Any GIs Sold Their Businesses To DGIs?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Have been contemplating but just don't know.....Any feedback from those who have had to make this decision one way or the other???
-- Larry (Rampon@cyberramp.net), October 20, 1999
Answer: ALL OF THEM. Remember P.T. Barnum's dictum.
-- profit of doom (email@example.com), October 20, 1999.
Yes, I'll fess up to selling a business that grossed close to .5 mil last year to a young associate who was totally briefed on y2k back in late 1998 and chose to believe the boss was a hysteric. (The young can have a bit of a problem with overconfidence and lack of respect for the experience of their elders). I had contemplated putting it on the open market but didn't feel right about doing that given what I believe.
I've had a nice vacation for 6 months now while the young energetic associate works his butt off and gets to know his new partners in business: The IRS, OSHA, State Rev, State Unemp., assorted insurance companies etc etc.
Payments have been nice and regular, but that will end. I don't have much doubt that I'll end up with the business back, and there won't be any point in pursuing a breach of contract in the backed up courts. Vacation for me, learning experience for him.
-- A Regular (firstname.lastname@example.org), October 21, 1999.
Goldman Sachs Sees Gold
-- (email@example.com), October 21, 1999.
Yeah, I think they know what they're doing...Believe they have their writ in a tinger on being short gold. Apreciate the link....but my biz is not "quite" that large:>)
-- Larry (Rampon@cyberramp.net), October 21, 1999.
I have given it serious thought. But I have come to the conclusion that should Y2K effects be mainly economic, I might be jumping from the pan into the fire. At least by holding on to my business I retain a good customer base, and a good reputation for quality work. I also avoid the chore of competing with scores of others trying to find employment, or trying to start another business during hard times. Time will tell if I have chosen wisely.
-- Uncle Deedah (firstname.lastname@example.org), October 21, 1999.
I'm a GI that bought a business from a DGI. Spring water sales was core activity, but also came with acreage, remote location, grapes, fruit trees and great beauty. Seemed like a better idea than an electronic representation of money that may go "poof in the night".
-- I Got Water at the Spring (email@example.com), October 21, 1999.
Sure did. Got paid cash, but probably let it go for a lot less than it was worth. Oh well, I can start over anywhere. Didn't have much choice, since the family is all moving out of state. It is all about priorities and faith.
-- Jim the Window Washer (Rational@man.com), October 21, 1999.