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Fastlaners,
I’ve posted a few threads about my situation (http://www.thefastlanetomillions.co...-still-moving-towards-fastlane-long-post.html) and I’m back for more.
The real estate developers I work for are having financial difficulties. We just came to market with a gorgeous new building, but we missed the market and only got offers on a couple of the units.
As I’ve mentioned, we are a small firm of 4 partners, myself (project manager) and our office manager / assistant. Our company cash flow for the year is projecting a $900k loss. For a big company, not a big deal, but this money basically comes out of the partners’ pockets so there is definitely talk about us just closing the doors and/or going on a “hiatus” for the next 3 years because they don't see the market coming back or any reason to keep plugging money into the business…
I’m trying to be proactive and figure out other solutions to keep food on the table, but the biggest issue I see is that the development world is at a complete standstill in my area and it appears it will be for the next 2-5 years. So normally, at least short term, I would just go find another development opportunity. But all of my contacts are out of work and lots of other development firms in my area have gone bankrupt or shut down.
Before this all came down, I’ve been working on trying to start a part time fastlane business on the side. After about 4 months I discovered a fatal flaw in my business and unfortunately it died. But I learned a lot of invaluable lessons that will help the next venture.
What I am trying to do now is figure out what I should do. I only have savings to last me a couple of months without a paycheck right now. I’ve cut my expenses way down and my wife and I are living much more simply now. So we’re making positive changes. But unfortunately that doesn’t undo 6 years of living outside our means.
So I’m trying to decide should I try and find another JOB for the time being while I start another PT business? Should I just stay at my firm until D-Day, hoping it never comes and work on a PT business?
I think is the best option is to stay put here (for as long as I’m able) and start another part time business. I’ve been brainstorming ideas http://www.thefastlanetomillions.co...125-so-economy-sucks-what-do-people-want.html
and trying to think of ideas. I’m thinking about green building (and recently got my LEED AP designation), and while I see that industry booming in 3+ years, I’m stuck on finding something that solves a problem right now.
I’m thinking about a green website that helps homeowners make small changes in the current home (lightblubs, drip irrigation, etc) and things like that that help them save money during this recession. I don’t think most people are going to be installing solar panels over the next couple of years or building new homes, but I think people would be open to learning about small changes they can make now. But other than that I’m kind of stuck at this point.
My other thought is to take all of the skills I’ve acquired over the past 4 years and move in a totally different direction. But again, kind of at a loss as to how to even begin with that plan.
But I’m concerned that I’ve become emotional about my situation and maybe I’m not looking at it logically. It’s hard to logically discuss with my wife as it has become emotional for her also.
Any thoughts, comments or ideas anyone could provide would be greatly appreciated!! (Feel free to come down on me as hard as needed…if you feel that’s what I need)
You guys rock. :yourock:
Thanks,
Sid23
EDIT: Erased some info that is not public knowledge.
I’ve posted a few threads about my situation (http://www.thefastlanetomillions.co...-still-moving-towards-fastlane-long-post.html) and I’m back for more.
The real estate developers I work for are having financial difficulties. We just came to market with a gorgeous new building, but we missed the market and only got offers on a couple of the units.
As I’ve mentioned, we are a small firm of 4 partners, myself (project manager) and our office manager / assistant. Our company cash flow for the year is projecting a $900k loss. For a big company, not a big deal, but this money basically comes out of the partners’ pockets so there is definitely talk about us just closing the doors and/or going on a “hiatus” for the next 3 years because they don't see the market coming back or any reason to keep plugging money into the business…
I’m trying to be proactive and figure out other solutions to keep food on the table, but the biggest issue I see is that the development world is at a complete standstill in my area and it appears it will be for the next 2-5 years. So normally, at least short term, I would just go find another development opportunity. But all of my contacts are out of work and lots of other development firms in my area have gone bankrupt or shut down.
Before this all came down, I’ve been working on trying to start a part time fastlane business on the side. After about 4 months I discovered a fatal flaw in my business and unfortunately it died. But I learned a lot of invaluable lessons that will help the next venture.
What I am trying to do now is figure out what I should do. I only have savings to last me a couple of months without a paycheck right now. I’ve cut my expenses way down and my wife and I are living much more simply now. So we’re making positive changes. But unfortunately that doesn’t undo 6 years of living outside our means.
So I’m trying to decide should I try and find another JOB for the time being while I start another PT business? Should I just stay at my firm until D-Day, hoping it never comes and work on a PT business?
I think is the best option is to stay put here (for as long as I’m able) and start another part time business. I’ve been brainstorming ideas http://www.thefastlanetomillions.co...125-so-economy-sucks-what-do-people-want.html
and trying to think of ideas. I’m thinking about green building (and recently got my LEED AP designation), and while I see that industry booming in 3+ years, I’m stuck on finding something that solves a problem right now.
I’m thinking about a green website that helps homeowners make small changes in the current home (lightblubs, drip irrigation, etc) and things like that that help them save money during this recession. I don’t think most people are going to be installing solar panels over the next couple of years or building new homes, but I think people would be open to learning about small changes they can make now. But other than that I’m kind of stuck at this point.
My other thought is to take all of the skills I’ve acquired over the past 4 years and move in a totally different direction. But again, kind of at a loss as to how to even begin with that plan.
But I’m concerned that I’ve become emotional about my situation and maybe I’m not looking at it logically. It’s hard to logically discuss with my wife as it has become emotional for her also.
Any thoughts, comments or ideas anyone could provide would be greatly appreciated!! (Feel free to come down on me as hard as needed…if you feel that’s what I need)
You guys rock. :yourock:
Thanks,
Sid23
EDIT: Erased some info that is not public knowledge.
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