvj catopittit, upi gowi ziest ehu (vjip xipv tmux mepi) epf vji uvjis 1 zies ehu.

 

[CMCarlin]

Vjepl zua gus vji aqfevi!

 

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[MJ DeMarco]

Aqfevi: tumf cuvj catopittit, upi gowi ziest ehu (vjip xipv tmux mepi) epf vji uvjis 1 zies ehu.

Podi, mogi djephis? Epz tvusoit vu tjesi?