Many years ago I left the corporate rrat race and set out on my own. From my good friend and mentorJack Taylor, I learned the secret of how to make a small profit in the Co-packaging business. My mentor gave me this advice,, "Start with a large one."
As many of you know, my wife and I have a contract packaging business which produces promotional products, coupons, premiums and samplings for the food industry. We have been servicig USA food companies for over 30 years. If you recieved something in a box of cereal, frozen veggies or a bag of pet food, chances are good we may likely have packaged it. We also do sampling programs for perfumes and cosmetics, vitamans, gummy bears and pet treats, teas and condiments.
It has been a struggel since the crash of 2000. Most do not remember that GWB suffered a down spiraling economy he inherited from the Clintons. Well, that was the year we set out to start our current versin of the bussiness. Then came 9-11 and virtually every customer cancelled their contracts.
We hung on for 10 years barely making ends meet and then in 2008-2009, for some reason, things began to improve a little. However by 2011 most of our customers had moved the work off shore. Reasons given,,,,Obamacare and the uncertainty of the future regulations.
We went from 50 employees in 2009 to eleven in 2012. Downsizing partly due to business volume but mostly because of Obamacare.
Last July, 2013 we closed the company. We are selling or refinancing to pay of debts. To do this we set up a small Corporation to close out the old business and complete contracts. One contract is very lucrative and has allowed us to make a living as well as pay off creditors. All of whom. but one, are working with us.
The plan was to stay small and lean, complete the work over the next year, sell assets and pay Uncle Sam off. And hope to have a little nest egg left and retire.
I'm 67, the Wife is 63 and we planned to retire, raise little cows in Hippie Ridge, High Lonesome MO, and visit grandchildren
But now we have a delimma. Business is booming. It appears we hit a little gold mine by being at the right place, right time, with exactly the right product. Who knew? !
I had just gotten comfortable with 8 hour days and weekends off. The small staff was freindly and we had very little supervision needed to get the work out. Now we are working 60 hours a week and weekends consist of Sunday''s, most of which we are catching up on paperwork. We are up to 20 employees and growing. I'm not complaining but, at my age one wonders how long I can keep up the pace.
At least we are making a little money. Evil as that sounds, I kinda like making a small profit.
As many of you know, my wife and I have a contract packaging business which produces promotional products, coupons, premiums and samplings for the food industry. We have been servicig USA food companies for over 30 years. If you recieved something in a box of cereal, frozen veggies or a bag of pet food, chances are good we may likely have packaged it. We also do sampling programs for perfumes and cosmetics, vitamans, gummy bears and pet treats, teas and condiments.
It has been a struggel since the crash of 2000. Most do not remember that GWB suffered a down spiraling economy he inherited from the Clintons. Well, that was the year we set out to start our current versin of the bussiness. Then came 9-11 and virtually every customer cancelled their contracts.
We hung on for 10 years barely making ends meet and then in 2008-2009, for some reason, things began to improve a little. However by 2011 most of our customers had moved the work off shore. Reasons given,,,,Obamacare and the uncertainty of the future regulations.
We went from 50 employees in 2009 to eleven in 2012. Downsizing partly due to business volume but mostly because of Obamacare.
Last July, 2013 we closed the company. We are selling or refinancing to pay of debts. To do this we set up a small Corporation to close out the old business and complete contracts. One contract is very lucrative and has allowed us to make a living as well as pay off creditors. All of whom. but one, are working with us.
The plan was to stay small and lean, complete the work over the next year, sell assets and pay Uncle Sam off. And hope to have a little nest egg left and retire.
I'm 67, the Wife is 63 and we planned to retire, raise little cows in Hippie Ridge, High Lonesome MO, and visit grandchildren
But now we have a delimma. Business is booming. It appears we hit a little gold mine by being at the right place, right time, with exactly the right product. Who knew? !
I had just gotten comfortable with 8 hour days and weekends off. The small staff was freindly and we had very little supervision needed to get the work out. Now we are working 60 hours a week and weekends consist of Sunday''s, most of which we are catching up on paperwork. We are up to 20 employees and growing. I'm not complaining but, at my age one wonders how long I can keep up the pace.
At least we are making a little money. Evil as that sounds, I kinda like making a small profit.