My dad started this company almost 15 years ago. From what I gathered, he is doing ~$5mm in revenue and can hit post-tax profit of ~10-12%. He appears to hate his life and the insurance companies mixed with the home owners angst is a lot. He says he is hitting a stride with B2B business (property management, etc).
Pros of the business: my dad is great at tech and organization. He has updated all the systems and appeared the company is running well. It is hard for me to pass up at my age (29) the potentially of owning/running this company. I am currently doing corporate and doing it really well, but getting an itch to make some real money and eventually get out.
Cons: the business is not where I live and I love where I live. I do not have kids, but very stable relationship and we own in NYC. My dad is a horrible manager. I know most of his problems arise with his inability to emotionally manage a team. Also, I hear the restoration business is just horrible to begin with.
Questions:
- Anyone have any experience dealing with a successful restoration company?
- Is this something I am being naive to not take over and capitalize on this?
- I have construction experience, but I am now very very white collar and live a bougie corporate life. However, I flipped my own properties and use to own a paint company in college. I also feel my management skills are extremely good in comparison and I have experience building amazing teams. However, that is with my corporate overlords providing great talent. Am I totally naive on the work of this?
- Is selling a restoration company even feasible? I am seeing it is mostly franchised and I do want to build it to a place that is worth selling. However, I don’t know if this is a market that works that way?
- I also see climate change as a headwind in this industry and potentially a reliable way to keep business coming in….
I am happy to answer and all questions. I would love all input and thoughts.
Thank you
I own a remodeling business, my former business partner moved to Texas about 15 years ago and started a restoration company that does extremely well. He’s asked me to come be apart of it several times but my whole family is here (in VA). While I don’t make nearly as much as I would there, leaving everything I know and live behind for more money isn’t what I think will bring any happiness. As far as business goes, running a company takes a lot of business know how, which he has, but one of the most important things I learned from an old school contractor in my town years ago, was that to be successful, you have to know your limits and admit when you aren’t good at certain things, and hire people that do know those things. Next, customers will always be a pain in the ass to some degree. Every now and then you get the unicorns that just love everything you do and give you no problems along the way, but they’re few and far between. With the experience you have, if it were me, I’d at least consider becoming a part of it, bc to answer your question, selling a restoration company is absolutely feasible, especially with a good name and reliable employees. Tough decision, but it seems as though you could potentially come in as the management your dad needs.