Husband wants to close

Business By motherofgrace Updated 25 Jul 2013 , 3:00am by Stitches

KarenK55 Posted 24 Jul 2013 , 3:28pm
post #31 of 83

excellent advise.  Gotta have a solid plan, so you know what you should expect or at least have a good idea on what needs to be done.

bct806 Posted 24 Jul 2013 , 3:30pm
post #32 of 83
Quote:
Originally Posted by frosting22 

 Oh dear god, you guys are unreal.. Why is it that someone can not say how they feel without everyone getting all over them? I'm not judging her, she posted and I answered..

I'm not getting all over you. Perfectly calm in fact. You did say you were offended by her terminology. By stating that she isn't fighting hard enough, you are indeed judging her. Would you use another word maybe? Are you entitled to say what you feel but I am not?

vgcea Posted 24 Jul 2013 , 3:31pm
post #33 of 83

AMaybe your husband sees the shaky foundation your current set up has (based on what you said) and this is his way of trying to protect you from wearing yourself out on a poorly executed business situation. I say follow your instinct, step back, regroup and come correct for round 2.

jason_kraft Posted 24 Jul 2013 , 3:35pm
post #34 of 83

ACan we try to stick to the topic here? If you want to discuss whether or not someone is judgmental it's probably best to take that discussion off-thread.

motherofgrace Posted 24 Jul 2013 , 3:36pm
post #35 of 83

For us it was not a good mix due to other things. I genuinely thank you for your advise Jason! We rushed in and took over an existing place. Now I would like to start over and do it right.

motherofgrace Posted 24 Jul 2013 , 3:38pm
post #36 of 83

Thanks Vgcea. Thats exactly it I think :)

 

I am only 27, and I feel like I can learn from this and come back strong

bct806 Posted 24 Jul 2013 , 3:39pm
post #37 of 83

Good luck!!

frosting22 Posted 24 Jul 2013 , 3:41pm
post #38 of 83

Op.. Good Luck with what ever you decide to do..

gemmal Posted 24 Jul 2013 , 3:42pm
post #39 of 83

Surely you put a load of money into it to start with right? Is it not worth seeing if it wasn't a waste of unrecoverable cash before you shut up shop? If you do start again on your own, wont that be more money? PS, please give your husband a kick up the butt from me with love =]

motherofgrace Posted 24 Jul 2013 , 3:45pm
post #40 of 83

Gemmal- We have put about 20k in it, but we cant afford much more. So I think the new money on my own will be better invested if better planned :)

 

Oh he got one thanks! lol

thelittlecakery Posted 24 Jul 2013 , 3:49pm
post #41 of 83

AI'll be 27 in August, I'd love to have a store-front, but as I'm sure you've heard, you're still young enough to try this again, your husband will have a better understanding of how it all works and you can do it with your own money. I really hope it works out for you and you can have it again.

thelittlecakery Posted 24 Jul 2013 , 3:56pm
post #42 of 83

A

Original message sent by frosting22

Why does it matter how many posts I have made? It shouldn't matter if I made 2 comments or 500 comments, I am just stating my option.. I'm not being rude or using profanity, I am just stating what my advise to you would be to you.. 3 Months is not a long time, you aren't giving it enough time..I can say what I want.

You are rude. You don't know how much fighting she has done for this, neither do I, but as the old saying goes, if you don't have anything nice to say, don't say anything at all. I'm sure the last thing she wants to hear is what she's doing wrong from someone who chimed in with a crappy attitude and rude comments.

frosting22 Posted 24 Jul 2013 , 3:59pm
post #43 of 83

Why am I rude? I am just saying that I think she needs to fight for the store and how lucky she is that she even has a store front.. that isn't rude.

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post #44 of 83
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jennicake Posted 24 Jul 2013 , 4:14pm
post #45 of 83

AOP - I think you have a good plan and good attitude for your future second attempt. My hubby is an entrepreneur and we've learned that things don't always work out the way you had planned. But if you take the lessons from it and carry it forward to you next venture, you will truly have not "lost" any time or money. You gained life experience that will help you the next time around.

Strongly take a look at why things were not working out (if you were sleeping at the bakery to make more product, it sounds like you were busy -- but why wasn't it profitable then?). Evaluate those and fix them for round 2.

And kudos for not letting your marriage suffer by fighting for this. You clearly know what your priority is!

kikiandkyle Posted 24 Jul 2013 , 4:18pm
post #46 of 83

A20k is a lot to walk away from, will it even be possible for you to come up with that kind of cash again?

I definitely sympathize with you on so many levels, giving up the dream job to go and do something you really don't want to do, knowing you had it in your hand and had to let it go. My husband is very hesitant about me starting a business, and isn't on board with us making any large investments when we can't afford to risk what little savings we have. I will be a lot older than you when I finally get around to opening a storefront!

It is hard for me to reconcile anyone just walking away from such a massive investment so quickly, but if you feel like you've tried everything and this is your only option, then you have to do what you have to do. I'm sure it doesn't feel like just walking away for you, and I don't mean to imply that you haven't tried. But 3 months is such a short time, I can't help feeling like there must be an alternative.

Norasmom Posted 24 Jul 2013 , 4:19pm
post #47 of 83

I like your plan to re-work things and start over with your own money. In the grand scheme of things, 20K is not too much.  Cheaper than 1 year of college  tuition after which you still end up with a "crappy job" for a while.  icon_biggrin.gif

motherofgrace Posted 24 Jul 2013 , 4:28pm
post #48 of 83
Quote:
Originally Posted by kikiandkyle 

20k is a lot to walk away from, will it even be possible for you to come up with that kind of cash again?

I definitely sympathize with you on so many levels, giving up the dream job to go and do something you really don't want to do, knowing you had it in your hand and had to let it go. My husband is very hesitant about me starting a business, and isn't on board with us making any large investments when we can't afford to risk what little savings we have. I will be a lot older than you when I finally get around to opening a storefront!

It is hard for me to reconcile anyone just walking away from such a massive investment so quickly, but if you feel like you've tried everything and this is your only option, then you have to do what you have to do. I'm sure it doesn't feel like just walking away for you, and I don't mean to imply that you haven't tried. But 3 months is such a short time, I can't help feeling like there must be an alternative.

I completetly agree that 3 months is way to short. But I know it was done the wrong way, and I dont want any resentment from my husband either.

LoveMeSomeCake615 Posted 24 Jul 2013 , 4:28pm
post #49 of 83

20K for opening a storefront is not bad AT ALL! We spent much more to get ours open. 

 

OP, I'm so sorry you have to let go of your dream for now, but sounds like you have a great overall outlook on it! As other have said, you gained experience, which is invaluable and can't be taught! You have a leg up for next time! Best of luck to you! thumbs_up.gif

motherofgrace Posted 24 Jul 2013 , 4:31pm
post #50 of 83

its not the amount and more that being on a single income ( he is in training for his job) we cant pay our rent at home either.

 

Thanks for the support.

SystemMod1 Posted 24 Jul 2013 , 5:00pm
post #51 of 83

Please keep it civil and on-topic.  

jason_kraft Posted 24 Jul 2013 , 5:02pm
post #52 of 83

AThe initial $20K sunk cost will have been spent regardless of when the business shuts down, so the decision rests primarily on future net income forecasts and how much is left in the business startup fund. For example, if the business is forecast to average a $1000 monthly net loss during the first year and the business startup fund has already been fully depleted, that net loss will have to come out of OP's personal income, so closing up shop now would save quite a bit of money.

The silver lining here is a significant tax deduction (due to the net loss) that may be able to offset taxable income from other sources.

BatterUpCake Posted 24 Jul 2013 , 5:11pm
post #53 of 83

Ohhh...it really stinks to throw $20k away. Did you try a legal home business to build up a clientele beforehand? Honestly it will probably be difficult without your hubby's support even with "your" money. It's emotionally draining to try to do something when someone so close doesn't believe that you can be successful. You probably already know where you went wrong so no sense in rubbing salt in the wound. But don't give up! You learned what NOT to do. Find something positive and take that with you. Keep your head up http://www.budbilanich.com/50-famous-people-who-failed-at-their-first-attempt-at-career-success/

EDIT: My favorite from this list is Fred Astaire: In his first screen test, the testing director of MGM noted that Astaire, “Can’t act. Can’t sing. Slightly bald. Can dance a little.” Astaire went on to become an incredibly successful actor, singer and dancer and kept that note in his Beverly Hills home to remind him of where he came from.

motherofgrace Posted 24 Jul 2013 , 5:15pm
post #54 of 83

like I said, the planning was wrong. Right now it is better to start from scratch. PLUS we are going to move closer to my parents, to help with my 5 1/2 year old, who is suffering as well

marion123 Posted 24 Jul 2013 , 5:18pm
post #55 of 83

I have a question, could you possibly work in a bakery that is already established and the owner would sell it to you? Like when someone Rent to Own a house?

Good Luck with everything.. I would love to have my own place one day!!

motherofgrace Posted 24 Jul 2013 , 5:21pm
post #56 of 83
Quote:
Originally Posted by marion123 

I have a question, could you possibly work in a bakery that is already established and the owner would sell it to you? Like when someone Rent to Own a house?

Good Luck with everything.. I would love to have my own place one day!!

thats what happened except he wouldnt sell us the name, 

marion123 Posted 24 Jul 2013 , 5:30pm
post #57 of 83

ohhh.. that really stinks.. sorry that happen.. Keep moving forward and stay positive..

Carissa

kikiandkyle Posted 24 Jul 2013 , 6:48pm
post #58 of 83

ADo you have a chance at selling the business on then? Someone might be interested, you can hopefully recoup something then.

BatterUpCake Posted 24 Jul 2013 , 8:26pm
post #59 of 83
Quote:
Originally Posted by motherofgrace 

thats what happened except he wouldnt sell us the name, 

So what you bought was the equipment and location lease? I bet your name was better anyhow! lol

Stitches Posted 24 Jul 2013 , 8:51pm
post #60 of 83

Make sure you get good prices for selling your used equipment! You should have at least 10 to $15,000. worth of stuff when you purchased it. There's people online (like me) who are always looking for used stuff. Don't just dump it or get rid of it quick for pennies. There's sources other then craigslist to sell used equipment (if you need links let me know).

 

WAIT..........better yet.....if you dream of opening a place again keep everything useful (mixers, ovens, pans, pots, etc...). Worse comes to worse pay to store it and don't tell your hubby. It could save you thousands in the future!

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