# Bankruptcy ?????



## AGullion (Apr 19, 2015)

I bet every guy on here , even the very best among us , make mistakes , get horrible clients occasionally and have things just go off track. I've been through all sorts of snags, and have done this most of my adult life , and have worked for the public since I was 14 . I'm 48. I ve had 20,000 in losses this year alone . Give up? Never . I ll also do a million plus this year and still make a decent living . if I filed bankruptcy every time I was 25 k down and out of money, it'd be about 2-3 times a month!!! My point is hard work, keeping your name good and sales and profits will fix a lot of things .. .and I ve had some doozies.


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## BamBamm5144 (Jul 12, 2008)

All I'm saying is if a guy is stressing out over 20-30k after serving hundreds of clients successfully and considering bankruptcy, they may want to rethink what they're doing if they aren't making serious money.


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## AGullion (Apr 19, 2015)

I'm chiming in with the banner ...don't think small guys .


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## AGullion (Apr 19, 2015)

I meant the bammer. I think some times people sell themselves way too short


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## AGullion (Apr 19, 2015)

I ll add one other comment ...25-40 k of debt...lord I'd have been tickled to death at times ..I was almost 200k down in 2009/10


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## BamBamm5144 (Jul 12, 2008)

AGullion said:


> I ll add one other comment ...25-40 k of debt...lord I'd have been tickled to death at times ..I was almost 200k down in 2009/10


Most I was ever down (not including car loans and mortgages) was right around 50k.


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## TNTRenovate (Aug 19, 2010)

SamM said:


> I make that or less. If I was an employee I might make 30-32k. Local differences.


40k a year would be less than $20 an hour. How can you not make more than $20 an hour?


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## TNTRenovate (Aug 19, 2010)

BamBamm5144 said:


> All I'm saying is if a guy is stressing out over 20-30k after serving hundreds of clients successfully and considering bankruptcy, they may want to rethink what they're doing if they aren't making serious money.


Amen. After seeing that he makes less than $20 an hour, I would be stressed trying to pay off $25K.


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## AGullion (Apr 19, 2015)

Most limits we have are self imposed


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## TNTRenovate (Aug 19, 2010)

AGullion said:


> Most limits we have are self imposed


Sometimes a square peg will never fit in a round hope no matter how hard you try.


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## SamM (Dec 13, 2009)

TNTSERVICES said:


> 40k a year would be less than $20 an hour. How can you not make more than $20 an hour?


My last boss paid me 13.50/hr as an experienced carpenter. 

And 20x2080 is 41k. If you can get that many hours in a year. 
I've averaged more like 1500 billable hours. It goes up every year though. For a relatively new one man show in this area it's not too bad.


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## TNTRenovate (Aug 19, 2010)

SamM said:


> My last boss paid me 13.50/hr as an experienced carpenter.
> 
> And 20x2080 is 41k. If you can get that many hours in a year.
> I've averaged more like 1500 billable hours. It goes up every year though. For a relatively new one man show in this area it's not too bad.


You said you paid yourself 40k last year not $20 an hour. So 40k a year is less than $20 an hour.


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## SamM (Dec 13, 2009)

TNTSERVICES said:


> You said you paid yourself 40k last year not $20 an hour. So 40k a year is less than $20 an hour.


Not sure what your trying to show here.

If I can make 40k a year after expenses and profit I figure I'm doing well. It's way more than I could make doing anything else.


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## AGullion (Apr 19, 2015)

Statically , about 8.62 percent is max and owner can pay themselves from a construction company ....the key is to have enough business, profit and volume to survive problems , which are inevitable .


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## AGullion (Apr 19, 2015)

Statiscally


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## mtngant (Jun 23, 2009)

BamBamm5144 said:


> Don't take offense to this but if you're self employed making 40k a year, you'd be better off working for someone.
> 
> What does your attorney say about this?
> 
> (Edit: I hope 40k is also the amount after ALL business expenses.)


Yes, $40k is after business expenses. And the last couple years I have been putting money in to marketing. 

But you are correct, I am not making enough and I am looking at solutions. The biggest problem is being too diversified, specialization is the way to go ... but I am in a small market ... and I am looking at new avenues of income.

Unfortunately, I heard back from the client and he is showing no mercy; he wants $30k. So this afternoon, I am contacting industry reps who have looked at the project, the CCB, and others looking for some help in the situation. Maybe an attorney...I don't really like that idea but it might be necessary.


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## AGullion (Apr 19, 2015)

How on earth could 40,000 dollars of work get done and be all wrong ?


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## Jaws (Dec 20, 2010)

Its not what you make it is what you keep. 

Id rather do this for a lot less in a recession than have a boss.


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## BamBamm5144 (Jul 12, 2008)

mtngant said:


> Yes, $40k is after business expenses. And the last couple years I have been putting money in to marketing.
> 
> But you are correct, I am not making enough and I am looking at solutions. The biggest problem is being too diversified, specialization is the way to go ... but I am in a small market ... and I am looking at new avenues of income.
> 
> Unfortunately, I heard back from the client and he is showing no mercy; he wants $30k. So this afternoon, I am contacting industry reps who have looked at the project, the CCB, and others looking for some help in the situation. Maybe an attorney...I don't really like that idea but it might be necessary.


An attorney should be contacted. You should also have a clause in your contract that states any damage cannot be worth more financially than the project quote.


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## TNTRenovate (Aug 19, 2010)

SamM said:


> Not sure what your trying to show here.
> 
> If I can make 40k a year after expenses and profit I figure I'm doing well. It's way more than I could make doing anything else.


That 40k is less than 20 an hour, that's all. I didn't understand your 20x2080 since that wasn't what you said you made. 

As far as 40k, I can't live on that. 3 kids, all girls and one going into college in two years and the other a few after that.


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