FISHINGNUT Posted December 13, 2007 Report Share Posted December 13, 2007 If you think your boss is an try this one .I work in a small 2 man tool shopVERY PROFITABLE he profitted $120000 off 2 guys this year alone .I stepped down a couple years ago from a very large but stressful shop after my current employer aproached me with a job offer and promise promise .I figured it was alot less money and security but I thought it would be less stress and more time with my family, so I made the move . Four weeks ago My boss bought a house on the water in T.O ,Matching his and her Escalades for him and the wife then procedes to hand us lay off notices today 12 days before Christmas.It seems him and his brother started another shop in Burlington and has been deverting funds and product to get that one going now he is closing shop here and starting new there . Sorry for the rant .Iam not looking for any sympathy I just had to get it off my chest.I am sure I can get a job but with the holidays on the way most people wont be thinking of hiring until the new year. Link to comment Share on other sites More sharing options...
TennesseeGuy Posted December 13, 2007 Report Share Posted December 13, 2007 Any chance you could continue operating the same business in the same location? It might be a great opportunity. Under the circumstances I wouldn't find fault with your taking over some of the work you've been doing. Link to comment Share on other sites More sharing options...
irishfield Posted December 13, 2007 Report Share Posted December 13, 2007 Like Connie suggests... sounds like a great opportunity to start out on your own and see life from the other side. The good, the bad and the ugly. Link to comment Share on other sites More sharing options...
TennesseeGuy Posted December 13, 2007 Report Share Posted December 13, 2007 When I did the same thing in October 1981 I set a 5 year goal for my business and reached it. Reached it in 1993. Link to comment Share on other sites More sharing options...
FISHINGNUT Posted December 13, 2007 Author Report Share Posted December 13, 2007 Tried that offer he refuses it seems its a better tax write off if he puts it under .which means He started a new Buisiness under a different name for zero start up costs in a new city .Totaly unethical and dirty but totaly legal.The company in KW is incorperated so they cant touch him personally. spend spend spend then go bankrupt here and continue on cashing checks in Burlington in the new shop His brother is now running Link to comment Share on other sites More sharing options...
JohnF Posted December 13, 2007 Report Share Posted December 13, 2007 Tried that offer he refuses it seems its a better tax write off if he puts it under .which means He started a new Buisiness under a different name for zero start up costs in a new city .Totaly unethical and dirty but totaly legal.The company in KW is incorperated so they cant touch him personally. spend spend spend then go bankrupt here and continue on cashing checks in Burlington in the new shop His brother is now running Can you get to his customers? There's ways of getting seed money for a new enterprise. All it takes is cojones. JF Link to comment Share on other sites More sharing options...
fatherof3 Posted December 13, 2007 Report Share Posted December 13, 2007 hope it works out for ya Link to comment Share on other sites More sharing options...
FISHINGNUT Posted December 13, 2007 Author Report Share Posted December 13, 2007 (edited) Can you get to his customers? There's ways of getting seed money for a new enterprise. All it takes is cojones. Yes I think we could .But its just such a bad time of year to get anything rolling most people are shutting down or slowing down for the holidays. I have a bit of money saved to go a few weeks without a pay check but it will be tight .I dont know If I have the funds or time to get things going soon enough .I think my best bet is to try and get any job for now to keep some money comming in to give me the TIME to possibly persue something on my own Edited December 13, 2007 by FISHINGNUT Link to comment Share on other sites More sharing options...
JohnF Posted December 13, 2007 Report Share Posted December 13, 2007 Yes I think we could .But its just such a bad time of year to get anything rolling most people are shutting down or slowing down for the holidays. I have a bit of money saved to go a few weeks without a pay check but it will be tight .I dont now If I have the funds or time to get things going soon enough .I think my best bet is to try and get any job for now to keep some money comming in to give me the TIME to possibly persue something on my own When you are ready go see these guys. http://www.bdc.ca/en/home.htm The interest rates sound a little high at first but listen to the whole spiel before you discount them. They put together a pretty decent package for startups. Maybe someone else here has direct experience with them. I've never used their services, but I have done a lot of work for them and sent people to them. JF Link to comment Share on other sites More sharing options...
douG Posted December 13, 2007 Report Share Posted December 13, 2007 Attaboy, Fishingnut. Gotta keep looking after the short term credit items. A little longer out, make a coupla plans involving some of your industry contacts, using your experience and goodwill. Get on the phone, and make some in person calls. What are your experience and skillset items? What industry we be talkin? You will soon switch into a search mode, where every conversation you have works towards your goal. Like this one, for e.g. You could have mentioned your field of expertise, btw. Best to you, Fishingnut. We all gotta sell, everyday. Link to comment Share on other sites More sharing options...
JohnF Posted December 13, 2007 Report Share Posted December 13, 2007 What are your experience and skillset items? What industry we be talkin? You will soon switch into a search mode, where every conversation you have works towards your goal. Like this one, for e.g. You could have mentioned your field of expertise, btw. He mentioned a toolshop in the first post. JF Link to comment Share on other sites More sharing options...
irishfield Posted December 13, 2007 Report Share Posted December 13, 2007 When you are ready go see these guys.http://www.bdc.ca/en/home.htm The interest rates sound a little high at first but listen to the whole spiel before you discount them. They put together a pretty decent package for startups. Maybe someone else here has direct experience with them. I've never used their services, but I have done a lot of work for them and sent people to them. JF BDC. Sure they'll lend you money, but only if you personally put your owned home up as colateral in most cases, unless they've changed drastically in the last decade or so. Something nobody in their right mind ever does in a business venture IMHO... Link to comment Share on other sites More sharing options...
Bernie Posted December 13, 2007 Report Share Posted December 13, 2007 About 14 years ago I was fed up with my boss. Loaded up my toolbox and out the door. On my way home after the cooldown I said to myself "Geeez...NOW WHAT????" I had plans to open my own shop at some point. Well, now or never. So I went ahead and did it. Lots of hard work, especially the first 5 years. But now its really showing fruits of labor. Its still not without problems but at least you control your own destiny and have no one to blame but yourself if things go for a crap. And you can sneak out for a day once in a while or leave early once you are established. Good luck with whatever takes place in your future. Link to comment Share on other sites More sharing options...
FISHINGNUT Posted December 13, 2007 Author Report Share Posted December 13, 2007 What are your experience and skillset items? What industry we be talkin? You will soon switch into a search mode, where every conversation you have works towards your goal. Like this one, for e.g. You could have mentioned your field of expertise, btw. . Thanks for all the kind words and advice. BTW Doug your correct I should have mentioned I am a cnc programmer specializing in costom tooling Link to comment Share on other sites More sharing options...
JohnF Posted December 13, 2007 Report Share Posted December 13, 2007 BDC. Sure they'll lend you money, but only if you personally put your owned home up as colateral in most cases, unless they've changed drastically in the last decade or so. Something nobody in their right mind ever does in a business venture IMHO... I didn't mean to suggest they were the best game in town, or the only one. The thing is that a person who already has substantial net worth probably has lots of options. BDC is an option for the guys just getting off the ground when no other bank will talk to them. In return for the tougher terms they offer a financial package and other assistance not available from any other legit lenders. I haven't dealt with them for years so I'm not sure of their current practices. JF Link to comment Share on other sites More sharing options...
cranks bait Posted December 13, 2007 Report Share Posted December 13, 2007 Check into your local Entrereneurship center, or poggy office. I took a SEB course when I got laid off. It helped get our business up and running. Link to comment Share on other sites More sharing options...
Headhunter Posted December 13, 2007 Report Share Posted December 13, 2007 Sorry for your pain bud... if I can help, let me know! HH Link to comment Share on other sites More sharing options...
Whopper Posted December 13, 2007 Report Share Posted December 13, 2007 I feal for ya bud. I went through something simular a few years back, worked and was brain washed for the same guy for 14 years, made him a ton of money. Watched plenty of guys come and go while I was there and all I ever heard was "Is there no loyality?" from the man. Long and short of it got a PHONE CALL on Thanksgiving telling me that I was going to be laid off. Went to him the day after and told him to write me a check for what he owed me for the last two weeks of work and the balance of my vacation pay, said he owed me no vacation pay because I was laid off but would pay me for my work, looked him square in the eye and said "where is your loyality", he paid me what he owed and I went on my way. The guy called me a couple months later to come back to work and I said NO Thanks. Back then I didn't make much money and only got to fish once in a while, still don't make much but I pretty much fish whenever I want within reason. Hang in there you've gotten some good advise here. Good Luck! Link to comment Share on other sites More sharing options...
Squid Posted December 13, 2007 Report Share Posted December 13, 2007 FISHINGNUT, SEND ME A PM. Link to comment Share on other sites More sharing options...
HTHM Posted December 14, 2007 Report Share Posted December 14, 2007 I started up with the help of human resources canada. They have (had?) a program that would send you on a 6 week course to wroite a business plan and then give you a weekly stipend for 40 weeks while you start up. As distressing as it is, look at the bright side.....you have been presented with a opportunity to fulfill a dream. I wish you well! Link to comment Share on other sites More sharing options...
danc Posted December 14, 2007 Report Share Posted December 14, 2007 It seems him and his brother started another shop in Burlington and has been deverting funds and product to get that one going now he is closing shop here and starting new there .Sorry for the rant .Iam not looking for any sympathy I just had to get it off my chest.I am sure I can get a job but with the holidays on the way most people wont be thinking of hiring until the new year. Believe it or not, there are worse things that can happen to you. Link to comment Share on other sites More sharing options...
douG Posted December 14, 2007 Report Share Posted December 14, 2007 (edited) My best buddy services and refits Mazak and Mitsubishi cnc machines all over Ontario, you might know him already. PM if you wish. He knows the industry, and is always looking for experienced help. See how this works? Edited December 14, 2007 by douG Link to comment Share on other sites More sharing options...
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