Litigation, Who Has War Stories?

[Detroitgator]

2008 - 2011 was a tough stretch in the contracting business. Jobs were few and far between. Contractors were bidding at cost to keep employees not knowing how long the downturn would last. When this job went south we sold our primary residence at a time when real estate was depressed. We moved into an investment property we owned that I had been fixing up.

So we raised cash that way— the equity in our home. And we cashed in 401ks and stock investment portfolio. For a while we ran credit cards up and lived very frugally. I turned the keys back to the bank on a commercial property- we had to walk away from it— couldn’t afford the $3000 / mo payments with no good jobs coming in and cash hemorrhaging.

This definitely delayed our retirement plans. I was advised to file myself but refused to do so. We paid all our bills and finished that job. I worked two jobs for a while—still had the construction company and went to work selling materials for someone else. Quite a humbling period. Business came back though and we had some very good years, especially the last 3 or 4.

Your financial situation was very similar to mine, but cause was my embezzling partner (the one who went to Federal prison… then died).

 

[CDGator]

Your financial situation was very similar to mine, but cause was my embezzling partner (the one who went to Federal prison… then died).

Have you ever been investi…..


Never mind.

 

[wrpgator]

That kind of gut-wrenching roller coaster is why some people prefer to work for others. Get that guaranteed paycheck for their efforts. Many people don't realize what business owners can suffer through .

A lot of people don’t! And they can’t really know unless they’ve been a business owner. With all the problems, meeting payrolls, deadbeat owners who don’t pay, the onerous contract language owners try to impose, union issues (I had agreements with carpenters locals for years), dealing with city hall, regulations, and on and on—and I wouldn’t trade it for working for a boss (owners & clients are the boss— but it’s different).

I tried working in a large company for six years—oil & water, I had to do it my way. This is my 42nd year in business—and it might be my last—by choice. I want to spend more time with 3 kids & 5 grands and do some traveling.

 

[wrpgator]

Your financial situation was very similar to mine, but cause was my embezzling partner (the one who went to Federal prison… then died).

I hadn’t heard that one Det. At least your guy croaked, the guy who screwed us and other creditors went on to some other scam in a few years.