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#13273 - 01/20/15 03:38 AM Starting your own elevator company
lifer65 Offline
newbie

Registered: 10/30/14
Posts: 32
Loc: Southwest
Has anyone started their own elevator business? Successes or failures ? Resones for either....I would love to have a conversation with someone about the pros and cons, learning curve, labor, etc....

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#13275 - 01/20/15 01:45 PM Re: Starting your own elevator company [Re: lifer65]
E311 Offline
enthusiast

Registered: 03/07/10
Posts: 366
Loc: DFW
My Father and I started one in 94', he later sold it after I left. It's hard to work with family smile I would not have a company myself, I prefer to work on elevators versus running a company. Some people enjoy having their own company-it just seems like too much non elevator related headaches to me.

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#13990 - 04/22/15 04:37 AM Re: Starting your own elevator company [Re: E311]
lifer65 Offline
newbie

Registered: 10/30/14
Posts: 32
Loc: Southwest
Thanks E311 , yes it is true , don't mix family and business. The troubles are endless..

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#14555 - 06/26/15 08:31 PM Re: Starting your own elevator company [Re: lifer65]
Boa Offline
member

Registered: 01/21/14
Posts: 128
Loc: NC
My father started company, I worked for him. Company in business now for 30 years. I took over ownership apx 10 years ago. every time I feel like I'm catching up, everything changes.

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#14661 - 07/11/15 02:01 AM Re: Starting your own elevator company [Re: Boa]
CES Offline
MrJP2003

Registered: 06/02/15
Posts: 8
Loc: Chicago, IL
I've started my own 14 years ago and still running strong. However, the BS one has to deal with is a major struggle. You'll need to have a business mind to even compete let alone succeed. 14 years ago I started up with 3 others, today I am sole proprietor. I've been audited twice, I had to sue individuals, I've also been sued, been stabbed in the back by both friends and family, struggled through the worse economy our generation has ever seen, work more hours than I spend at home, and many other things I can sit here and cry about. But you know what? It's been worth it and I love what I do. I also enjoy the fact I can tell any one of my customers to go F*** off anytime I want, though I typically don't. There is one important lesson that I recently had learned the hard way. At the end of the day, all I am is the guy who signs the checks. No matter how much you think you are friends with any employee, you are not theirs. Other than that it's been great lol
_________________________
JP

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#17373 - 06/26/16 01:08 PM Re: Starting your own elevator company [Re: CES]
ubro96 Offline
newbie

Registered: 02/05/13
Posts: 32
Loc: Ottawa Ontario Canada
Me and 5 partners started our own Company 3 years ago now, the hours you have to put in and the BS you deals with every day is tremendous. All I can say is given hindsight is 20/20 that I should have never entered into it with more than one partner, and make sure that you keep a eye on the books and know exactly whats going on in the office and that you and your partners are on the same page

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#18440 - 10/23/16 02:12 PM Re: Starting your own elevator company [Re: ubro96]
Amicrazy Offline
stranger

Registered: 10/16/16
Posts: 9
Hello
Ive had several companies. Multiple partners, one partner, sole proprietor and all they all have their pros and cons. Not in the elevator trade but my two cents. ( may start elevator one once my sons are older)

Multiple partners- hard to be on the same page usually always ends up in buyouts, backstabs etc
Make sure you have a shotgun clause in case things get ugly
(Also remember with multiple partners comes multiple wives. And they all think their hubby is working harder than you and deserve more than you)

Single partner- works well. When choosing Partner always team up with someone who works harder than you. Pretty straight forward and simple but imperative. Also have a shot gun clause

Sole proprietor.- everyone likes at first cause their the boss. I don't need anyone. More reward, more risk, more work. In that business I went on a cruise for my sisters wedding. Second day in at 5 am I get a text I quit from my main guy who knew exactly what was going on for everyone for the seven days I was gone. Nice

Sole proprietor with mini shares to keep interest
Works really well. Your still in control but to give 10-15-even 20 percent to right individuals works well because as bad as it is to say. They're married to you and will watch the spending and care more. Remember you still control the books etc so it's still under your control

Alternate advise. Hire a really good accountant. Don't do it yourself, mom, cousin etc. They may be cheaper but you get what you pay for. The books are the most important thing. Review daily weekly monthly etc. Don't wait for the end of the year oh no we lost money. Stay on it so you can react quick to control any bleeding.

When starting any business plan for the worst, hope for the best. If in a partnership write all sorts of clauses. When you're in the new honeymoon stage everyone will sign anything. That won't happen to us sure I'll sign.

Make sure you protect yourself. If married move everything into your wife's name or whoever. If business flops it's too late to move assets etc without looking like a crook. They can go back tears and say you knew you were sinking and bailed early and stole.

If it's not making money quit. Don't drag it out forever due to your ego. It only gets worse.

That's my take for what it's worth. I've made money,lost money but have made out fine. Right now I work on elevators and love it. I was thinking the elevator business would be good because all the maintenance money coming in on regular basis. What are the struggles of your maint contracts are written up decent. Guaranteed to make money? One outfit here in their maint contract they have the first right on mods to beat everyone's price.

I'd love to hear more about the money side in the elevator trade

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#21661 - 09/19/17 10:47 PM Re: Starting your own elevator company [Re: Amicrazy]
Turbo6 Offline
stranger

Registered: 01/14/15
Posts: 15
Loc: Chicago
I know this is an old thread but would love to hear more people's experiences.

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