MegaSack DRAW - This year's winner is user - rgwb
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Evening gents (and ladies!),
I'm just looking to see if anyone has any advice up for grabs. Not sure how to approach this but the current situation is -
I've worked in an office environment for the last 15 years or so. It's not what I want to be doing for the rest of my working career. I kind of just fell into it back in the beginning...
I've been thinking about exploring other career paths and one idea in particular is rather appealing. My brother in law runs his own business. He's a one man limited company man with a van that specialises in the vehicle repair industry. He bought the business 8 years or so ago and he is doing very, very well. Minimal overheads, no creditors and some serious income. He's regularly turning business away as there just isn't enough to time to do it all. He works a long 6 day week at the moment.
I'd like to "join in". He would need to train me in what he does but I'm confident I'd be able to do it. Besides, he started with no experience back when he bought the business. He spent a few months working with the owner and then took it from there himself.
He's a fair bit older than me and needs to start thinking about a pension plan or similar.
He's very good at his job and the vast majority of work is repeat custom and word of mouth. He does zero marketing as he'd just be generating business that he'd have to turn away.
My wife does marketing for a living and is highly qualified in this field. I'm a numbers man with a background in financial services.
I'm looking for a way to approach him on the subject with something that's obviously going to appeal to him. Basically I feel that his business would benefit from have 2 vans on the road and make money for me, but more importantly something for him. It'd give him the opportunity to step back a bit as he gets older yet still generate some income. With some marketing I'm confident it could generate new business to expand significantly.
Am I bonkers? I need a change and sitting at my desk moaning each day isn't changing anything. I know he's considered taking someone on in the past but was put off by the additional responsibilities of having an "employee".
I don't want to to come across as "your making loads of money, I want some".
Christ on a bike, they call me over analytical.
Just ask him.
If you can't do that, how are you going to deal with new customers?
What's the worst he can say?
EDIT: My biggest concern is that the business has built up because of who he is and not necessarily what he does. Replicating this might be a bit difficult.
So your brother builds a successful business through his knowledge and skill and because you're his brother you think you should be entitled to your share. In the meantime he needs to train you but reward you with a Directors cut?
I'm pretty sure I know what my brother would say to me if I came knocking on his door with some big ideas!
I run my own business so would say that as Captain says offer to buy him a pint down the pub and say you think you can help him make as much money with less work. ( it's got to appeal) you think he's doing a great job and want him to train you up etc If you say it right, he'll be flattered and see how it will benefit him. ( which it has to)
Be prepared to earn very little for 6 months.
Not sure how adding a 2nd van and a untrained man will make him more money? I take it you want to earn as much as him, or are you going to give him a cut of what you make. And what would your wife want for her input?
You could Incept him, take him for a pint and tell him how your not enjoying your job and want to spend more time outdoors and let him propose the idea to you.
I assume you mean you would buy your own van and all the tools and go on a self employed basis? He would then get a rake off of any work you do (mainly his overflow)?
Sounds doable but I would first see if there was any courses I could go on to grasp some of the job first. That would also make his training up of you easier.
Go for it.
ignoring every else, going into business with family is a shit idea.
Indeed why not ask him. Explain you'd like a new direction and would be really interested in getting involved. This may / will mean buying a van/tools and then a training period (little money), thereafter he takes a cut off the top of any work you do? You can say longer term if it all works out you'd be interested in buying him out if/when he wants to sell. You could consider buying into the business now / in 6 months if he was willing to sell a share. You could share your marketing ideas, one word of caution is that at the moment its "his baby" so take care not to come across as taking over
Life is too short to be stuck in a job you don't want
Good luck
He works long hours and six days a week... It sounds like he makes decent money because he's a grafter.
If you're used to working a 9-5, Monday to Friday, what you can expect to earn could be as low as 50% of his earnings, and that's when you're fully trained.
Factor in that you've already planned on giving him a cut so he can work less hours for the same money, and you'd better start making friends at the local food bank.