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Originally Posted by Stealhead
@Armistead yes that does happen for some people but any business venture is a risk and may or may not pay off in the long term and can be effected by numerous factors some that you can control and others that you can not.A great example are residential AC companies for over 30 years the bread and butter for these folks was new construction that has gone and may take many years to come back full swing.
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i understand that better than most. The last company I had was a large commercial painting business. I started it when the large paint contractor I worked for decided to close down, but the economy was still good. My business boomed for the next four years. The last good year, I worked over 100 people and did about 8 million in total sales and paid myself over 200K. Then the economy seemed to die in months. Next thing I know multiple large contractors I worked for went bankrupt. One large one I worked for owed me over 200K on 3 jobs I was doing.In a matter of months I had to let go of all but 3 employees. The mistake I made was taking my life's savings and trying to pay everyone off, when I should've gone bankrupt like everyone else and opened up under a new name.
Still, millions lost their jobs working for others. You're always better off working for yourself. I could've gotten through it and came out, but started having health issues.
I guess I could've drawn disability or got unemployment, but we sold out and moved to my wife's hometown. It was tough, but we opened another business, a dog kennel and grooming shop. We can board about 100 dogs. No, we're not rich, but finally making money and it's a cheap town to live in and no one can fire us. I never liked the idea of another person being able to let me go.