UPDATE ON GETTING HUBBY ONBOARD

[trytofindbalance]

Hi All,
I just want to post an update to my original thread. While on an inspection this weekend, DH's mentor said he wanted to sit down and talk about a business partnership with him. His mentor works a full time job and has an extremely prolific inspection business (way too much for him to handle). His current partner is much older and looking to retire. He likes that DH has a tremendous amount of knowledge and that his is very thorough and good with the clients. I have know his mentor and his wife for many years and they are good, honest, ethical people. I am very excited about the possibility, because the business already has many clients, a good foundation and lots of structure (which will be good for DH). I know it's very preliminary, but my DH is also very interested. He hadn't even considered it at first, but now he's realizing that teaming up may greatly benefit both of them. Of course, we'll have to see what the details are, but I'm keeping my fingers crossed. I think it would actually solve some of the issues I was concerned about and DH could hit the ground running.

[Wisconsin Beth]

That's great! Would DH have to buy out the older partner? I'm guessing that could be expensive but possibly worth it...

[Deleted]

That does sound like a golden opportunity. DH really needs to pick the brains of the current partners about how to keep marketing. Most people buy houses infrequently and realtors drop in and out of the field, so even a healthy book of happy clients and referral sources can run dry if it's not nurtured. You can also fall into the trap of not marketing when you're busy. Then the business falls off and you can't market enough to restore your client load.

This is all advice form someone who worked in a couple of small consulting firms and was much better at doing the work than bringing in clients. Your DH has to make sure he's equipped to do both.

[trytofindbalance]

Wisconsin Beth, I am not sure yet. They are planning on sitting down soon to discuss the details. DH has a lot of good ideas on how to set this up. He doesn't want to be an employee. He does want the benefits of owning a business, so not sure if he would be a "partner" or an independent contractor with his own LLC. He has had his own businesses, so he is aware of both the negatives and positives. He did tell his mentor that money was going to be a factor and he agreed. So I guess we'll have to see what his offer is and go from there.

[trytofindbalance]

Athena53, his mentor has a pretty good marketing strategy and his business is well known. DH has a lot of good contacts in real estate as well. We did discuss this a bit this weekend and DH knows he will probably have to attend some networking events with his mentor, to keep the business moving forward. I think they can both bring a lot to the table in terms of contacts, new business and producing quality inspections.

[NomoreDramaQ1015]

Wow, keeping my fingers crossed it works out. That'd be a huge benefit to your DH because he'd have someone more experienced to pick the brains of and he'd also be "answerable" to someone else even as a partner. Great for the times when his motivation lags.

It'd also be a great opportunity to see if he even is cut out/really wants to eventually go at it 100% on his own.

[trytofindbalance]

Drama- I couldn't agree more. His mentor's wife already does all of the scheduling for the business. His mentor has a hard time doing inspections during the day on weekdays because of his other job. DH is available at those times. Maybe they will work at an "every other weekend " schedule as well (something DH and I talked about). His mentor can only complete so many inspections himself, so he ends up turning down business, since his partner has essentially been winding down. I think that between the two of them, they'll be able to generate more income and complete more inspections.

We'll really need to go over the details and make sure that it makes sense for everyone, but I think that it could truly be a golden opportunity.

[8 Bit WWBG]

It is said that one of the best ways to succeed in business is to find a mentor who succeeded in what you want to do. I'm keeping my fingers crossed for you.

Plus, a lot of the headaches associated with setup and getting going would be alleviated. He is coming into a business that is already established.

[qofcc]

great news!

[Firebird]

This is great news, thanks for the update! I hope it all works out!

What are you guys going to do about your shortfall in the meantime?

[trytofindbalance]

Hey Firebird- Thankfully we are ok, right now. DH had a few small jobs last week and he is on another one today. Fortunately, we did have a sizable savings account to cover us for any shortfalls. I have been very conservative with the savings account money, because I get nervous when the balance starts going down and we're not replacing the money that we are spending. We've also been really conservative about spending and we've just been buying necessities at this point. I have money set aside for start-up costs and I'm not sure if we will need any if DH gets involved in an established business. They already have all the software, insurance and equipment. DH has a lot of his own tools as well.

I'm trying not to get myself too excited yet, but I am thinking that there is a light at the end of the tunnel. I know I will be very relieved if this happens and DH can start bringing in some decent income quickly. DH wasn't too sure how he felt about it a first, but he really warmed up to the idea for the same reasons I had thought of. He understands the value of getting involved in a well-known business with a good reputation and he knows he can bring a lot to the table.

DH also hopes to continue to do "side" jobs when he doesn't have any inspections. He has recently gotten involved with a company that purchases foreclosures and sells them. Last week he he did repairs to one of their homes and today he is on a site clean-up job for them. He hopes to continue to do jobs for them, because the money is good.

I will tell you that I have seen a tremendous change in his attitude. He told me on Sunday that he was getting really excited about all of this for the first time. He made it his business to be at a very early morning inspection on Sunday (something he might have skipped in the past), without me nagging him to do it.

[Firebird]

I will tell you that I have seen a tremendous change in his attitude. He told me on Sunday that he was getting really excited about all of this for the first time. He made it his business to be at a very early morning inspection on Sunday (something he might have skipped in the past), without me nagging him to do it.

That is VERY exciting! I'm so happy for you guys! I recently saw a similar attitude change (about a much less weighty matter) from my DF and it was so wonderful to see, and so reassuring. You must be incredibly proud of him.

Kudos to you both!!