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My Business is Winding Down

FrancSevin

FrancSevin

Proudly Deplorable
Super Patron
Well, it is official. Our largest customer has cancelled their program. And with that we have to decide to move on or close.

They have another in the works. But it may or may not prove to fruition. Whilst we do have other orders the volume is likely insufficient to support our overhead and make the effort worthwhile.

So, over the next six months or so, I will be winding operations down and selling off assets.

40 years, been doing the same thing. But it's time for the gold watch.

And, now that I have the time, plans for sailing and Hippie Ridge
 
mla2ofus said:
I believe you've earned this, franc!!
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Thanks.

Well, I built it for my son, but he seems to have other plans.

In a way we are amoung the last in this business. Like buggy whips, there will always be some demand. But, not enough to build and empire.

In my next life I may well settle for a corporate lifestyle. Retire at 55 with a portfolio and brag about how important I was as a cog in the machinery.
 
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FrancSevin said:
Thanks.

Well, I built it for my son, but he seems to have other plans.

In a way we are amoung the last in this business. Like buggy whips, there will always be some demand. But, not enough to build and empire.

In my next life I may well settle for a corporate lifestyle. Retire at 55 with a portfolio and brag about how important I was as a cog in the machinery
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Looks like you already made the decision and are going to beat me to it, good for you. When COVID happened, the first year 2020 everything in my world either got canceled or postponed, 21-22 we have made up for it. I got a couple years left and my son is taking the business. I wish him all the luck as some of my retirement $$ will be derived from that. You can't do everything for everyone. Building it up for your son was a noble cause but that don't always work out. Life is short and you deserve some time of your own to do what you want when you do it. Although reading your posts through the years, its just going to free you up to do more projects.
 
it's standard operating procedure.
you've been doing the same thing - - - but the world has changed.

I did, and still do in situations, data analysis from CSV files using DOS oriented custom apps.
which I then "translate" into file structures the current MBA crop can absorb.
likely 200x faster than running Win apps/programs.
people focused on "current Windows xcrap" are 4-5x more expensive and for the customer, and incredibly obtuse.
demanding customer users download/install/use stuff on their HIPPA computers - no, that does not end well.

reality base solutions are very rapidly evaporating from 'the present'
retire.
take all the money you can get and run.
 
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Congratulations Francis!
At first I didn't know whether to say I'm sorry or not.
40 years is a long gig.
I've been in nursing for 42 years and once wanted to retire , but I feel like I can't because I love it.
Our facility is going through horrible management changes constantly.
It's been enough to make me want to scream, but I'm determined to stick it out until I reach ummm 71?
Maybe..😊
 
m1west said:
Looks like you already made the decision and are going to beat me to it, good for you. When COVID happened, the first year 2020 everything in my world either got canceled or postponed, 21-22 we have made up for it. I got a couple years left and my son is taking the business. I wish him all the luck as some of my retirement $$ will be derived from that. You can't do everything for everyone. Building it up for your son was a noble cause but that don't always work out. Life is short and you deserve some time of your own to do what you want when you do it. Although reading your posts through the years, its just going to free you up to do more projects.
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Quite True. That said, we did change with the times. At one time in our history, we were the premium producer of wrapped printed coupons inserted into food, pet food, confections in the country. We did contests and fulfillment for them. Once, we had a $1,000,000 check for Ralston Chex cereal Promo.

That was an interesting day.

But the internet shut that down. I saw that coming long before our competitors, so we moved to other items. Security labels and sampling programs. If you ever took a sample at a Wal-Mart or Sam's club from a machine, we likely made that sample.

Our origins, however, were in custom packaging machinery applications. Conveying and feeding systems. However, our relationship with several large companies, PET Foods, Conagra and Ralcorp caused a shift to co-packing.


Right now, we package Medical products for preemies and some promotional items like KC Steak catalogues. It's just not enough volume to support the overhead. And, it seems, people just don't want to come to work at a factory.
 
Congrats Franc. Sounds like once again you've thought this through and decided on the right path. Like M1west said above, retirement does not mean quitting, it just means you move on to projects you really want to do. I do see Hippie Ridge and Sailing in your future. Best wishes in closing up this part of your life and moving on to the fun stage.
 
Retirement is everything great most people, including me, say it is. Been doing it for 12 years now and have really gotten very very good at doing it. Looking forward to the next 12. I keep busy when I want to, I goof off when I want to.
 
Hear you on the "largest customer". I had a side business for many years. Then my "largest customer" cancelled the program I supported. My insurance was $5k a year, without the core customer it didn't make sense to continue.
 
We met with one of our strategic partners today. They want to combine our business into theirs over a one-year period (approximately). Offer was both financial and physical support of the transition.

I would become a consultant, not an employee. This arrangement would give me time to pursue other interests like, well, Hippie Ridge and sailing. Crumpy could spend more time raising our kids.

Win; win?

Maybe.
 
FrancSevin said:
We met with one of our strategic partners today. They want to combine our business into theirs over a one-year period (approximately). Offer was both financial and physical support of the transition.

I would become a consultant, not an employee. This arrangement would give me time to pursue other interests like, well, Hippie Ridge and sailing. Crumpy could spend more time raising our kids.

Win; win?

Maybe.
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Sounds better than just shutting down and selling off, but only time could tell.
 
FrancSevin said:
We met with one of our strategic partners today. They want to combine our business into theirs over a one-year period (approximately). Offer was both financial and physical support of the transition.

I would become a consultant, not an employee. This arrangement would give me time to pursue other interests like, well, Hippie Ridge and sailing. Crumpy could spend more time raising our kids.

Win; win?

Maybe.
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You likely already thought of it, but I would write a contract with them spelling everything out, like how long your consulting gig will last, payment etc. That would prevent any amnesia or early termination etc.
 
m1west said:
You likely already thought of it, but I would write a contract with them spelling everything out, like how long your consulting gig will last, payment etc. That would prevent any amnesia or early termination etc.
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Whilst your advice is truly good stuff, I am a handshake guy. Every written contract I have had was broken. Some of the hand shake ones as well. Two handshake agreements stand still yet today. There will always be disputes between partners. If you need a contract or a lawyer, then trust must be absent. A contract only suggests fidelity. It also holds you from walking away when trust is broken.

Been there.

That said, this strategic partnership may well be patent. So far, all our verbal agreements have held true.

If they want a contract, that tells me to prepare for different.
 
FrancSevin said:
Whilst your advice is truly good stuff, I am a handshake guy. Every written contract I have had was broken. Some of the hand shake ones as well. Two handshake agreements stand still yet today. There will always be disputes between partners. If you need a contract or a lawyer, then trust must be absent. A contract only suggests fidelity. It also holds you from walking away when trust is broken.

Been there.

That said, this strategic partnership may well be patent. So far, all our verbal agreements have held true.

If they want a contract, that tells me to prepare for different.
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You know them better than me, and its you decision not mine as you will reap the rewards or take the hit, not me. Me personally unless its family I put it in writing.
 
You know them better than me, and its you decision not mine as you will reap the rewards or take the hit, not me. Me personally unless its family I put it in writing.

I have one member of my family I would trust with my money and my life. The rest sign a compact.

Like you said, I know them.

Best you know who your friends really are. You may need them someday.
 
FrancSevin said:
Well, it is official. Our largest customer has cancelled their program. And with that we have to decide to move on or close.

They have another in the works. But it may or may not prove to fruition. Whilst we do have other orders the volume is likely insufficient to support our overhead and make the effort worthwhile.

So, over the next six months or so, I will be winding operations down and selling off assets.

40 years, been doing the same thing. But it's time for the gold watch.

And, now that I have the time, plans for sailing and Hippie Ridge
Click to expand...

Sorry it has come to this.

Good luck in your future endeavors.

In Bernard Malamud's novel, "The Natural," he says we're all given two lives.
One to learn with and the second one is the life we live after that.

I believe that J.D. Rockefeller became a better man at the end of his first life's learning period.

We see this dynamic echoed in the fictional example of Ebenezer Scrooge. And George ("It's a Wonderful Life") Bailey's life trajectory was about to take a wrong turn had it not been for his conscience (Clarence the Angel) reminding him of the consequences of what he was about to do.

When you think of Donald Trump's remarkable change of heart and mind, to walk away from his old evil (Democratique?) business mindset and practices to give back to America as our President and to try to be a blessing to all who love Freedom and the American Dream, one can imagine that after learning the ins and outs of that old way of living and looking at things from the perspective of one who had done it ALL with his power, acclaim and wealth, that he woke up and decided that what was most fulfilling would be to make America great again.

Even though the Democrats are willing to give pardons to (unrepentant?) 1st degree murderers and to set free scores of current day criminals back onto the streets, the Dems are unenthusiastic about Trump's second chance program which helps deserving inmates get a fresh second chance, maybe after they have finished their learning period with their first life.

What are your thoughts about this idea of a supposed second life, now that you have reached this stage of development as a human being?

🙂🇺🇸
 

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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
 
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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That was a good stroke of luck, sometimes its better to lucky than good. Congratulations
 
Thanks guys. The proof is in the pudding. Working the details may expose a flaw in the plan.
We shall see.
That said, I am hopeful this works for our clients and both us and the new partner.
 
tiredretired said:
Great!! Just one question. Who gets the Xfires? :)
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Why?

Frankly I haven't been able to drive them for a while. Crumpy's SRT has been on blocks for two years. I drive my NA convertible about once a month.

Now, perhaps, we have the time.

We cannot drive them to Hippie Ridge but, the Springfield house has three spots for parking.
 
Update.

It looks like I'm hired. We will be forming a partnership destined for one to two years of life. I will anchor operations here whilst these two continue globe-trotting and making deals.

The ink is not dry on any contracts yet but the feeling good. Mutually so.

I was contemplating a career as an 'omphaloskeptic.' Something to do whilst waiting for the phone to ring. Saved by the bell.

More later as it develops.
 
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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