The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Taking over business from retiring baby boomers

Bekit

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Aug 13, 2018
1,135
5,601
Get ready, millennials. It looks like a bunch of baby boomer businesses are about to be up for grabs.

I say this with deep regret. It didn't have to be this way. I would have much rather entered into a scenario where there was time, mentorship, and a relationship built with the retiring business owner.

Now, it looks as if we might be thrown into the deep end of the pool to recreate many of the businesses that close due to bankruptcy or death of the owners.

Is this generation ready to take up that mantle?

Seemingly not.

But the people here on the forum are at least poised with an excellent mindset and good grasp on fundamentals.

There has never been a more wide-open opportunity to provide value.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
G

Guest1413tpa

Guest
Glad I found this thread. I'm in the process of redoing my existing LLC to prepare myself for this... mainly on a smaller scale to start, then working my way up.


To the fast lane...
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Glad I found this thread. I'm in the process of redoing my existing LLC to prepare myself for this... mainly on a smaller scale to start, then working my way up.


To the fast lane...
Don't forget that if you are buying an existing business that is not an online one, you can scale it rapidly by setting it up as a franchise system.

You will need to make it very profitable to attract franchisees, and you will need to keep a good record of the systems you use so that you can prepare the essential Operations Manual.

For more information, see
Starting a business with the intention of selling franchises.
and Rapid Scaling a business by franchising

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
G

Guest1413tpa

Guest
Don't forget that if you are buying an existing business that is not an online one, you can scale it rapidly by setting it up as a franchise system.

You will need to make it very profitable to attract franchisees, and you will need to keep a good record of the systems you use so that you can prepare the essential Operations Manual.

For more information, see
Starting a business with the intention of selling franchises.
and Rapid Scaling a business by franchising

Walter

Oh yes 100% agree. Thanks for the links too, I’ll check em out!
 

HBB

New Contributor
User Power
Value/Post Ratio
40%
Jun 28, 2020
5
2
France
In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.

I believe that this applies in U.S. as well.

These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.

I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.

I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.

I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.

I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.

1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.

2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it

3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.
 

HBB

New Contributor
User Power
Value/Post Ratio
40%
Jun 28, 2020
5
2
France
In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.

I believe that this applies in U.S. as well.

These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.

I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.

I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.

Je suis dans un rôle de vendeur financier indépendant. Je travaille actuellement avec un baby-boomer qui me transmet sa clientèle. Il s'agit d'un scénario courant pour les agents immobiliers / agents d'assurance / courtiers Stoke.

Je vois une énorme opportunité pour les jeunes de réseauter avec ces baby-boomers pour élaborer un plan de collaboration. Il y a deux bonnes raisons à cela.

1) Cela vous facilite la vie par rapport à vous-même en partant de zéro. C'est beaucoup plus facile.

2) Vous ne devez pas être excellent. Vous devez juste être pas paresseux, stupide ou peu fiable. La plupart des gens ici peuvent le faire

3) Beaucoup d'autres jeunes ne sont pas intéressés. Ils préfèrent faire du drop-shipping ou du MLM. C'est fou. Cela fait de la succession une affaire de marché très favorable aux jeunes qui souhaitent reprendre une entreprise. La dynamique actuelle du marché est en fait les personnes âgées qui recherchent activement des jeunes pour reprendre leur entreprise.
[/CITATION]

Cette idée est super intéressante
En effet moi j'ai essayé le dropshipping, Amazon FB mais rien ne fonctionne vraiment
Je vais m'y intéresser de plus près.
Mais je vis en France, la loi sur la succession est très rude je ne pense pas pouvoir trouver quelque chose ici.
Je voulais juste savoir au USA par exemple quelles sont les conditions pour profiter décemment système ??
Merci
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

JunkBoxJoey_JBJ

Bronze Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
186%
Jul 9, 2018
243
453
...partnered with a older contractor that just couldn't get it over the line. He was very knowledgeable and hands on, but lacked the people skills, digital skills and business skills. I provided the business side and he made sure we delivered on the project. I got half the new company, and he got his investment bought out by the new company from the profits of the new...

@Rwill ...would you be willing to share any feedback on the "how" you did this or how it was structured? i.e Did you use a business broker(s), an old school "handshake" or an attorney?

*FOR OTHERS SEEKING SOME HELP ON THIS TOPIC:

Seek this out...
BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger
 
Last edited:

Rossoneri

Contributor
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
114%
Jun 13, 2020
21
24
20
Virginia
@Rwill ...would you be willing to share any feedback on the "how" you did this or how it was structured? i.e Did you use a business broker(s), an old school "handshake" or an attorney?

*FOR OTHERS SEEKING SOME HELP ON THIS TOPIC:

Seek this out...
BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger

I'm also interested in this, being a young person excited about 'boring' businesses. Any help on how these are structured?
 

AdamSerk

New Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
60%
May 27, 2020
10
6
London
In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.

I believe that this applies in U.S. as well.

These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.

I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.

I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.

I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.

I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.

1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.

2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it

3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.

My dream is to live in a warm place year round. I have been to Thailand and loved it there. Its warm year round, great food, beautiful sceneries etc. Saying that, most asian countries are similar to thailand so anywhere in oriental asia would do. @Walter Hay has recommended I read this thread and im happy he did. I had no idea about this and was wondering if anyone here on FLF has a connection to someone who needs to take over their business in asia. Or even help them run the business. I'm fed up with london, rainy country with barely any sun throughout the day.

When the sun is out i work out and generally feel great and active but when its raining and cloudy my mood changes. I feel low and depressed.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Rwill

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
216%
Sep 9, 2019
31
67
canada
@Rwill ...would you be willing to share any feedback on the "how" you did this or how it was structured? i.e Did you use a business broker(s), an old school "handshake" or an attorney?

*FOR OTHERS SEEKING SOME HELP ON THIS TOPIC:

Seek this out...
BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger

Sorry I've been away for awhile, so I didn't catch this earlier. But I'll give you a run down on my story:

I did an apprenticeship in Carpentry with a local tradesman, worked for about 10 years with him as my mentor. A amazingly well rounded carpenter, but a terrible businessman. He hit a down cycle in the economy about 2008 while also suffering from poor money management. I was about to leave but he knew the business would collapse if he did, so I made him a offer.
I want nothing to do with the old business, but I'll start a new one in which the new business will buy the assets of his old business and we'll split it 50/50. But this will be done in payments from the profits of the new business in regular intervals so no cash up front. Didn't cost me a dime technically, but due to his situation I had to provide the capital to start the cash flow of the new business. This was a handshake deal at first and then ratified by lawyers.

I can't say why this wouldn't work for others in similar situations, even if its not a mentorship or apprenticeship. Just develop the relationship with the business owner, most of the time they don't want to shut it down.

Now in hindsight there is a lot I would change. Don't do partnerships unless you are positive you are moving in the same directions, and get the responsibilities of each of you in legally binding writing if you are going to have one. In my case, partnering with my old mentor has been difficult, as one a bad businessman, almost always they will stay a bad businessman.
Get the business lean, get efficient. Most of these old companies are bloated as they just run as is and the owner always adds things on they think they need. Half their problem is the overhead is not realistic to the business they are running. You'll need flexibility, you'll need cash flow, and you'll need reserves.

I've been going for about 6 years now. I am currently planting the seeds of having my main client purchase my business to augment their operations.

I hope this helps

Cheers
Riley
 

Rwill

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
216%
Sep 9, 2019
31
67
canada
If anyone is interested in this there is a ton of free resources out there. Jeremy Harbour and the Harbour Club specialize in this. There is also Nick Bradley of "Scale up your Business" who used to buy and flip businesses. Look into both of them then you'll have a jumping off point

Here is a great youtube video from Sweaty Start up interviewing Nick Bradley

View: https://www.youtube.com/watch?v=fqxXoduxf7Y
 

TheLearner

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
131%
Mar 17, 2018
86
113
DFW, USA
You need to find a business where the owner is open minded to not only selling but also open minded to sharing all of the tricks and trade secrets. This can be scary for businesses so if you approach anyone, always offer a contract and a NDA. Luckily the business I bought is in an industry where security & due diligence is part of our service offerings so that was very standard. You should also have an attorney that is separate from the sellers attorney. You want to make sure things like non-competetes, NDAs, etc are in all the documents from the very beginning.

I worked with the prior owner as a 50/50 partner for about 1 year before the sale was actually in play. It was a 3 year process agreement that we worked out between the two of us. This way, I started taking more responsibility but he got most of the $$ for the first 2 years. It also gave me 3 years to learn about the business, services, clients, etc.
@becks22 Did you stipulate that the owner work with you for a year prior to purchase? I think buying a business is a great strategy, just curious how common it is to have the original owner working with you for a certain amount of time before you take it on 100%.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

becks22

90% coffee, 10% everything else
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
271%
Jul 6, 2016
787
2,129
31
Upstate NY
@becks22 Did you stipulate that the owner work with you for a year prior to purchase? I think buying a business is a great strategy, just curious how common it is to have the original owner working with you for a certain amount of time before you take it on 100%.

A year is above average and shouldn't be considered the norm but I've seen on business listings usually something like 'seller will continue to work for xxx months if a rate is agreed upon both parties'. Some sellers think of their businesses as their babies. They want it to be sold to a person who will take care of their child so they don't mind staying on for 3 months + to ensure that.
 

WestCoast

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
311%
Jan 20, 2008
506
1,573
Rhode Island for now.
I'm late to the party on this, but, I want to add my experiences.

At age 22, I started a business in the outdoor recreation field.
This industry is *dominated* by boomers and people who started 'hobby' businesses 20-30 years ago... and just kept going.

When I started it, in 2005, there were something like 174 direct competitors of ours.
I always forget, but, there were a lot. Call it 50 that were serious and strong.

Fast forward to 2020, and, I don't know, maybe there are 5? 10?
So many of these guys packed up in 2008/2009 recession.

Our business (in a fairly stagnant total market - and certainly not a 'sexy growth market') has benefitted massively.

We had a killer website, sold online (online sales this year going over 90%), and just hustled.
Provided good service.
New energy.
Passion.

Yesterday, just yesterday, I concluded a deal to buy a ton of IP from our formerly biggest competitor, who closed up last year.

We went from $125k a year in revenue when I started, to $5M, with the potential we think to get to $12M in the next 3 years as more of this happens.

Declining market.
Unsexy product.

But, it's full of really nice people, who aren't great at running businesses.
And, they want out.
I'm no genius at all - so, if I can do well in markets like these - some of you smart guys can CRUSH IT.


Absolutely 100% can vouch for this being a real phenomenon.
Heck, you can probably buy your way to huge market share, for pennies on the dollar - in a lot of unsexy and boring markets.

I left at age 37, to full time travel the world, while our business grows and I acquire more businesses at good prices, on the side.


It's been amazing for our entire business, and, I think it will just accelerate over the next 1-7 years before the bulk of that generation are finally out of the picture in some way or another.
 

BLIM

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
79%
May 24, 2018
38
30
Singapore
In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.

I believe that this applies in U.S. as well.

These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.

I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.

I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.

I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.

I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.

1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.

2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it

3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.
Hi Kevin,

It's good to find someone in the same country.If have chance would like to meet up sometimes :)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Zooman009

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
67%
Jul 29, 2020
55
37
Utah, USA
There's also a business opportunity here -

Offer a "succession planning" service where you connect retiring boomers with entrepreneurs who are willing to work, in exchange for a finder's fee.

This is a fabulous idea for how to get into a "real" business rather than just trying whatever fad is current at the moment.

And I bet a lot of them are unsexy businesses that most people can't imagine doing (like the one selling boat engines).

While everyone else is out looking to "follow their passion," a few people who are willing to say, "It's about providing value, not following my passion," and they're the ones who will make a killing.

I'm going to keep my eyes open for something like this.
I saw this post and instantly wished that a service like that existed.
As I was going through this thread, I kept wondering "but how do I find these people who would sell their business"

Interesting to see that need peeking into my mind where I the pushed it aside and kept mindlessly scrolling...
 

PapaGang

Gold Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
256%
Jul 10, 2019
637
1,632
Milwaukee, WI
I saw this post and instantly wished that a service like that existed.
As I was going through this thread, I kept wondering "but how do I find these people who would sell their business"

Interesting to see that need peeking into my mind where I the pushed it aside and kept mindlessly scrolling...
I was discussing this idea last year to a colleague who shot it down.

I think there is a real need for this sort of thing and traditional brokers don't seem to fit the model.
 

Bekit

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Aug 13, 2018
1,135
5,601
I saw this post and instantly wished that a service like that existed.
As I was going through this thread, I kept wondering "but how do I find these people who would sell their business"

Interesting to see that need peeking into my mind where I the pushed it aside and kept mindlessly scrolling...
I mean... it would just be a matter of building good old-fashioned relationships and trust, wouldn't it?

The business owners wouldn't be that hard to find.

Ideas...
- Drive into any small-town downtown area and look for businesses that don't look like chain stores. Walk in and just ask to talk to the owner. Ask them if they have a succession plan. If they do have a plan (e.g. their kids are going to take over) and they're not interested, ask them if they know anyone who is getting close to retirement age and would be open to working with a younger person who could learn the biz and take it over.

- See if you can pay the local chamber of commerce to send out a flier on your behalf. Write up a nice flier explaining what you're looking to do and how you plan to deliver value to them.

- Narrow down your niche (e.g. Hardware stores, or HVAC companies, or whatever business you think will be a viable niche in the next decade) and just focus on talking to those business owners. Get good at connecting them with young, trustworthy, hungry talent. Once you've got one or two success stories under your belt, you'll know what it takes to scale it up from there.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

TryGeek

New Contributor
User Power
Value/Post Ratio
200%
Jan 30, 2021
1
2
In Singapore here there are a lot of profitable small business in the traditional industries. They are owned by baby boomers who cannot find successors. Their children are not interested in the business.

I believe that this applies in U.S. as well.

These business typical generates 10-20k monthly profit on average with moderate efforts in management. These are the business that are too small to be interesting to be sold to private equity/professional business investors but it is too big a money to be thrown away for retirement since it has a steady customer base and a reputation built over decades.

I was speaking it from some personal experience because I was being pitched to run a company selling boat engines. The owner has a common friend with my parents. They don’t even know me or my parents. I did not take it because I cant imagine myself selling boat engines.

I have another high school friend who took over his family business and quit his slow lane job. He felt obliged to take over because no sibling of his is interested. It is a raw material provider for construction and engineering companies. Gross margin is around 5 percent. Could make 200k-500k a year depending on the business environment. He is very optimistic on the business. “Within the next 2 years 30 business of my competitors are closing their shops because they have no successor. It is an old men’s business and I am the only 30 years old here”.

I am in a self-employed financial sales role. As of now I am working with a baby boomer who is passing his clients base to me. This is a common scenario for real estate agents/insurance agents/stoke brokers.

I see a huge opportunity for young people to network with such baby boomers to work out a collaboration plan. There are two strong reasons for doing so.

1) It makes your life a lot easier compared to yourself starting from scratch. A hell lot easier.

2) You do not to be excellent. You just need to be not lazy, stupid or unreliable. Most people here can do it

3) A lot of other young people are not interested. They rather do drop-shipping or MLM. That is crazy. This makes the successorship deal bargain in a market situation very favorable to young people looking to take over a business. The current market dynamic here is actually the old people who are actively hunting for young people to take over their business.
I think you can't imagine selling boat engines the way they do. But imagine selling them online like you never touch a boat engine or maybe even see a boat engine. I think you could actually imagine doing that. So you just have to find the the points of this business that require people and use technology smooth out all those pain points. You might actually sell a lot less boat engines but it would still be a lot of money.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen

I mean... it would just be a matter of building good old-fashioned relationships and trust, wouldn't it?
That would be the key to success. Any person who has built up a business from nothing will have a strong attachment to it. They will want to see it continue. The ongoing success of the business even without their continuing involvement will be a major part of their legacy.

Convince them by your attitude that they will be able to maintain their pride and satisfaction in what they have created.

I write from experience as one who built a multi national industrial chemical business from zero and was saddened by the stupid failure of the takeover consortium that destroyed the 20 year old business in a matter of months. Fortunately I had previously given (yes, for $1) the less technical arm of the business to a lifelong friend who who ran it with great success for another 20 years until his death. I knew I could rely on him to look after my baby.

Walter
 

ygtrhos

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
135%
Dec 27, 2016
240
325
34
Anybody from Europe, that did this?

Would love to exchange ideas.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ing

Gold Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
102%
Jun 8, 2019
1,621
1,651
58
Bavaria
A friend s dad built a trucking company. My friend took it over with his brother. Now, decades later, there is no one wanting it. Btw, there a re some hundred trucks, so its quite big.
His daughter doesn’t consider it. Makes me sad.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Get ready, millennials. It looks like a bunch of baby boomer businesses are about to be up for grabs.

I say this with deep regret. It didn't have to be this way. I would have much rather entered into a scenario where there was time, mentorship, and a relationship built with the retiring business owner.

Now, it looks as if we might be thrown into the deep end of the pool to recreate many of the businesses that close due to bankruptcy or death of the owners.

Is this generation ready to take up that mantle?

Seemingly not.

But the people here on the forum are at least poised with an excellent mindset and good grasp on fundamentals.

There has never been a more wide-open opportunity to provide value.
This long protracted thread has produced many good ideas, and I suggest that @Bekit's thought to "recreate many of the businesses that close due to bankruptcy or death of the owners" is a good one.

In some respects I speak as one whose business is closed - not due to bankruptcy or death, but due to the stupidity of an executive in charge of the takeover consortium that, as I posted earlier:
I write from experience as one who built a multi national industrial chemical business from zero and was saddened by the stupid failure of the takeover consortium that destroyed the 20 year old business in a matter of months. Fortunately I had previously given (yes, for $1) the less technical arm of the business to a lifelong friend who who ran it with great success for another 20 years until his death. I knew I could rely on him to look after my baby.
After a long period of "retirement" I have decided that I should re-start that highly profitable business, but to do it by guiding someone fresh, with fire in their belly and capable of rebuilding the business that is designed to do what I did:
1. Act as an industrial troubleshooter across the USA (and Canada if desired), finding problems and solving them with the use of my chemical products, even if that involves using new formulations that will fix the problems found.

2. Export the chemicals to countries across the Asia/Pacific region.

See Attached File: EDIT. The document below says Read On Below, so see 2nd attachment for that, but you should also look at my post below.

How I Made My First Million and the Next…….​


WALTER
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Attachments

  • Rethink 20.08.2023.docx
    559 KB · Views: 53
  • History of Faith Chemical Industries.docx
    17.1 KB · Views: 13
Last edited:

Bekit

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Aug 13, 2018
1,135
5,601
This long protracted thread has produced many good ideas, and I suggest that @Bekit's thought to "recreate many of the businesses that close due to bankruptcy or death of the owners" is a good one.

In some respects I speak as one whose business is closed - not due to bankruptcy or death, but due to the stupidity of an executive in charge of the takeover consortium that, as I posted earlier:

After a long period of "retirement" I have decided that I should re-start that highly profitable business, but to do it by guiding someone fresh, with fire in their belly and capable of rebuilding the business that is designed to do what I did:
1. Act as an industrial troubleshooter across the USA (and Canada if desired), finding problems and solving them with the use of my chemical products, even if that involves using new formulations that will fix the problems found.

2. Export the chemicals to countries across the Asia/Pacific region.

See Attached File: EDIT. The document below says Read On Below, so see 2nd attachment for that, but you should also look at my post below.

How I Made My First Million and the Next…….​


WALTER
What qualifications would make someone likely to be a good fit for working with you on this, Walter?

Sounds like an awesome plan!!
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
This long protracted thread has produced many good ideas, and I suggest that @Bekit's thought to "recreate many of the businesses that close due to bankruptcy or death of the owners" is a good one.

In some respects I speak as one whose business is closed - not due to bankruptcy or death, but due to the stupidity of an executive in charge of the takeover consortium that, as I posted earlier:

After a long period of "retirement" I have decided that I should re-start that highly profitable business, but to do it by guiding someone fresh, with fire in their belly and capable of rebuilding the business that is designed to do what I did:
1. Act as an industrial troubleshooter across the USA (and Canada if desired), finding problems and solving them with the use of my chemical products, even if that involves using new formulations that will fix the problems found.

2. Export the chemicals to countries across the Asia/Pacific region.

See Attached File:

WALTER

What qualifications would make someone likely to be a good fit for working with you on this, Walter?

Sounds like an awesome plan!!
The most important factor is the ability to think outside the box. Manufacturing problems are so wide ranging that once detected by a salesperson operating as a troubleshooter they have to be somewhat inventive to quickly come up with a solution.

EXAMPLE: Multiple sheets of wood veneers are assembled and loaded into an opening (known as a daylight) between multiple steel plates (platens) and the press is closed hydraulically to employ extreme pressure plus temperature to cure the adhesive between the layers of wood veneers.

A sales person is visiting and observes the application of a silicone emulsion sprayed on the platen, and at the same time observes that as the pile of wood veneers is loaded into the opening between the platens a shower of sawdust and larger wood fibers drops out around the pile.

How does the troubleshooter react? He/she should warn against the use of silicone in such a case partly because it does not completely prevent the build up of that detritus which cures during the pressing and is extremely difficult to remove.

If the wood veneer pile is not placed precisely where there is no build up of cured detritus he/she should also report the fact.

He/she will know the reason and the solution, part of which is already mentioned above.

Later he/she will return by appointment to demonstrate his/her company's superior product that resolves the problem, and obtain a large order when the production team see how easy it is to remove the cured build up of detritus.

Walter
 

The Sandman

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
223%
Jul 12, 2022
81
181
The most important factor is the ability to think outside the box. Manufacturing problems are so wide ranging that once detected by a salesperson operating as a troubleshooter they have to be somewhat inventive to quickly come up with a solution.

EXAMPLE: Multiple sheets of wood veneers are assembled and loaded into an opening (known as a daylight) between multiple steel plates (platens) and the press is closed hydraulically to employ extreme pressure plus temperature to cure the adhesive between the layers of wood veneers.

A sales person is visiting and observes the application of a silicone emulsion sprayed on the platen, and at the same time observes that as the pile of wood veneers is loaded into the opening between the platens a shower of sawdust and larger wood fibers drops out around the pile.

How does the troubleshooter react? He/she should warn against the use of silicone in such a case partly because it does not completely prevent the build up of that detritus which cures during the pressing and is extremely difficult to remove.

If the wood veneer pile is not placed precisely where there is no build up of cured detritus he/she should also report the fact.

He/she will know the reason and the solution, part of which is already mentioned above.

Later he/she will return by appointment to demonstrate his/her company's superior product that resolves the problem, and obtain a large order when the production team see how easy it is to remove the cured build up of detritus.

Walter

Oh man, if I had seen this a year ago I would have been all over it. I got into engineered wood products (Plywood and LVL) 10 years ago, mostly on the technical side, with some time on production. What you're describing is right up my alley. Heck, I've gone to Canada go help our OSB supplier troubleshoot the quality issues we were seeing.

But I quit last year to buy my own business. The goal is to work myself out of the job and free myself up for other things but I'm not there yet. I'll have the loan paid off at the end of the year which will free up cash flow to hire my replacement, so I'm not too far off. But I won't have much time before then.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Spenny

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
377%
Nov 16, 2022
647
2,439
22
United Kingdom
Superb post. I'm going directly into a career to transition to just this.

You hear people who have been in the business for years, and they say precisely this. "People need to sell the business to retire, and the P/E of the business is 4 with good margins."

After digging around in stocks for a while, you can't get much better than that on the public markets (unless you're searching).
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
See Attached File Rethink: This little appendage to my post was not there when I went back to add more information as promised, so firstly, here is that previously attached file, and following it is the more information as requested via PM.

The History of Faith Chemical Industries gives more details on how I got into the specialty industrial chemical business. It relates primarily to troubleshooting and supplying chemical answers to problems in the Panel Board industry.

Although the business operated in Australia, I have done extensive study on the industry in North America and know that it is vastly larger than the Australian Panel industry.

I invite questions, either in this thread or via PM.

Walter
 

Attachments

  • Rethink 20.08.2023.docx
    559 KB · Views: 9
  • History of Faith Chemical Industries.docx
    17.1 KB · Views: 8

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top