posted
On November 1, 1991, I opened my business here in Temple after working for another shop for almost 25 years.
A few weeks ago my landlord stopped by and told me that the building that houses my studio had been sold and was to be torn down to make way for a hotel.
For 22 years I've just rented this space on a month-to-month basis and a handshake. I know that some will respond with sound financial advice on owning rather than renting and all the legal aspects of not doing what I did...I know, but my goal was to paint signs, not be smart.
Ironically, the closing is on November 1 and then I will find out if I have to move out or the owner will give the tenants (4 commercial spaces) time to make other arrangements. The other three tenants are newer (and smarter) than me and have leases that extend over the next several months - one ends in December, 2014. Of course, the new owner could easily throw a bunch of money at them and buy up the leases and make it more attractive to leave than to stay.
So, here I am at the fork in the road. It had been my plan to retire when I was 70, which is just a year away, and cut back on the studio work but not leave it completely. At that time Jeanne and I would have paid off all of a large debt (that many of you know about) and not have monthly payments looming over our head. But that will not happen for another year, at which time we will be debt free.
Finding another work space will be time consuming and expensive (my present rent is about half what comparable spaces go for) but there is still a lot of work to be done and the market in this area is good and improving all the time. In other words, there is no lack of potential work on the horizon. At my age I am trying to slow down some and have already eliminated digging post holes and larger installations.
My options are unlimited, but still frustrating. I can ramp up, lease some commercial space, and charge ahead with the business in a new location...with all the work that goes with change.
Or, I can close the business, sell the equipment, and work for someone else for a limited time as a designer...or gofer. It would be difficult to be an employee again after all these years of calling the shots.
Or, I could sell the business to someone that wants to begin a sign business - not that easy to do, though...especially since there is no building involved.
Or, I could just retire and do occasional design work out of my studio at home. That is just a small part of the garage that is not large enough for production - just computers and a drawing table.
So, it seems that my decision of what to do at 70 has come a year early. I'm not worried about surviving or wringing my hands over what some would call "bad luck" (I don't believe in luck) but rather just trying to sort out the options.
Since I am guided by a higher power than me, I will leave it in His hands and listen for an answer.
Hope you all have a great day.
-------------------- Chapman Sign Studio Temple, Texas chapmanstudio@sbcglobal.net Posts: 6306 | From: Temple, Texas, USA | Registered: Nov 1998
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Gosh, that's a tough one. You are definitely too talented to retire. But 70 is a good age to mayby kinda retire. I wouldn't sell anything just yet. Maybe you could just put stuff away, take off a year and play around a bit. After about a year you could reevaluate your situation and see how you feel about your future. Ya never know what or where the Lord is going to put you at.
-------------------- Signs by Alicia Jennings (Mudflap Girl) Tacoma, WA Since 1987 Have Lipstick, will travel. Posts: 3813 | From: Tacoma, WA. U.S.A. | Registered: Dec 1999
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Making the simple complicated is commonplace; making the complicated simple, awesomely simple, that's creativity. — Charles Mingus Posts: 6713 | From: Mendocino, CA. USA | Registered: Nov 1998
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well........i would look at the bright side, you get to retire a year early)))))) YOU aint gona make it workin for somebody.....this is why you been self employed all these years. building a shop will incur DEBT......from what you say you dont want anymore. can you make enough selling the equipment and client list? if not then i would just find another rental......for 12 months.....may cost you a little more per month but you will still be your own boss....looking at the map of temple tx. it aint a hugh city. iam sure with all the years you have worked and lived there...........you know enough people to find another building near where you are.
-------------------- joe pribish-A SIGN MINT 2811 longleaf Dr. pensacola, fl 32526 850-637-1519 BEWARE THE TRUTH.....YOU MAY NOT LIKE WHAT YOU FIND Posts: 11582 | From: pensacola, fl. usa | Registered: Nov 1998
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Rick, the home shop is not possible because of zoning, although I could always just do design work out of the home studio (no actual signs going out the door).
The taking a year off is inviting, but there is still $30,000 of debt to pay off and everything I make in the studio now above expenses goes to getting rid of that. Over the past three years we have paid the IRS $36,000 and reduced the outstanding debt by over $75,000, so as OP says I don't want to have anything to do with producing more debt. The monthly payments to retiring the debt will take another year, so there has to be some income cover that expense. We live off what Jeanne makes at her job, and she plans to retire in a year, also.
As Joe hinted, I could probably make enough from the sale of equipment and such to pay off the debt and just be able to walk away and do whatever I wanted.
Which ever direction I go, I will not sit down on the porch and wave at the cars going by.
The great thing is that I am blessed with health, good eyesight, a sharp mind (questionable), and a steady hand. With a loving partner at my side there is nothing to worry about.
-------------------- Chapman Sign Studio Temple, Texas chapmanstudio@sbcglobal.net Posts: 6306 | From: Temple, Texas, USA | Registered: Nov 1998
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Maybe you could advertise to sell the business for relocation with one year of training. That way you can work for another year and hopefully your loyal client base will move with you. It seems such a waste for the company you have built to just end.
-------------------- “Did you ever stop to think, and forget to start again?” -Winnie the Pooh & A.A. Milne
Kelly Thorson Kel-T-Grafix 801 Main St. Holdfast, SK S0G 2H0 ktg@sasktel.net Posts: 5496 | From: Penzance, Saskatchewan | Registered: May 2002
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Ray, my father never had a sign on our house and he worked out of his studio in the back for many, many years. Good luck to you in your decision.
-------------------- Kimberly Zanetti Purcell www.amethystProductivity.com Folsom, CA email: Kimberly@AmethystProductivity.com
“Organizing is what you do before you do something, so that when you do it, it is not all mixed up.” AA Milne Posts: 3722 | From: Folsom, CA | Registered: Dec 2001
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Raymond, I know you will land on your feet. You are winner in many many ways.
He has a plan for you, brother
-------------------- Bruce Bowers
DrCAS Custom Lettering and Design Saint Cloud, Minnesota
"Things work out best for the people who make the best of the way things work out." - Art Linkletter Posts: 6451 | From: Saint Cloud, Minnesota | Registered: Jun 1999
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I can speak from recent experience. I had a chance to sell my shop property and I took it. I moved the major part of my equipment to a shop that I have at home along with purchasing a 14x32' portable building. The intention was to slow down and semi-retire, well, it ain't happened. The customers have followed me. I have been more busy since trying to slow down than in recent years of being open for business at the old location. (Does that make sense?) Ray if you're trying to retire, go hide. Customers will find you no matter where you go. Good luck with whatever you decide.
-------------------- Frisby Signs, Inc. El Dorado, Arkansas Posts: 902 | From: El Dorado, Arkansas, USA | Registered: Apr 1999
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As you know Raymond, I work from a shop in my back yard. Before that I worked from a spare bedroom and the carport. As others have said work will continue to find the good guys - and you are one of them!
-grampa dan
-------------------- Dan Sawatzky Imagination Corporation Yarrow, British Columbia dan@imaginationcorporation.com http://www.imaginationcorporation.com
Being a grampa is one of the the most wonderful things in the world!!! Posts: 8738 | From: Yarrow, B.C. Canada | Registered: Nov 1998
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Raymond...I would sit down and ask yourself what other things in life do you like doing. What ever those things might be, they are not less important than the sign business.
You should have more time to indulge in things you like, other than signs...lets face it...at 70 your gettin' on the short side of life.
I would vote to move things to your house, as an office, not a shop. then work toward the goal of having the time to do the things you always wanted to do. Home offices give you a tax break too.
If you have signs that just have to be done, you could work toward outsourcing the actual work. It's not easy, but it can be done.
Take more time to enjoy yourself and work less. Call it progressive retirement if you want.
Just my humble opinion on the matter.....
-------------------- Jeff Ogden 8727 NE 68 Terr. Gainesville FL, 32609 Posts: 2138 | From: 8827 NE 68 Terr Gainesville Fl 32609 | Registered: Aug 2002
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I have all the faith in the world in you & Jeanne! It'll do better than just work out for you!
-------------------- Catharine C. Kennedy CCK Graphics 1511 Route 28 Chatham Center, NY 12184 cck1620@taconic.net "Look at me, Look at me, Look at me now! I't's fun to have fun, But you have to know how!" Posts: 2173 | From: downtown Chatham Center, NY | Registered: Feb 2004
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Step 1: Use your contacts to find a "short term" location, perhaps shared with another business to continue in business while you complete your debt payout plan. Step 2: Plan to market your business with a consulting/training program clause. Contact Ted Burbank, a pioneer in the business selling industry and a real good guy, like yourself. (http://www.bizbooksoftware.com/AboutTB.htm) From his books you can decide what reasonable expectations you can realize by selling or just closing the shop. Or just call Ted and tell him your situation and get clean, clear, unbiased advice. Tell him I'll buy him lunch for the consult. 3: You are too young and to talented to just shut down. I'm sure your customers/community will rally behind whatever you choose to do.
-------------------- Bob Moroney The Sign Guy 310 Club Valley Drive Falmouth, MA 02536 508-259-6297 Posts: 216 | From: Falmouth, MA | Registered: Jul 2008
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i found a large two vehicle garage,, its didn't cost all that much. ITs full of junk but I manage ot make ti work
Get with IRS and try to get it reduced by removing penalties etc.
-------------------- Leaper of Tall buildings.. If you find my posts divisive or otherwise snarky please ignore them. If you do not know how then PM me about it and I will demonstrate. Posts: 5274 | From: Im a nowhere man | Registered: Jul 2001
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I don't know what you really want, but I'd like to see you in a cushy job as a Design Director. A fancy guy job. With all of your skills, you'd be perfect for that job. Let's see, 35 hours a week with full benefits. Just dreaming.
-------------------- Signs by Alicia Jennings (Mudflap Girl) Tacoma, WA Since 1987 Have Lipstick, will travel. Posts: 3813 | From: Tacoma, WA. U.S.A. | Registered: Dec 1999
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Making the simple complicated is commonplace; making the complicated simple, awesomely simple, that's creativity. — Charles Mingus Posts: 6713 | From: Mendocino, CA. USA | Registered: Nov 1998
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Do you make signs usually that are larger tan a 4 x 8? Just questioning because you say you don't have room in your garage, but seriously how much room do you need as a single person and a single sign at a time? I have been working out of my basement for 20 years. We write off part of our household expenses, heat, hydro, taxes etc. We do have a place for me to letter trucks, but I am sure you could rent a bay someplace as you need it, maybe hourly or daily? Just questioning. It will work out.
-------------------- Deri Russell Wildwood Signs Hanover, Ontario
You're just jealous 'cause the little voices only talk to me. Posts: 1904 | From: Hanover, Ontario, Canada | Registered: Dec 1998
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I've always lived in America and never knew what zoning meant or how it could effect me and after seeing rooms in others homes set up for any number of businesses as well as persons building cars in their garages. Signs on front lawns adorn properties from the city's building inspector to the real estate company's just because...
Do what you have to do as it's easier getting away with it than asking for permission...
-------------------- HotLines Joey Madden - pinstriping since 1952 'Perfection, its what I look for and what I live for'
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