Retiring from one business and building up another

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Forum topic by a1Jim posted 08-19-2018 05:21 PM 841 views 0 times favorited 27 replies Add to Favorites Watch
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117468 posts in 3846 days

08-19-2018 05:21 PM

Topic tags/keywords: retirement

Hi Gang
I’ve decided to retire from my contracting business it’s just a getting a little tough for a 70 year old , 30 years is enough, but this will give me more time for the shop and teaching, I’ve had to turn down quite a few students because of good sized contracting jobs. Take a look at my truck and see if you can figure out where I came up with my name for LJs :))

anyone interested in living in Southern Oregon and wanting to step into a ready-made contracting business
send me a pm.


-- wood crafting & woodworking classes

27 replies so far

View DocSavage45's profile


8738 posts in 3111 days

#1 posted 08-19-2018 06:46 PM


Good fortune my friend. Too Bad I’m not 30 years younger. LOL! I’m continuing for another 2 years in Psych because it pays for my wood working. In my case it won’t be retiring it will be quitting.

-- Cau Haus Designs, Thomas J. Tieffenbacher

View a1Jim's profile


117468 posts in 3846 days

#2 posted 08-19-2018 07:07 PM

Hi Tom
Thanks for the good wishes.contractiong has paid for my woodshop along with woodworking commissions.
It’s been a bit of a challenge hanging in there with contracting the old body just says enough, my head says keep going and I’m still getting lots of calls for bids and work, so hopefully, a new owner will be able to take advantage of those.
It’s great your getting enough to cover your woodworking from your practice, It’s just so crazy to me that someone as intelligent as you with a good education has to quite, I guess your area just doesn’t have enough clientele. It’s great you have woodworking to do and create.

-- wood crafting & woodworking classes

View Desert_Woodworker's profile


1707 posts in 1483 days

#3 posted 08-19-2018 07:39 PM

Best to you- I hope whoever takes over your business has the same temperament as you.

-- Desert_Woodworker

View Jim Jakosh's profile

Jim Jakosh

22054 posts in 3374 days

#4 posted 08-19-2018 07:53 PM

Best of luck to you, Jim. I recommend retirement to everyone…stay busy!!


-- Jim Jakosh.....Practical Wood Products...........Learn something new every day!! Variety is the Spice of Life!!

View waho6o9's profile


8565 posts in 2845 days

#5 posted 08-19-2018 08:09 PM

May you have good fortune going forward Jim, thanks for all your inspiration and good deeds for

LumberJocks world wide.

View Gene Howe's profile

Gene Howe

11243 posts in 3697 days

#6 posted 08-19-2018 08:23 PM

Sounds great, Jim. The very best to you going forward. Retirement brings a certain sense of freedom that can’t be beat.

-- Gene 'The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.' G. K. Chesterton

View a1Jim's profile


117468 posts in 3846 days

#7 posted 08-19-2018 08:32 PM

Thanks guys
but I still have my woodshop commisions and teaching private and college classes, so I’m only halfway there, but that works fine for me.

-- wood crafting & woodworking classes

View James E McIntyre's profile

James E McIntyre

232 posts in 1561 days

#8 posted 08-19-2018 10:16 PM

I recently retired from my textile business and an looking for a new business. Here in California the regulations were killing me since I’m a small business I couldn’t keep up with the big guys who have a Department for everything.
How are the business regulations in Oregon?

-- James E McIntyre

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117468 posts in 3846 days

#9 posted 08-19-2018 10:56 PM

Hi James
I think they’re a lot easier than in Ca. I know getting a contractors license is far easier here than Ca. The only thing tougher here that I know about is getting an electrician’s license.

-- wood crafting & woodworking classes

View TopamaxSurvivor's profile


18463 posts in 3944 days

#10 posted 08-19-2018 11:44 PM

Good luck getting a buyer Jim. In WA all you need to get a general contractor’s license is a $12,000 bond.

A friend and his partner bought an electrical contracting business many years ago. The owner took them around and introduced them to all the regular customers. When they called, they asked for Tony. Tony retired, but they didn’t give them a chance. Apparently they shopped for someone else. Seemed like a strange reaction.

-- Bob in WW ~ "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

View AlaskaGuy's profile


5045 posts in 2578 days

#11 posted 08-20-2018 01:40 AM

Are you selling building, tools, assets or just the name. Exactly what would you be selling? Selling your contracting business is pretty general statement.

BTW hope it all works out.

-- Alaskan's for Global warming!

View Desert_Woodworker's profile


1707 posts in 1483 days

#12 posted 08-20-2018 01:42 AM

TopM – that is the “brutality” of being a general contractor. :(
Like a1Jim, I made a similar transition, yet a general contractor will live with a lot of memories -
No regrets

-- Desert_Woodworker

View a1Jim's profile


117468 posts in 3846 days

#13 posted 08-20-2018 01:54 AM

yes, it’s equipment and assets for the company, A broker wanted we to list it and ask 2 1/2 times gross but what I’m asking is less than 1 times gross.

-- wood crafting & woodworking classes

View GrantA's profile


1151 posts in 1676 days

#14 posted 08-20-2018 02:10 AM

I wish you the best, but service based businesses are tough to sell. People buy from people, not companies. It sounds like you know that though since you’re asking less than the recommended percentage

View Desert_Woodworker's profile


1707 posts in 1483 days

#15 posted 08-20-2018 02:18 AM

IMO general contracting is about the “rain-maker” In my instance, it wasn’t about Tony, but “Sam”-
Q: to A1Jim Respectfully, seriously can the “A-1 contracting” business have continuity, without “A1 Jim”?
I ask for my “Sam” is in a similar situation- can his son’s or someone else, who takes over.
Blessings to all

-- Desert_Woodworker

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