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larrydr
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Our gasoline prices at pump ...$7.11 gallon ....Retirement is starting to look better ..I have burning    $568.80 every 4 weeks . I have had to add 35% to fuel costs on a  standard service call ...The options are (1) retirement   (2) build a trailer for my  VXZ1200  , because no one is willing to pay for extra fuel costs added to the cost of a service call

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6 minutes ago, Pasta Burner said:

? Confused.  What does a trailer for your bike have to do with working?

I service garage doors , my tools , parts and small ladder would be in the trailer .  I would build the trailer with aluminum tubing and 1/8 inch aluminum plate floor ...I have hitch that is built for the 83 XVZ1200

 

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Just jack the prices up like your competition has to.  Here in the states, inflation is the highest it has been since 1982.  People are not getting raises at the same rate.  Things are going to get ugly real soon.

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On 1/14/2022 at 6:49 PM, larrydr said:

Our gasoline prices at pump ...$7.11 gallon ....Retirement is starting to look better ..I have burning    $568.80 every 4 weeks . I have had to add 35% to fuel costs on a  standard service call ...The options are (1) retirement   (2) build a trailer for my  VXZ1200  , because no one is willing to pay for extra fuel costs added to the cost of a service call

Whoa, I thought it was bad here in Cali @ almost $5/gallon!  I know from my own personal experience that a garage door failure is semi-urgent (i.e. wife can't get her car in the garage), but maybe you could queue up several jobs over a few days & plan a single out/back route for a more efficient fuel usage to revenue ratio.  For customers who don't want to wait, give them the option of an emergency fuel surcharge.  I would think most people can appreciate the situation and would also like the idea of waiting a few days to save some $.  I know I would appreciate a small business giving me that option rather than just one option of a higher price.  Not sure if you have any local competition, but that could be something to set you apart from them too.

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1 hour ago, circa1968 said:

Whoa, I thought it was bad here in Cali @ almost $5/gallon!  I know from my own personal experience that a garage door failure is semi-urgent (i.e. wife can't get her car in the garage), but maybe you could queue up several jobs over a few days & plan a single out/back route for a more efficient fuel usage to revenue ratio.  For customers who don't want to wait, give them the option of an emergency fuel surcharge.  I would think most people can appreciate the situation and would also like the idea of waiting a few days to save some $.  I know I would appreciate a small business giving me that option rather than just one option of a higher price.  Not sure if you have any local competition, but that could be something to set you apart from them too.

I understand that ...But I have all security clearance to work in Police Stations and I am registered with Door  Regulations Standards and Border Crossings and have been since 1980 ...Much of my work is 35 miles from our little City  and some has been 500 miles away ..If add a surcharge of fuel to invoice for residential work I get reaction and not always good ..I have gone  from a 3 employee company to one part time   ..  A lot of my residential work is a fill in between commercial work ...When Government work comes up my name is on the list , the only way out of this for me is to pull the pin so to speak and quit ..  At 75 I am considering selling the company only thing my account says no because the tax will take more than half of sale price ...Our son was going to take over the company but he passed in 2020

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Just thinkin.

If you're corporate, you could sell the shares, with no tax issues. Check with your accountant.

If you are not corp, then consider how much you might make on the business in the next 5 years. That maybe a stretch seeing as you'll quit before that, but if you get that much proceeds from the sale of the business, you're even Steven or ahead, and you didn't have to spend time working for it, so you could have been doing something else maybe.

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Just now, Marcarl said:

Just thinkin.

If you're corporate, you could sell the shares, with no tax issues. Check with your accountant.

If you are not corp, then consider how much you might make on the business in the next 5 years. That maybe a stretch seeing as you'll quit before that, but if you get that much proceeds from the sale of the business, you're even Steven or ahead, and you didn't have to spend time working for it, so you could have been doing something else maybe.

I started this business with nothing but a small tool box in 1974 . ...My current cost of operation is about $65.00 per hour and that is without paying myself ...Seeing most jobs are anywhere from 16 to 25 feet up on / in a scissor lift ...Here in Manitoba liability insurance and work mans compensation have a crazy cost ...Off the 2 offers to purchase with drew their offers when they heard of the  insurance cost ...I thought of selling off the larger service contracts , ...I need to find someone who has clearance under the  Emergency Service Act ...It took me a while to get the clearance 

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9 hours ago, larrydr said:

I started this business with nothing but a small tool box in 1974 . ...My current cost of operation is about $65.00 per hour and that is without paying myself ...Seeing most jobs are anywhere from 16 to 25 feet up on / in a scissor lift ...Here in Manitoba liability insurance and work mans compensation have a crazy cost ...Off the 2 offers to purchase with drew their offers when they heard of the  insurance cost ...I thought of selling off the larger service contracts , ...I need to find someone who has clearance under the  Emergency Service Act ...It took me a while to get the clearance 

Just some thoughts.

A lot of us small business guys go into business so that we can look after the customer in our way and get away from the boss who's only focus is to make money. We have to come to understand though that it will not continue on forever, there will be an end to our relationship with the customer, sometimes by health issues, climate issues or many other things that would get in the way. In your case, age is something to be considered, and yet you would like your customers to be looked after,,,, so you need a successor.

At this point in time all your business is worth to you is the money you can still draw out of it by working it. Should you have to quit then you would have nothing, unless you can find a buyer who pays you cash today. Don't take back a loan or payments, that would be a false hope and not be relaxing at all. Whatever cash is offered is then a bonus over what you would have should you have to quit tomorrow.

 

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