Reclassification

[veedubtek]

So. I'm coming into a small chunk of change due a mix of smart investing and dumb luck. It's long been my plan to relocate to SWFL when this time came, and that hasn't changed. It has got me thinking though - if I was ever to choose a new career, now is the time.

Don't get me wrong - I love wrenching. It's in my blood, and I'm not bad at it. Made a helluva living thus far, above average anyway. But, my body is paying the price and I've often wondered what's next. With this money coming, I could in reality be sitting in SWFL this spring, 100% debt free including home. If I go that route, I'll obviously need to buy a new bad ass boat, and be putting money away for retirement one day. But - it sure seems like it'd be a good time to scale back a bit and try to enjoy life a bit more.

I'm headed down again next weekend. Got a few interviews lined up in my current profession, as well as checking out a potential purchase of an existing, thriving, shop. The shop is more generalized, not my forte nor passion, but includes property and all equipment as well as a lengthy history and positive reputation. If I went that route, I'm only liquid for 1/2, and gotta pay for housing as well, and my work ethic won't let me just "maintain" the way the shop has been run for 40 years. I'll be trading my current 50-60hr week for probably 70 with more headache, but potentially way greater upside later. The room and opportunity is there to keep a good thing going, and gradually turn it into my own - but the population isn't really there and it'll never truly be what I'd consider my "dream" shop.

On the flip side - I could just buy a house cash money and take on something new. I think I could easily half my current salary and be plenty comfortable, particularly if my wife gets on at the VA like she's been trying. Nothing glitzy or glamorous, but maybe more entertaining. A true 40hr/week job (or less), maybe not so physically demanding.

I've read through the "what do you do for a living" thread once again, and there's some pretty interesting stuff in there. What say ye, masses? Would you take the opportunity to try something new? Or keep your axe to the grind and make that cheddar? If you'd try something new - what would it be? Never being behind one before, a desk job sure seems like a nice alternative some days, although I'm not sure how many times I could be reminded to put cover sheets on my TPS reports before throat punching someone.

As always, any and all input is most appreciated!

 

[Scottie]

Everyone is different, but I'll throw in my two cents. I'm 35. 2 years ago I left a 6 figure job in commercial IT because I just couldn't take it anymore. I'm still in commercial IT, but I started my own company. Everything is done on my terms, right or wrong. I've screwed up A LOT, but I've done some things right. Year 1, I made zero money, as in actually zero. Year two and I'll be back where I was before I left. The one thing I've learned is I'm never going back. I don't care what I have to do, I will never work for someone else again. People ask me if I love what I do. I say yes, but not because of what I do, it's because I answer to my customers, and to myself. I could just as easily be selling hot dogs. It's not for everyone, but it's for me. I feel like I'm definitely not telling you anything you haven't thought about or even done already. I say take whatever opportunity arises that lets you be (or continue to be) your own boss. I only wish I'd done it 10 years ago.​

 

[GTBRMC]

So. I'm coming into a small chunk of change due a mix of smart investing and dumb luck. It's long been my plan to relocate to SWFL when this time came, and that hasn't changed. It has got me thinking though - if I was ever to choose a new career, now is the time.

Don't get me wrong - I love wrenching. It's in my blood, and I'm not bad at it. Made a helluva living thus far, above average anyway. But, my body is paying the price and I've often wondered what's next. With this money coming, I could in reality be sitting in SWFL this spring, 100% debt free including home. If I go that route, I'll obviously need to buy a new bad ass boat, and be putting money away for retirement one day. But - it sure seems like it'd be a good time to scale back a bit and try to enjoy life a bit more.

I'm headed down again next weekend. Got a few interviews lined up in my current profession, as well as checking out a potential purchase of an existing, thriving, shop. The shop is more generalized, not my forte nor passion, but includes property and all equipment as well as a lengthy history and positive reputation. If I went that route, I'm only liquid for 1/2, and gotta pay for housing as well, and my work ethic won't let me just "maintain" the way the shop has been run for 40 years. I'll be trading my current 50-60hr week for probably 70 with more headache, but potentially way greater upside later. The room and opportunity is there to keep a good thing going, and gradually turn it into my own - but the population isn't really there and it'll never truly be what I'd consider my "dream" shop.

On the flip side - I could just buy a house cash money and take on something new. I think I could easily half my current salary and be plenty comfortable, particularly if my wife gets on at the VA like she's been trying. Nothing glitzy or glamorous, but maybe more entertaining. A true 40hr/week job (or less), maybe not so physically demanding.

I've read through the "what do you do for a living" thread once again, and there's some pretty interesting stuff in there. What say ye, masses? Would you take the opportunity to try something new? Or keep your axe to the grind and make that cheddar? If you'd try something new - what would it be? Never being behind one before, a desk job sure seems like a nice alternative some days, although I'm not sure how many times I could be reminded to put cover sheets on my TPS reports before throat punching someone.

As always, any and all input is most appreciated!

Go for the new shop, over time steer it toward your passions, make it your own. Work for yourself, your customers will love it and you can decide how much to plow back in & how much to pocket. 5-10 years, if you want to, sell it, cash out, get that big yacht, treat your better half to the better life (for the rest of your lives) and don't forget to invite me & my wife down for a weekend cruise on your new yacht.

 

[2kwik4u]

I've always been a mechanically minded person. Wrenched on cars as a hobby for years, as long as I could remember. Had a few jobs as I bonked around after high school. Couple of drafting jobs, and a good position in a product development department. They were decent jobs, got a patent at one of them, they treated me well, but were ultimately just jobs, not careers. They paid the bills and I left work at work and played the rest of my time.

Took a risk on the family company, and only lasted 3 years. It was a physical labor intensive job, as well as an attention intensive job. There was no "leaving the work at work". The blackberry came home with me every night, and I was answering customer calls all the time. That kind of commitment to time and effort simply isn't for me. I applaud those who own their own company, SOOO much work goes into it. I was one of 5 people, and wore all the hats at one time or another. The multi-tasking, task prioritization, and work ethic I picked up in 3yrs is nothing short of amazing. I grew more as an adult in that job than I have anywhere else.......at 31 years old I left.

I went back to school. I wanted to return to engineering, so I did a full stop on my professional life, went back to delivering pizza at night, and attended class full time. Got a 165 credit hours pushed through in 4 years (enough for a Masters). Paid the bills with pizza delivery and odd drafting jobs for the first two years. Then landed a decent job doing design work for an ISS Paylaod developer. I was paid like the un-degree'd intern I was, but it was a cool job that gave me a lot of responsibility, and a very flexible schedule. Stayed there for a few years after I graduated (long enough to get a few payloads on station ), then moved on.

Landed a job in a larger employee owned company in the R&D department. I get paid almost triple what I was making at the family business 10yrs ago, and I get to leave my work at work at night. The work I do is interesting, I'm given some freedom to run my work the correct way, and I'm given some respect to my technical abilities, and professional experiences. It's a great fit for me, and at this point I suspect I'll retire from here........The road to get here from the family business was a VERY rocky one. My 1st boy was born 3 weeks before I started my first semester back at school. That damn near ruined our marriage because I leaned on her so heavily. To say our finances were in shambles would be an understatement, we're still digging from that portion of life.

The point of all my rambling. Follow what you love to do, and work won't be work. It sounds seriously cliche, but it's true. I really enjoy structural and mechanical engineering puzzles. Finding a position where I can use my talents/skills, and allows a good work/life balance was key, and has already payed dividends beyond the checking account balance.

 

[bronze_10]

Go do something u have always wanted to do.

 

[gmtech16450yz]

My advice? DO NOT BUY THE SHOP!

You want to scale back and your body is getting tired of full time wrenching and you're considering buying your own shop? Yikes.

I've been working on cars as my main source of income since I was 13. Seriously, I ran my own business out of my dad's shop from 13 to 22, when I finally got a "real" job in an Oldsmobile dealership as their journeyman shop foreman. When I had my own business I did everything from paint and bodywork to engine rebuilds and had hundreds of loyal customers and made a cr@pload of cash. I loved being my own boss, but it was WAY more "work" than being the lead tech in a GM dealership. That's why I quit my own business, I traded being my own boss for awesome hours (7:30 to 3:30 for years so I spent the whole evening home with the wife and kids when they were little), free benefits and a consistent paycheck. And no headaches. And no stress. Punch out at 3:30 and walk away without a care in the world. lol.

I did the dealership thing for almost 35 years. This automotive trade is changing, A LOT. Working on cars now isn't anything like it was years ago. I'm not talking about the technology, I loved going from carbs and points to Direct Injection and everything in between. I'm talking about the pay, benefits, stresses and amount of profit available to the shops or dealerships themselves. The auto repair business has been "dying" for awhile now. It all started decades ago with 100k mile warranties. Think about it, soon we'll all be driving electric cars that will last 200k to even 500k miles with about 1/50th the amount of maintenance of a gas or diesel car or truck. And not to mention how many people won't even own a car because they'll be using a service instead. More and more repair work won't actually be "repair", it will just be replace. You can hire a brainless idiot to pull out a part and put in a new part. So mechanic pay and benefits will drop or at least not rise with inflation.

Guess what, this all has already been happening. My dealership lost 6 highly trained and experienced techs in the last 3 years I was there. They all got jobs outside of the automotive trade with better benefits and more money, and our dealership was paying them more than the average by far. When I left 2 years ago, I left that dealership with NOBODY to actually "fix" cars. The only guys left were parts replacers. Including those 6 techs, me and a couple service writers, that one dealership lost OVER 250 YEARS worth of highly trained and experienced people in a matter of a few years. And every single one of us is happy we gave up on the automotive trade.

I haven't put a wrench on a car for money in 2 years. I LOVE IT!!! lol. I'm only 56 so I'm certainly not done working yet, but I haven't made a dime in 2 years and they've been 2 of the best years of my life. I've been busier than ever before, but it's all what I want to do. Life is short. Nobody knows when your time will be up. I've seen too many people around me either die too soon or retire, then die. F that! My mother-in-law worked her @ss off her entire life, retired and then was diagnosed with Alzheimers. She got maybe 5 decent years to enjoy all the money she worked so hard for. I saw so many guys I worked with die too soon and they never got a chance to "play". My wife and I are concentrating on making sure we play now, in case we can't later. It was my dad's philosophy and I've pretty much done that my whole life. That's another reason I ended up as a dealership tech when I could have kept running my own shop or gotten a job as a service manager or director. Again, F that! I never wanted a career, I simply needed a job so I could make enough money to support my family, buy toys and play the rest of the day. haha.

So if you're feeling like you need a break and want to enjoy life, please don't take on the responsibility of owning your own shop. Set up your finances so you can get by with little to no income. Then spend your day doing what YOU want to do. That right there is priceless.

 

[bronze_10]

Better yet send me the check and u wont have to worry about it... im here for u man!

 

[Ilmmct]

@veedubtek congratulations for putting yourself into the financial position to pursue your FL relocation desires.

I agree with most of the prior posts about pursuing your passions, but my 2 cents:
-move to FL but rent 1st in the area you are considering. Make sure you love the city, neighborhood etc. before making the home purchase commitment.
-find a job that is in-line with the job you have today and which will make you most marketable and is the easiest to solidify a job in the FL market. I would not pursue the new-new career switch coterminous with the move.

Once you are rooted and loving FL, consider doing the new-new think and/or the purchase of the shop if this is aligned with your passion and what motivates you.

Don’t buy the biz and move to a new city you and your wife are yet to experience 24x7.

Good luck with the move!!

 

[Betik]

@veedubtek I am very glad to hear you are in such a dilemma of buying a house for cash in florida or buying 50% of business. Lots of people would love to be force to chose between the two.
I will be glad to continue this or PM if you prefer, but with the info you have provided it is impossible for most of us to give you a sound advise. You have left critical components out of the equation. For example, your current age and desired retirement age. Long term obligations, ie kids college elderly family members that you are responsible for etc.

Based on the assumption that have provided all relevant information and there is no other obligations, I would say you need to consider the following.....

• Forget about the shop idea. Kind of weird of selling a thriving business while the economy is at its pick. Then you coming around and changing how things are run for 20 year, I am not very optimistic that will turn out good without getting real bad in between.
• I would get a house with enough land to allow you for a boutique shop
• Make sure that the house is paid in full.
• Delay the boat for now until both you and your wife have settled in and financial obligation have stabilized on the new life. I would say more or less 6 months from when you move in
• if you can afford to live comfortably with only your wife working then I would say take a sabbatical. Boredom is the mother of invention. Relax and for while and see what comes to mind. I am sure a year from now we will all be here to polute your mind with useless ideas.
• Consider your going on with your old job, but on your own terms. You have no idea how many people would chose to keep their current jobs if there were in a position to tell the boss to F...off. The very fact that you do NOT have to work makes your job enjoyable and off course management treats you much nicer. No responsibilities of owning a shop, just the enjoyment of working on things you like.
• if you can afford to be a single income household you should take and wait to see what happens. I wont be surprised if you end up opening shop from the ground up. Where you basically chose what you work on and you do low volume but high quality of work.

 

[Bluewater272]

I vote to pay for the house and scale back a bit. If it doesn't workout, you can always fall back on your skills - they're hard to come by and always in demand. I would not consider buying a business I wasn't in love with.


mentioned in an earlier reply, but I second with renting for awhile before you buy. SWFL is in my 5-7 year plan as well, and we'll likely rent for a year while we explore and narrow down exactly where we want to buy.

 

[swatski]

F all that, @veedubtek.
Go with your true calling.

I think you should start trading jetboats on eBay, full time.

--

 

[buckbuck]

What keeps you intellectually stimulated? What do you enjoy doing when there is no financial motivation, only pure enjoyment? What do you like to create? What problems do you enjoy solving? How do you find significance with people?

 

[djetok]

So. I'm coming into a small chunk of change due a mix of smart investing and dumb luck. It's long been my plan to relocate to SWFL when this time came, and that hasn't changed. It has got me thinking though - if I was ever to choose a new career, now is the time.

Don't get me wrong - I love wrenching. It's in my blood, and I'm not bad at it. Made a helluva living thus far, above average anyway. But, my body is paying the price and I've often wondered what's next. With this money coming, I could in reality be sitting in SWFL this spring, 100% debt free including home. If I go that route, I'll obviously need to buy a new bad ass boat, and be putting money away for retirement one day. But - it sure seems like it'd be a good time to scale back a bit and try to enjoy life a bit more.

I'm headed down again next weekend. Got a few interviews lined up in my current profession, as well as checking out a potential purchase of an existing, thriving, shop. The shop is more generalized, not my forte nor passion, but includes property and all equipment as well as a lengthy history and positive reputation. If I went that route, I'm only liquid for 1/2, and gotta pay for housing as well, and my work ethic won't let me just "maintain" the way the shop has been run for 40 years. I'll be trading my current 50-60hr week for probably 70 with more headache, but potentially way greater upside later. The room and opportunity is there to keep a good thing going, and gradually turn it into my own - but the population isn't really there and it'll never truly be what I'd consider my "dream" shop.

On the flip side - I could just buy a house cash money and take on something new. I think I could easily half my current salary and be plenty comfortable, particularly if my wife gets on at the VA like she's been trying. Nothing glitzy or glamorous, but maybe more entertaining. A true 40hr/week job (or less), maybe not so physically demanding.

I've read through the "what do you do for a living" thread once again, and there's some pretty interesting stuff in there. What say ye, masses? Would you take the opportunity to try something new? Or keep your axe to the grind and make that cheddar? If you'd try something new - what would it be? Never being behind one before, a desk job sure seems like a nice alternative some days, although I'm not sure how many times I could be reminded to put cover sheets on my TPS reports before throat punching someone.

As always, any and all input is most appreciated!

How old are you? If I had the chance to move where I wanted to with 0 debt and work a job with no stress. I would do that, but what about insurance and longevity ? Would you be relying on your wife's job for insurance? I don't think I would buy a shop to run it and take chances.

 

[robert843]

@veedubtek to say that I'm hurt to see this question posted on here versus in a text message or phone call to myself is an understatement. That being said I would tell you to stay where you are and do not move to Florida and take that money and invest it into cryptocurrencies . In all serious its awesome this is working out for you my man. I know many of your factors in this equation and to be honest if I was in your spot I would be done. The kids are all out and if I could just pay off all my bills and all my earned income at this point was just play money I would take the route of owning my home no bills and living how I wanted. That being said I know you are not done doing what you are doing for work. No way you would be happy at an office job and a sales job well boss they are everything you here these guys telling you about owning your own shop with out the perks of being the boss. That said I agree with a few other on here not probably buying a shop but starting your own gig down there. Your own gig down there doesn't even have to be a shop but doing something you love. If you like buying cars start a dealership and shop if you want to deal with something else hell open a powersports shop and sell and repair boats and other things. What ever you pick make it something fun if its not something you think will be fun the go work for another shop until you find that fun thing you want to do.

 

[2kwik4u]

SO this occurred to me last night, and I think I read it here, but can't find the post this morning. I'm going to make a few assumptions so forgive me if I'm overstepping.

If I had a windfall of money, was into german cars, and liked the sun/surf/beach..........I would move my butt down to Florida and find a house with a lot where you can put up a nice modest shop (3-4 bays maybe, 2-3 lifts and an alignment rack lots of lights, electricity and air). Then I would start immersing myself into the local car scene that would uspport such a shop. Start taking on customizing/repair jobs that you wanted, and that were interesting to you. Since money isn't an object, you can take the interesting ones, and pass on the boring/risky ones. You'll soon build a reputation as the go to guy for high end work, and with that high end work comes patience and cash from your customers in general. That TT RS4 build that sounds interesting would be a take. Replacing the 150th rear main seal on a Porsche would be a pass. You get the time and money to do things right, and you still get to check out at the end of the day and go boating with the wife. probably won't make you another windfall of cash, but I bet it will keep the lights on and your stress levels low.

Just some thoughts. Feel free to replace german cars with your "toy" of choice. I was going to make a joke about SX230's being easy to find in disrepair, but thought it might be too soon

 

[Ramblin Wreck]

Really interesting thread. First off, congrats on getting the opportunity to move. Often times jobs pay just enough to keep you complacent and unwilling to relocate to where you desire to be long term. The only way I would go with the purchasing the shop route would be if I was extremely confident the financial windfall would be worth it. Are the financials strong? Is the current owner paying himself a good income or reinvesting much of the profits? Is there a trend in revenue over the last say 5 years? It's certainly a lot more risky but with high risk can come high reward. However, like I said before I would really have to be confident in my earning potential before I pulled that move. For me personally, becoming my own boss alone would not be the main driver. Increased income would be the driving motivator for me going that route, but again I would due some serious due diligence.

With the facts stated and my overall conservative approach, I'd probably go the route of completely debt free but trying to retain similar earnings in similar job. As you stated you're good at it and make a good living. You're still young and pending natural life spans have many years to go. I would save and invest as much as I could so that I could retire as early as possible or at minimum work part time without changing my lifestyle at all. Even without home, auto, boat payments life still isn't cheap. It's take a pretty good chuck of change to simply live comfortably when you consider groceries, gas, utilities, taxes, insurance, maintenance, etc.

So, at your age I guess I see this as more of an opportunity to get ahead while your still young and able so that in a decade or so if you want or need to wind down you'll have a large enough nest egg to feel comfortable doing so.

I can't express how much I agree with the whole renting first year comments. It's amazing how much your view may change regarding certain areas or neighbors over the course of a year. In addition, you'll have more time to find the houses that fit the criteria you want. Good luck man, it's a good place to be in.

 

[Whisky]

Congrats on your good news! Nothing but respect for someone when the cards they have worked so hard to play come up aces!

All I can do is share my $0.02, but I feel I've been around a bit for my age.

You only get to be young enough to enjoy your life once, I do believe in building a legacy if you have someone to build it for (i'm not sure if you have kids) but I've seen too many people work their whole lives to build a business to leave to their kids, just to have their kids say "thanks but no thanks". Honestly, it would be hard, but I would probably steer away from the shop.

Look at it this way.

If you could live in your dream location mortgage free without touching your current retirement savings, what level of work would you have to do to maintain the lifestyle you want, while still being able to enjoy that life? Could you wrench 3 days a week and enjoy the rest in paradise? Maybe you are still young and want to wrench full time, nothing wrong with that, but imagine being able to do so, and when overtime comes up you get to say, "not today, I don't need it, so I'll go home and enjoy paradise". You could comfortably live life, mostly paid for, where everything once the bills are paid is gravy!

It's hard, especially for someone who works hard and strives to always do their best, to step back and begin to live, but you've got one shot at life, so don't miss your opportunity to be happy.


On the other hand, as you say, this sounds like a great opportunity to try something new! You have a skill that will still be in demand a year from now if you decide that your new path isn't for you, so go ahead and give it a shot!

Here are some ideas that I suspect your current skill set would transfer easily to (based solely on your user name):

- Manufacturer Technical Training - Many manufacturers have great training departments, and some of the best instructors I've met come from the shop. Don't limit yourself to automotive either, agricultural, heavy equipment, and turf companies all have teams that do this. In the past, teaching in these roles has been some of the most fun I've had on the job. (PS. where in the SW do you want to be? Some of these companies actually have training facilities down there)

- Corporate Service or Parts Manager - manage service managers and manufacturer relationships across a group of dealers or repair facilities - I mean no negative, but as you become further removed from the wrench, the more flexibility you will have to enjoy your home in paradise and your new boat!

- Manufacturer Territory Parts or Service Manager - Manage the manufacturer relationship with dealers from the other side, guide, support, and help your dealers build their buisness

Those are just a few ideas, don't limit yourself, open any door that is appealing to you, dive in, and live the life you have always wanted!

 

[Scuba_ref]

F all that, @veedubtek.
Go with your true calling.

I think you should start trading jetboats on eBay, full time.

--

No doubt, it obviously paid well enough to retire! Nice flip @veedubtek

 

[Speedling]

Use the skills and talents God has given you, but don't overdo it so you can't focus on what is important.
I know i am busy to the point i lose focus and am trying to scale back. If money has allowed you to refocus your life you already know in your head what you should do.

 

[veedubtek]

Appreciate all the input fella's, and it is pretty much inline with my thoughts. I've been looking at cash/near cash option houses with large shops already on the property, and I'm pretty pleased with what's available down there now. Still heading down again next weekend to see all the different options in person.

I think I'm gonna get into logistics. Once I figure out how the heck to move this 17' toolbox, I'll be a pro at it!