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My Business is Winding Down

FrancSevin said:
A rather interesting development this week.
We were negotiating with the landlord for 3 more months to stay in our 10,000 sq foot building to complete transition to closing. Being behind on rent this was asking a lot. However, the landlord had a request from a guy who temporarily needed 3,000 sq feet of storage for three months. The landlord said she would do it, assuming we would cooperate, because it gave her some income.

We met the guy last Monday and by evening's end I had a new business partner. Seems he needed some co-packing to reprocess a retail product of which he had acquired some five truckloads. Then, after seeing what our business was, suggested a possible equipment buyout and takeover of our building.

What this means, if it actually happens, would be an easy and gradual turnover of our business. A smooth transition to retirement for me and Crumpy... whilst he gets coaching and help running our shop.... to a new owner/operator. A win/win for both of us.

Wish me luck
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Update,
Well, it would seem the partnership did not pan out. They are in the carborundum business and that doesn't mix well with our current customer base. It's dirty, and we package pristine for consumer product marketing.

So officially, we close April first. Yeah fools day.

I'll be here a month so liquidating what's left and clearing the building for the landlord.
 
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FrancSevin said:
Update,
Well, it would seem the partnership did not pan out. They are in the carborundum business and that doesn't mix well with our current customer base. It's dirty, and we package pristine for consumer product marketing.

So officially, we close April first. Yeah fools day.

I'll be here a month so liquidating what's left and clearing the building for the landlord.
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Well I don't know if that sucks or a blessing. Now you have a clear path to doing what you want.
 
Over the week-end we sold our company.

Yippee!

Actually, we sold a majority of the assets to a strategic partner company right here in town.

They wanted one of our exclusive technologies and to get it they bought us out. Tuesday, I have a liquidator coming in to take whatever is left.

I have a month of transition. Heavy work, with tight deadlines, to get the move done. Then, perhaps,,,, Some Flyfishing.
 
Congrats Franc. From an outsider point of view this deal sounds better than the one that fell through.
 
Doc said:
Congrats Franc. From an outsider point of view this deal sounds better than the one that fell through.
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Yes it is. This one cleans out the building.
I get a part time job as a consultant.
It will be intense during the move but...;
We will see how "Part Time" that eventually becomes.

I am stopping at Bass Pro this week to line up my trout/fly fishing gear.
 
300 H and H said:
I hope this works out for the two of you as you transition to doing what you want to do, when you want to do it.
I am overdue for a trip to St Louis by a few years. When I get down there, lunch is on me lol. :)
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I didn't work out well. My standards of quality and operational planning were in conflict with those of my new partners. To put it bluntly, their operation methods were a cluster "F." For instance, to make more profit, they kept turning up the speed on the machines causing un-acceptable scrap rates and massive breakdowns.
I spent my days putting out emergency fires, that never should have happened, and trying to prevent failures.

My years of planning for success, by preparing for problems and preventing failure, were in conflict with their system of just getting it out the door however and whatever it took.

So we have parted ways.

I do have another company interested in doing work for some of my clients. So far, it has worked out well.

Meanwhile I am taking some time to finish projects around the house.
 
FrancSevin said:
I didn't work out well. My standards of quality and operational planning were in conflict with those of my new partners. To put it bluntly, their operation methods were a cluster "F." For instance, to make more profit, they kept turning up the speed on the machines causing un-acceptable scrap rates and massive breakdowns.
I spent my days putting out emergency fires, that never should have happened, and trying to prevent failures.

My years of planning for success, by preparing for problems and preventing failure, were in conflict with their system of just getting it out the door however and whatever it took.

So we have parted ways.

I do have another company interested in doing work for some of my clients. So far, it has worked out well.

Meanwhile I am taking some time to finish projects around the house.
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No-one is going to care like you did.
 
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If you don't mind elaborating, when you say 'parted ways' do you mean they still bought your company but you are out of the picture or did the deal fell through when you parted ways?
 
Doc said:
If you don't mind elaborating, when you say 'parted ways' do you mean they still bought your company but you are out of the picture or did the deal fell through when you parted ways?
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Sorry.
This was a big company owned and run by a couple such as Crumpy and I.
They bought the assets. We had a working relationship with plans to bring my clients in. All on verbal promises and a handshake. Glad I didn't have a contract as Excaliber had a high reputation for service and quality. These guys are anything for a profit clowns. My clients were used to the best. High, consistent, quality and prompt service.

I couldn't bring them in to failure.

One reason I did not want a contract is that I would have trouble breaking it. I am so glad I did not have a signed contract needing a lawyer to walk away.
 
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