And now the end is near...

David Sutton_3

Well this will be my last week at the oil co.after 15 yrs with them i am moving on, i have been taken on as a partner in a mechanical co., i face this with both fear and excitement.i have always wanted this but the security of working for some one else was nice,

but you know the old saying... if you dont grow ,its time to go.

i love what i do and iam looking forward to working this hard for myself, the partners i have are among the best !!!
we have a sound work plan and are motivated to succed. i will miss the oil co. most of all Gordon the service mgr. hes has been a blessing to my life!! and has taught me alot. i leave the co. with my integraty intact, i gave them the two weeks notice, they said i can go now if i want, i but stayed.they tried to work me to death but thats ok..they are a good co. and i was proud to be there 15 years, to krupa oil thank you and good luck......David Sutton

jackchips_2

Congratulations, David

and best of luck.

Mark Hunt

Best of luck David


That first step is a bit unsettling, but you will be just fine.

Your experience is just that, YOURS!

I wish you the very best!

Mark H

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Mark Eatherton1

Good Luck!!

Be prepared for a lot more hours than you used to put in. Also, get ready to lose more sleep than you're used to. Now instead of being responsible for getting it done, you'll be responsible for keeping people busy, customers satisfied and payroll and taxes.

It's a tough job, but it is worth it. Just keep an eye on your costs, and make sure you're charging enough to cover your over head.

Let us know how you fare, and as always, feel free to ask questions.


ME

Mad Dog

Good luck to you DS....you'll be fine..just be ready for the

ride of your life. If you refuse to quit, you haver no choice but to succeed. Mad dog

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hr

Always fun

to shake things up a bit! Any questions, just ask here. If we don't know we will make something up Good luck.

hot rod

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David Sutton_3

i look up to each one of you

i have been reading and learning from all of you and your words of encouragement mean soooo much to me thank you!!!
your newest member David Sutton of Beacon Mechanical Service

ScottMP

Best of Luck

To Beacon Mechanical.

It is every thing the others have said and more. I have been working for myself for over twenty years now and Still wake up in the middle of the night thinking about a job. Thats because I care and I know you do also.

Like Mark said watch the numbers right from the start, I did'nt !

Please feel free to e-mail with any questions. Like HR, I can make up stuff also

Scott

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Mad Dog

The boys are right...know your numbers and watch

your numbers from the get-go. If you can, put yourself on a salary from the start too, if you can. Instead of knowing what I needed to charge and charging it, I long-delayed drawing a salary. It will be tough on you and your family, so the better you can make things for yourself, the more pleasant the transition will be. Know when to walk away from dead end people and dead-end jobs. be very wary of General contractors- the vast majority will just take and take....Know when to call it a day and go home. What I did in the beginning was take on too many jobs and then work all kinds of o.t. to get finished ......thus making no money. Good Luck Man, you've made a bold move. Mad Dog

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David Sutton_3

Thanks MD and Scott.....

Its nice to have people like you around, hope to meet you guys someday and buy ya a round,,,,David

Unknown

Good luck Dave

Not that luck is needed after seeing the pictures of the fine work you do . It's a given that you'll do great .

GaryDidier

Beacon Mechanical

Dave,
Good luck to you! I remember when I struck out on my own that it was the scariest and most exciting thing to happen to me. I like the name you picked for your company!
All the best,
Gary from Granville

John R. Hall

Me too

Good Luck Dave. If you have any interesting tales or wish to brag a bit, The News is always interested in your story. Knowing what makes contractors tick is my mantra.

John

Dave DeFord

Just a little advice from a guy

who's been there. I have started two companies in my life. One a CPA firm (my trade) and the other an Internet Service Provider. My first suggestion is to make sure that your partners and you have a compensation agreement between yourselves that is fair. I have heard it said by a VERY good attorney that compensation agreements that split everything equally are NEVER fair. Sounds kind of counter-intuitive but keep it in mind. The other thing I can tell you from experience is to make sure that all of the equity partners work at the business full-time so they have the same interest in making the business work and the same set of experiences that you have. Just yesterday I signed the contracts to sell a business I entered in 1993. One of the biggest problems that we had in this business is that one of the partners kept his full-time outside job. He was supposed to come to work for the company "When we could afford it" but that day never came. This leads to all sorts of problems that you can't even imagine right now.

The other piece of advice is to find yourself a good CPA and a good business lawyer. Yes I know that they are expensive but in the long run they will pay for themselves many times over with sage advice. You might also want to shop around for a good banker. What you are looking for is not the lowest checking account fees but the loan officer that believes in what you are doing and in your abilities. This man (or woman) will be invaluable when it comes time to expand you business as you will need to get financing for a project or a new building or something. Get to know them before you need them.

As to pricing and bidding. The most important thing to remember is that you will not get every bid. Frankly you don't want to win every bid because if you do you will lose money. Price your work fairly but don't lose sight of the fact that you are here to make money not to be the biggest outfit in town in two years. There is such a thing as growing yourself into bankruptcy. The other thing that you want to do is to sell quality not price. If you lose a bid accept your fate, and politely let the customer know that you will be around to pick up the pieces if the other company doen't do the job right. In many cases when this happens you will pick up the customer down the road when the other guy is broke and you're not.

As to general contractors. The other post was right they are going to be somebody you have to watch. Don't ever let the financial solvency of your company depend on one company being able to pay their bills. It is a whole lot better to have 20 small customers than 2 big customers. If a small customer goes broke (and this will happen) you will likely get through the problem. If you have one of two big customers go broke you will likely join them in bankruptcy.

One last thing before I get off of my soapbox. READ your financial statements. This is the report card for your company. If you don't have any accounting knowledge - get some. There are adult ed classes at your local high school or maybe the local community college. Take one or two basic bookkeeping/accounting classes. The other thing is to make sure that someone other than the bookkeeper signs checks. There has been many a good tradesman put out of buiness by a dishonest bookkeeper. Get your money and make sure it goes into the bank. Once the money is in the bank it only comes out with the proper signatures - a pretty safe system. Also make sure that your taxes get paid (payroll and income). If your taxes aren't getting paid there is something seriously wrong with the business and you probably need to get out. The IRS is the only place that you can take out a loan without filling out an application but it is also the most expensive place in the world (except loan sharks) to get a loan.

Having said all of that I wish you the best of luck and remember that there will be good times and bad times. Savor the good times and remember that the bad times will pass.

David Sutton_3

Thank you Dave for the great advice !!

Wayco Wayne_2

Good Luck to you Dave

I started out in business when my daughter was a baby. She is now in college and lovingly refers to me as the geezer. What a long strange trip it's been. Learned a lot about a lot of things, but the most important thing I learned was about myself. I learned I got strong points and far too many weak ones, but I learned I care and will do what it takes to get things right. All of the advice above is golden. Take it with you and GET TO WORK! WW

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Jed_2

Not enough hours, but here's a thought

Bully for you, David. I just had a thought that probably is the farthest thing from your mind right now. Would it be possible to somehow chronicle and document the birth of a 21st Century Mechanical Contractor Firm? It probably would require the efforts of a person very close and trustworthy, but not actually a Principal of the business. You guys will have quite enough on your plate. It would be ongoing and stealthy(undisclosed) for the first 2-4 years, or so, until solid ground has been layed. Then, at the appropriate time, John Hall, or some publishing concern, might just be interested.

Now, my thought is that, God forbid, things don't go as planned; or, things go through the roof(the goal), the chronicle could be valuable either way as it would be from the get go, and add valuable insight to the momentous task you are undertaking.

This idea came to mind from the story to be aired on ESPN(I think) about the start up of East Carolina's football program.

Anyway, just a thought, and good for you for the courage to cut your own path.

Best of Luck,

Jed