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In short, I'm having a dilemma with our family businesses and searching for some advice or perspective from other entrepreneurs.
For context:
I'm 26 years old and my family owns two full service carwashes and a detail studio focusing on higher ticket services like coatings and protective films.
We've had one of the locations for 20 years and the second we purchased in 2019. The locations did $1m and $3m in revenue last year but after paying our loan on the new location, we damn near broke even across the board. The detail business (started last year) does about $30k per month and growing. In total we have over 50 employees.
I've always somehow been involved in the businesses but for the past 3 years I've worked as the bookkeeper for the companies.
I recently hired a replacement for myself so I could take on more of an operational role under my father with the intention of growing the businesses as our wash revenue has flatlined since COVID. In order to grow, we need to overhaul our customer experience, sales processes, hiring processes, team culture, and marketing.
Now that I'm out of the office role, I plan to start tackling each of these areas.
However, since reading TMF and seeing posts from some of you all here who do have fastlane businesses, it's really forced me to question what path I want to take.
The way the washes are ran currently takes a tremendous amount of overhead, long days/hours, and I have a gut feeling that there has to be a better, more scalable way to make the same amount of money.
And even though I have the ability to make decisions or implement changes in the business to some degree, I'm still compensated as an employee and at the mercy of my father to decide how much I make until he retires.
I've hesitated to post this because I don't want to seem ungrateful for the incredibly fortunate circumstance I'm in, but I just don't really know what to do and mentally I feel like I'm running my head into a wall.
With this post, I'm more or less hoping for opinions telling me either 1. I'd be stupid for not digging in and taking advantage of what's in front of me regardless of what I want/don't want or 2. that I'm not crazy and should try and build something else or 3. Spend 5-10 years building the businesses to then either sell or take the cashflow to invest in fastlane opportunities
I hope this post doesn't come across as whiny or entitled, just looking for some guidance.
- Justin
For context:
I'm 26 years old and my family owns two full service carwashes and a detail studio focusing on higher ticket services like coatings and protective films.
We've had one of the locations for 20 years and the second we purchased in 2019. The locations did $1m and $3m in revenue last year but after paying our loan on the new location, we damn near broke even across the board. The detail business (started last year) does about $30k per month and growing. In total we have over 50 employees.
I've always somehow been involved in the businesses but for the past 3 years I've worked as the bookkeeper for the companies.
I recently hired a replacement for myself so I could take on more of an operational role under my father with the intention of growing the businesses as our wash revenue has flatlined since COVID. In order to grow, we need to overhaul our customer experience, sales processes, hiring processes, team culture, and marketing.
Now that I'm out of the office role, I plan to start tackling each of these areas.
However, since reading TMF and seeing posts from some of you all here who do have fastlane businesses, it's really forced me to question what path I want to take.
The way the washes are ran currently takes a tremendous amount of overhead, long days/hours, and I have a gut feeling that there has to be a better, more scalable way to make the same amount of money.
And even though I have the ability to make decisions or implement changes in the business to some degree, I'm still compensated as an employee and at the mercy of my father to decide how much I make until he retires.
I've hesitated to post this because I don't want to seem ungrateful for the incredibly fortunate circumstance I'm in, but I just don't really know what to do and mentally I feel like I'm running my head into a wall.
With this post, I'm more or less hoping for opinions telling me either 1. I'd be stupid for not digging in and taking advantage of what's in front of me regardless of what I want/don't want or 2. that I'm not crazy and should try and build something else or 3. Spend 5-10 years building the businesses to then either sell or take the cashflow to invest in fastlane opportunities
I hope this post doesn't come across as whiny or entitled, just looking for some guidance.
- Justin
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