After 15 years with my own business, yesterday I got a good offer to sell my business. A big sign company in Quebec city has offered me lots of $$$ to buy P. Tardif Inc. They also offered me a 5 years position in their business, but I have to sign an agreement of 10 years no-competition, so it would be impossible for me to do anything on the side that is related to signs. I am 33 and I never work in the sign business for someone else. I have no idea how it is to not being self-employed. I also have 2 full-time employees that would maybe follow me there. On other side the stability they are offering me is tempting. I really don't Know what to do. ??????
[ April 01, 2003, 05:38 PM: Message edited by: Pierre Tardif ]
Posted by Amy Brown (Member # 1963) on April 01, 2003 10:45 AM:
If you are happy with your current situation and make enough money to live comfortably I wouldn't sell. You'll miss your freedom big time. I am striving at all cost to get going in the right direction with my company. I never want to work for anyone else again. Besides I really like this business. If I could just figure out the sales thing!!
All the money in the world is not worth losing your happiness. That's my 2 cents worth! Good luck.
Posted by KARYN BUSH (Member # 1948) on April 01, 2003 10:48 AM:
is the contract negotiable...say cut that noncompete clause to 5 or 7 years in a certain mile radius...figure out the hours that you like to work, management position, vacations...all the stuff that's important to you...and of course salary...is it comparable to what you were making...and is the big $$ up front worth you selling your baby?..you can always make another one after that claus ends. i hope its everything you want! that would be wonderful if you could get a nice nest egg and still do what you love to do and have them pay you what your worth!! go guy go!! Posted by jimmy chatham (Member # 525) on April 01, 2003 10:51 AM:
the time to sell is when some one has the money and wants to buy. wish i had some one wanting to buy me out.
Posted by Joe Cieslowski (Member # 2429) on April 01, 2003 10:52 AM:
Pierre,
You could always become a great carver...and just sell your images! (just don't put letters on em.. )
Just a thought.....
Joe, Makin Chips and Havin Fun!
Posted by VICTORGEORGIOU (Member # 474) on April 01, 2003 11:01 AM:
Pierre, congratulations. A buyout offer is a compliment to the job you are doing whether you take their offer or not.
There are so many variables to consider. You are a young man. A bucket of cash and five years work sounds good, but what do you do after that? The ten year no compete clause could be onerous if you decide you do not like working for a boss.
Don't attempt a deal like this without professional help. A good business attorney can lay out the puts and takes for your consideration. Your CPA can do a dollar analysis that compares your cash flow both ways and gives you a feel if you will be ahead or behind after ten years.
Good luck and best wishes to you either way. Vic G
Posted by Randy Campbell (Member # 2675) on April 01, 2003 11:11 AM:
Pierre give Doug Downey a call and ask his thoughts on that subject.BTW my wife asked if you took care of the hotel and check business?-10 years sounds like a long time.
[ April 01, 2003, 11:13 AM: Message edited by: Randy Campbell ]
Posted by Dan Sawatzky (Member # 88) on April 01, 2003 11:48 AM:
Careful you don't sell your soul.
A friend of mine sold his business and kept managing it. The big company was worried about one thing - $$$$$$. And the business bacame a lot less fun for everybody. In his case he eventually bought it back for less dollars than he sold it for and it again became what he originally created.
I had a chance to sell out and become part of staff at the big mall I was working at a few years ago. They promised me my own department and a staff of my own. It was tempting for about 90 seconds.
In hindsite I am glad to continue being master of my own destiny - warts & all.
If you were to take the money and run -ie relocate to another place and then start another business doing the stuff you have dreamed of that might be another matter... just be sure the price is worth the payout.
Follow your heart and you will do the right thing.
-dan
Posted by Kathy Joiner (Member # 1814) on April 01, 2003 11:49 AM:
Pierre, I would follow Victor's advice if I were in your situation.
A business contract can be more binding that a marriage contract. If you have any doubts, don't do it.
Posted by Shirley Carron (Member # 2446) on April 01, 2003 11:56 AM:
Happy 'Belated' Birthday Pierre (Mar 22?) I run my own shop 'cause I can't think of any- one else I want to work for.
Posted by Lotti Prokott (Member # 2684) on April 01, 2003 01:22 PM:
Hi Pierre, I think you would need to have a backup plan, if things don't work out and you are not happy in your new job. Best of luck to you!
Posted by Tony B (Member # 935) on April 01, 2003 01:31 PM:
I have had a couple of people (a chiropractor and a car dealer friend) offer to invest in my business. One told me he would buy me all the equipment I need. I thought about it and call me a fool but all my stuff is paid for (plotter,computer) and other than him buying me an Edge or something, I can't see getting involved in something like that. I have been struggling to make this work, but this is my baby, as soon as I get involved with something like that, it becomes their company so to speak. I like being my own boss.
It is flattering though, because they must like what they see, but no thanks. After all, when I get my big time multi-million dollar sign company conglomerate off the ground, I'll have a good "you know when I started, I did it the hard way" stories.
Posted by old paint (Member # 549) on April 01, 2003 01:39 PM:
sell the bussiness, dont take the job with them, they will work your a** off. dont worry about the noncompete. as long as you dont own the next business you work for(put the business in some family members name or really good friend), theres nothing they can do to you. you have the right to go to work for anyone after you sell. ive seen this happen in other business. also selling the business....include the cleint list? there is the impotant thing. if you stay there they will have your clients, and if they dont treat them right they will go elsewhere and then say your the reason they went. if you dont work there and they mistreat your clientel...guess where they will be going? friend here in pcola bought a shop, with a non-compete, the old owner went 7-8 miles away opened a shop.......but he can fill you in on the rest....
Posted by Stephen Deveau (Member # 1305) on April 01, 2003 01:45 PM:
I would never in all my years (SELL Something) that I am very proud of! If you do go for the Rainbow! And after the fact of Contract is finished. This company has run Your Name into the ground!
Then what? (Pull up your Socks) and start over?
If this is a Buy Out! Then it means you are to Good to be in their neighbourhood. Rock ON!!!!!!!! Posted by Bob Stephens (Member # 858) on April 01, 2003 01:51 PM:
I'd sell my business in a heartbeat! First offer over $1,000,000.00 and its yours. I'll even stay a year and teach you my accelerated sign making course of study.
Posted by KARYN BUSH (Member # 1948) on April 01, 2003 01:59 PM:
be very careful with the noncompete clause! my friend sold his animation business to warner bros...and he hated working for them, so he left...did a job for GM for 500k, warner bros found out, sued him for millions and won...just get a good lawyer and give yourself some wiggle room...
Posted by J & N Signs (Member # 901) on April 01, 2003 02:12 PM:
If they offered you big bucks, they want you eliminated as their competition. Keep up the good work and your business and self esteem will only increase in value. Make them a counter offer to sub out for them. May increase your income two fold.
Posted by Pierre Tardif (Member # 3229) on April 01, 2003 05:43 PM:
Thank you very much for all your advices, but I took my decision.
I just signed the deal...Big Fish Signs is now owner of P. Tardif Inc. and I am only an employee with a lifetime fishing license that comes with the job. The deal will end april 2nd 2003 at midnight;)
Life is soooo good!
Posted by J & N Signs (Member # 901) on April 01, 2003 06:02 PM:
Une belle truite arc-en-ciel! heheheh Nice Rainbow trout, hook, line and sinker!
[ April 01, 2003, 06:26 PM: Message edited by: J & N Signs ]
Posted by jimmy chatham (Member # 525) on April 01, 2003 06:07 PM:
congratulations!
Posted by cheryl nordby (Member # 1100) on April 01, 2003 06:23 PM:
Cool Pierre! That is very impressive to have somebody offer you big bucks for your business. Congratulations!
Posted by Dan Sawatzky (Member # 88) on April 01, 2003 06:34 PM:
Hope it works out good for you Pierre!
Congratulations on the sale!
-dan
Posted by Peter Schuttinga (Member # 2821) on April 01, 2003 06:39 PM:
Deal ends tomorrow night at midnight eh? Big Fish Signs eh? Sounds all to fishy to me, eh? Got everyone going, hook line and sinker? Posted by Mark Matyjakowski (Member # 294) on April 01, 2003 07:17 PM:
So after 15 years, a big sign company makes you an offer "yesterday" .... today you sell ... day after tomorrow you work for them ... wow ... must be a sweet offer
I hope the fine print leans your direction and wish you the best of luck.
Makes my head spin just thinking about thinking about that drastic of a decision that fast.
Posted by Bob Stephens (Member # 858) on April 01, 2003 07:22 PM:
I can't believe it. I posted my business for sale and just received an offer for $1.2 million. I sign the contract on Friday and them I'm going to Disney World!
Pierre would you care to join me. We can meet over by fantasy land.
Posted by Rick Sacks (Member # 379) on April 01, 2003 07:24 PM:
Numerous friends of mine have done what you're doing. Almost every one of them experienced the same thing. Shortly following the sale, they were let go or fired or found the locks changed. There was then a legal settlement for some substantial $$$ to cover the anticipated promised income and the non comp restriction. It seems to work out. Congratulations.
Posted by Curtis hammond (Member # 2170) on April 01, 2003 07:37 PM:
The law cannot stop you from making a living. Non compete law are specific. They say a non compete clause must be very carefully defined to withing a certain time frame, and within a certain specific area.
IE. You can be stopped from working in yer local town or maybe the general county. But they cannot stop you from working within the state. Or very likely within the next county. And the time frame must be reasonable. Very likely two years is the maximum. Id get think some legal advice from the local lawman would be a great idea.
Often the threat of a legal attack is all they have as a bluff in non-compete laws if the contract is not extrememly specific..
Posted by Si Allen (Member # 420) on April 01, 2003 07:42 PM:
Hahahahahahahahaaa..... Pierre....YA DID IT!
Took the bunch for an April Fool ride...and they bought it ....hook, line and sinker!
Not only that, you just proved that people don't really read these posts! Even after you admitted that it was a joke, they kept on posting advice!
Posted by Dan Sawatzky (Member # 88) on April 01, 2003 07:54 PM:
ha ha ha ?
Posted by Steve Nuttle (Member # 2645) on April 01, 2003 08:36 PM:
Si ain't it funny? Pierre great APRIL FOOL'S joke!! You got them now reel them in. Posted by Marj Payne (Member # 2538) on April 01, 2003 08:54 PM:
Pierre, never got a chance to call you today but Pizzaz just came out with a new color of flourescent paint today it called Salmon Sunset Plaid, could be something to launch at the new business, Oh ya Doug tells me don't forget to give them the keys to your parking lot to!!
Posted by Kathy Joiner (Member # 1814) on April 01, 2003 09:53 PM:
Ya know what they say about pay backs! Posted by Mark Fair Signs (Member # 289) on April 01, 2003 10:40 PM:
you got me pee-air.
big fish sign company huh? (after me working for the big fish (the movie)
yoo had me going until that point.
april's fool am I. hahahahaha
bubba, "the gullible"
[ April 01, 2003, 10:41 PM: Message edited by: Mark Fair Signs ]
Posted by Elaine Beauchemin (Member # 136) on April 01, 2003 11:14 PM:
Bravo Pierre! Gloup gloup gloup!!! too funny!
Posted by Neil D. Butler (Member # 661) on April 02, 2003 08:51 AM:
I guess "French Kiss a Brush" is off! No way I'm going to French Kiss a Fish! Lol
Posted by Raymond Chapman (Member # 361) on April 02, 2003 08:57 AM:
T'aint funny McGee.
You may need to start sleeping with your eyes open. Payback may come at any time!
[ April 02, 2003, 01:24 PM: Message edited by: Raymond Chapman ]
Posted by Randy Campbell (Member # 2675) on April 02, 2003 11:48 AM:
That was not funny Pierre-just wait till I get to Quebec.
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That's my 2 cents worth! Good luck.
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(just don't put letters on em.. ![[Cool]](cool.gif)
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