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Posted: Wed Oct 01, 2008 11:32 pm Post subject: Bummer Deal
If you don't want to here a sad, sad story read no futher!
5 years ago I went into business with a friend (not smart I know) but we've known each other and have worked together off and on for 10+ years. Well he decided to try a hostle take over of our company (by that I mean become complete owner in a 2 man corp.) Now I've had to hire a business lawyer and the company is being shut down, I offered to buy his part or sell my part but he refuses. So lawyers will end up being the only people to come out ahead. And thats not even the sad part.
In June of this year I had saved up enough money to by the car I'd always wanted. A 1968 El Camino S/S, Then I spent most of my extra money fixing it up, Now it looks like I will have to sell it to overcome my present situation. That hurts bad!!! I've had it for sale every sence I finished it, but at a ( I don't really want to sell it but if you want it bad enough this is how much it will cost price)
I will probably lose money on it with everything that's going on with finances today. That hurts, but watching it go even if I broke even won't replace the PAIN of looseing my ELKO.
I had a 74 for 15+ years before I even found this site. I sold it to help pay for my 68.
Live and learn? Or crash and burn!
If or when I sale it I will post my fare wells, as you people have been great. And I will return when I get my next one. All my friends say it don't look right for me to drive anything else as that is all they seen me in for many, many years.
Sorry if I brought anyone down with my story, I just needed to get it off my chest.
Thanks
Donny _________________ SECOND PLACE IS THE FIRST LOSER
1968 El Camino S/S 396
Necoa #: 7195
Location: 17(S.CA,S.NV)
Joined: Mar 26, 2006
Posts: 848
Year: 1977
Model: El Camino
Posted: Thu Oct 02, 2008 3:15 am Post subject:
Hay Donny, Don't even think about saying those FAIRWELLS !!!!
Your FAMILY !! You'll get another Elky. SOOOOOOOOO in the meantime, stay on board, you still have a wealth of information
you can share. Bummer about what can happen in the world of
Business. I too have been through it and lost 43,000 dollars. My partner
( EX ) was familly, my son. And I learned TWO real good lessons
from it. NEVER go into business with family
or friends, and always have a Lawyer write up the Business Agreement that will cover all aspects of the joint venture.
I can only wish you the best and hope you will just move forward.
My Best To You My Brother ~~~~~~ and don't leave, stick around!!!! _________________ http://elcaminocentral.com/gallery-album_CoyoteOn2s77Cage.html
Keep the Shiney Side Up
The Rubber Side Down !!
aka Larry
Necoa #: 6381
Location: 7(AL,GA,TN)
Joined: Nov 02, 2005
Posts: 1031
Year: 1986
Model: El Camino
Posted: Thu Oct 02, 2008 7:45 pm Post subject:
bummer man. can you sell another car? surely you have a daily driver. IDK how reliable your Elky is though. whatever you do about the car I hope you get the business problem resolved. good luck. _________________
Formerly 86Conquista
Currently undergoing resto.
Planned:
-350/?/3.42
-ZQ8 wheels
-Disc Brakes
-More
Necoa #: 1971
Location: 8(OH,WV)
Joined: Dec 13, 2003
Posts: 334
Year: 1977
Model: El Camino
Posted: Thu Oct 02, 2008 11:02 pm Post subject:
Donny,
Sorry to hear your story, I've been through that more than once.
My advise is: step back and take a breath, realize you're going to spend all your money, pay it to the lawyers, the company will be closed, and everybody will lose, except the blood sucking lawyers.
Instead, walk away, take what money you have a re-start another twin business, take all the customers you can, and deal with whatever fight comes later from your ex-partner. This might cost something, but at least you'll still be in business, with an income and your ex-partner won't.
Necoa #: 2321
Location: 15(AZ,NM)
Joined: Jan 30, 2004
Posts: 1169
Year: 1974
Model: El Camino
Posted: Fri Oct 03, 2008 12:04 am Post subject:
Sorry to hear that. I know exactly what you're feeling with the business partner situation. I had a similar situation with a former friend of 20 years. We had a great thing going but he didn't want to do any work. The guy figured he'd open the doors and customers would just fly in.
Worse he had some shady characters that would come around and scared away the few customers we had. In short he was someone who never should have been in business. One of those types that wants to play big shot but doesn't want to pay for the privilege.
I actually worked for free for a year while keeping my own consulting business going so I could pay my bills. 80 hour + weeks for no compensation except the experience.
I also know how it feels to have to sell things that mean something to you just to pay a bill. I have some collectible stuff that I only recently was able to re-acquire after many years. Hopefully you'll be able to have a similar experience with another 68 Elky!
Don't go anywhere if you have things to share though. I was still contributing to a Camaro site until recently when it went to crap with porn and such. I haven't owned a Camaro in a year now!
Besides, you have to keep your skills up so keeping up with this site will keep you in the loop and keep you primed for the next Elky!
_________________ 74 El Camino Classic - project car #1
96 Camaro - RIP, Traded 10-16-2007
2008 Mustang GT, It ain't a Chevy but at least it's American!
If your friend wants to take over the business (become sole proprietor), he should be willing to buy out your portion of it...period. If he doesn't have the money to do so, he should remain your partner in the business until he has saved the monies needed for the buyout. Figure out your portion of the business and put that on the table.
Most importantly, talk to him as a friend and tell him this is about to cost you your identity (your Elco). If he knows you as well as a friend should know someone, he'll realize what an azz he's being and, at least, try to work with you on the situation. Tell him you know he really wants to be sole proprietor of the business, however you BOTH started this business and it's only fair for him to buy out your portion.
Might be worth a shot...for your Elco's sake! _________________ 1980 El CaminoSS
Necoa #: 9074
Location: 25(All Other)
Joined: Feb 20, 2007
Posts: 1022
Year: 1975
Model: El Camino
Posted: Tue Oct 07, 2008 10:34 pm Post subject:
Donny, I feel bad for your situation. The frustration for the lack of common sense from your so called friend.
You are a great contributor here at ECC and like the other member before me have said, I truly hope you can find the time and inclination to stick with us mate. _________________ John (from Down Under)
In todays world, stock market crashing, jobs lost, home forecloseures,
God Bless Us Each and Everyone.
Thanks Guys
Donny _________________ SECOND PLACE IS THE FIRST LOSER
1968 El Camino S/S 396
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If your friend wants to take over the business (become sole proprietor), he should be willing to buy out your portion of it...period. If he doesn't have the money to do so, he should remain your partner in the business until he has saved the monies needed for the buyout. Figure out your portion of the business and put that on the table.
