Mikelly Posted October 14, 2005 Share Posted October 14, 2005 So here's the latest update: We met with the Contract company who we're subbing one slot to and signed a contract for some significant revenue on our loaded costing data. We start that person on October 17th. We have a bank in town who is going to fund ALL of our payroll and start up costs. They saw the numbers and the forecasted numbers from our CPA, who the banker has worked with in the past, and the bank is comfortable with the numbers. We have benefits being provided through Bluecross/ Blueshield for my Partner and I. And the partner will have long term and short term disability coverage. I'll be officially the president of the company come Monday morning and will not be on a contract. I'll be doing business development until I find a contract to bill myself to . Until then, I'm on our payroll overhead. I now know what it costs to the penny to be me, to pay all my bills and live month to month. I've always dealt in round numbers... Now I'm much more certain on what the Kelly family household requires to operate on a minimal amount. I recommend you guys do that, down to the last penny, in order to gain financial stability. We're pretty certain we're going to have a pretty decent shot at success in this arena. We've got 40 years experience in this, and the numbers are favorable for us. It may take several months to get the slots to staff employees, but the rewards will be very significant. I'm willing to bang on those doors to get the business. I also now have a better understanding of S Sub-chapters, C Sub-chapters, and why an LLC is or isn't a good idea, given the structure of a specific company. The cost of a good CPA firm, benefits, legal representation, and financial support are also areas of education I've recently gained significant knowledge in. So the next several weeks I'll be gathering information so I can proceed in a new chapter in the life that is mine... Hopefully I'll be successful at this next step in employment. In the end, I hope being self employed will be as rewarding as I've heard! One things for sure... The next couple weeks, I'm not driving to Washington DC nearly as much as I'd have, otherwise! Mike Quote Link to comment Share on other sites More sharing options...
Synlubes Posted October 14, 2005 Share Posted October 14, 2005 Congrats!!! I`m sure you will "get it done". Quote Link to comment Share on other sites More sharing options...
MusPuppis Posted October 14, 2005 Share Posted October 14, 2005 Sounds great man, I wish ya the best. Quote Link to comment Share on other sites More sharing options...
mark Posted October 14, 2005 Share Posted October 14, 2005 In a year, this will be the best move you ever made. I bet you'll be saying, why didn't I do this sooner. Quote Link to comment Share on other sites More sharing options...
v8dats Posted October 14, 2005 Share Posted October 14, 2005 congrats mike. Quote Link to comment Share on other sites More sharing options...
2003z Posted October 14, 2005 Share Posted October 14, 2005 congrats, that is awesome! I am currently trying to figure out a business model for a powdercoating business. I've been doing it on the side for the last 8 months, and want to expand to dedicated facilities and actively solicit business. I'm all referral now. Quote Link to comment Share on other sites More sharing options...
jt1 Posted October 14, 2005 Share Posted October 14, 2005 Best of luck to you, Mike. Running your own business is a special challenge, but I'm sure you're up to the job. My best advice is that when things are going good, don't get too high, cause there are challenging times ahead for sure. Conversely, when things aren't going very well, don't beat yourself up too much, the situation will get better. All businesses are cyclical to some degree, but when it's your butt on the line, it's easy too take it too seriously and crash on the highs and lows. Re Jody and CMP: The C5 guys were well represented, about 7 or so were there. Several of them were on full race slicks, and they were fast. The C5's have so much grip anyway, then throw on slicks, and they really turn well. I hate you can't make it to VIR, but I fully understand work has to come first. After all, it's what supports our car crack addiction. John Quote Link to comment Share on other sites More sharing options...
Gollum Posted October 14, 2005 Share Posted October 14, 2005 Best of wished for ya man! My mom's been self-employed for... almost 10 years now. Best thing she ever did. Her buisness has gown far beyond what she could have ever been able to make working under someone, and she's her own boss. It just rocks all when you don't have to explain to the boss why you need to take time off ya know? Hope it all goes better than you could have dreamed. Quote Link to comment Share on other sites More sharing options...
Guest JAMIE T Posted October 14, 2005 Share Posted October 14, 2005 Glad to hear your up and running Mike. When do you want me to paint your car?! Quote Link to comment Share on other sites More sharing options...
z-REX Posted October 14, 2005 Share Posted October 14, 2005 Congrats Mike! I know how much you wanted this... i'm happy to see you're able to follow through! Quote Link to comment Share on other sites More sharing options...
Guest Phil1934 Posted October 14, 2005 Share Posted October 14, 2005 and why an LLC is or isn't a good idea, given the structure of a specific company. : Curious. Company I'm with has sprouted a couple offshoots so they are LLC. Quote Link to comment Share on other sites More sharing options...
johnc Posted October 14, 2005 Share Posted October 14, 2005 Hopefully I'll be successful at this next step in employment. In the end, I hope being self employed will be as rewarding as I've heard! It can be for a person with the right personality and drive. I think you'll do fine, but keep an eye on the family. Your are probably going to start working harder then you ever have and its common to take your family for granted. Your wife and kids will support you but they most likely don't share the same zeal or excitement that you do. Keep that in mind as you spend your third week away from home and wonder why your wife is upset that the front sprinklers don't work. Quote Link to comment Share on other sites More sharing options...
johnc Posted October 14, 2005 Share Posted October 14, 2005 LLCs tend to be a problem when converting from them to a regular C corporation. LLCs can be a big problem if you're ever planning to go public. But, if you're planning on running the business as a partnership and want the personal liability protections of a corporation then a LLC is a great choice. Quote Link to comment Share on other sites More sharing options...
Mikelly Posted October 14, 2005 Author Share Posted October 14, 2005 Well today was simply... Amazing. I went into my customer site for the last day, and they weren't happy to see me go. I'd spent the week training my replacement, and during the evenings working on the structure for the new company. I left them at 12 noon with a heavy heart, and drove to my current company corporate offices some 45 minutes away, fully expecting the worst from the CEO. I figured he would just take down my last set of hours for the contract, hand me my letter of resignation, and say goodbye. Instead he said "Lets go have a drink!" So off we went to the Colonial Inn. Talk about odd... We're sitting there discussing how I got to the point where I was given a slot for my partner to fill, and how the issues with my current employment and the new company clashed... Then he asked if I wanted to stay on board working out of his corporate office for a while, giving him a hand matching up his business propositions to his open slots... After a Q: & A: about how he could make this work to protect him, and allow me to do my own company thing, and his explanation of the structure, I agreed to stay on with the company for a while longer. So as of right now, I'm still employed with the same company, with the same salary and benefits, while building my own corporation. This is really gonna be crazy for a few weeks, but I'm gonna do it because I respect this guy like a god, and I feel I still owe him for the business he lost in the two slots my partner and I were sitting in. And, did I mention I didn't have a salary by quiting? This was adding a bit of stress... So right now I'm gonna help him out by sorting through his staffing/ contract issues, and work on getting business for my own company in areas he doesn't have work in. Amazing... Mike Quote Link to comment Share on other sites More sharing options...
Synlubes Posted October 14, 2005 Share Posted October 14, 2005 You are a fortunate man Mike Kelly! Quote Link to comment Share on other sites More sharing options...
DavyZ Posted October 15, 2005 Share Posted October 15, 2005 That simply rocks, Mike! Way to go on......everything I guess Davy Quote Link to comment Share on other sites More sharing options...
Gollum Posted October 15, 2005 Share Posted October 15, 2005 NICE DUDE!!!!!!!!!!!! You could have asked for a miracle, and this seems even better than that! That's awsome man. Now i'm just waiting for the miracles to roll my way now 8) Quote Link to comment Share on other sites More sharing options...
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