Re: Need to diversify company
Hey Wimusky, glad you and I and the others can put our collective minds together and possibly pull a diamond or two out of this info.
Like you and I have said its feast or famine, usually famine lately. (for local work)
As BP had suggested there are alot of opportunities for well paying jobs up north in the oil patch and in some of the mining towns around here.
I do not want to relocate, wifes got a great job and we own our home, that being said I have worked on the road all my life and will continue to do so.
I just can't stand or afford anymore long periods of down time (its hard on the body and mind)
That being said, WHY did the gas station close, any ideas?
could you buy the property outright and how much would it cost to get badged??? from a fuel supplier?
Fuels available, gas, diesel, propane (any marked fuels, no road tax)
Does it have a a couple of bays for wrench pulling and or an area big enough for a coffee bar?
Hey Robby, sorry I haven't been around. My daughter and I have been busting our humps clearing dead trees at that lake lot. Owner is very pleased. My little girl(15) is a hard worker! She was even pushing dad at times. lol
What I hi-lited, isn't that the truth! Sit around too much and we start going bonkers. The bod doesn't appreciate it either...
Unlike you, I could move anywhere. My wife telecommutes. As long as she has access to the internet, she's at work. However, my daughter has 2 more years of HS. We aint going anywhere till she graduates, at least...
Other than not being able to pay the bills, I really don't know why the station closed. One, his gas prices were way out of line. So, when people went to an adjacent town for groceries or whatever, they loaded up on gas. I rarely bought gas there too. They say there is little profit in gas. They claim to make most of their money from selling stuff in the store. I guess there is a big markup on beverages such as soda or whatever. Ok, fine. But, if your gas prices are too high, nobody will stop for gas and you're not going to sell any of the profitable products. Common sense. I also heard he turned down a big diesl contract. Why. No idea. Maybe not looking at the big picture, or, he wanted too much for fuel... It got to the point where he had to pay with cash for his gas/fuel. He only could by small loads so he was always running out. Half the time most of the tanks were empty. It's a tough business in a bad economy. People stop traveling. Tourists stay home. Makes for a long winter.
I attached a pic of the place. The first is taken from the highway. The fence line going around the building is all the property there is with the place. It sits on a potato chip. They're asking $289k. A little steep for around here. I'm assuming the bank owns it and a guy should be able to pick it up for whatever is owed to the bank. Pumps are as old as the hills. All need to be replaced. Taxes were only $1200 back in 2009, the last time it was opened. Who knows what the condition of the underground tanks are now. Talk about aLL THE RED TAPE buying it...... I'm sure everything would have to inspected and maybe even above ground tanks would have to go in. Talk about going in the hole right away...
To both guys, I've listened (watched) you kick a lot of things around and that has helped me get a better idea of your situation and your needs / desires. From what I can see you both suffer from a problem that is common around me and most of Rural America, there isn't a large enough customer base to support "a" business. You can both see that in your existing business' and that is the root of the dead season.
People around me solve that, some better than others, by running multiple complimentry business'. Perhaps you would do better if you gave some serious thought to three or four things (businesses) you can put together that takes seasonaily, availibility / competition and capital investment into account. Look at it as if you are building a mini conglomerate if that makes sense. Also consider an all around "filler" of some sort that generates some moderate income but is fairly steady. As an example, a fella here bought an old 2 ton 4x4, stuck a big block and new tranny in it aned mounted a tow truck rig on it. Huge tires, a serious winch and he advertizes himself as the "go anywhere" guy. His best customers are farmers and stuck tractors/equipment. It's not a business you could live off of but it brings in a tidy sum each month as an "extra" that doesn't require huge amounts of time.
Yep Bubba, you nailed it. ALL businesses suffer during the winter unless we get hammered with snow and a bunch of sleds come up. I'm not sure why a bunch haven't gone under. I may not want to know how they stay afloat. My summer work basically has a big hand in getting me thru the winter.
There WAS(he went bankrupt and has multiple lawsuits against him) a guy who over diversified. His motto was to never say no to a job. Jack of all trades and master of a couple. So, a guy can over diversify and find themselves in worse trouble.
