Moving from One-man to multiple tech operations
TLDR: need to figure out how to increase family business revenue enough to support a $50k salary for myself, and plan for a future where I may run the business, and don’t want to work myself to death.
Current: 60 yo solo owner operator, $70kish cash flow, $150kish revenue, more business than he can handle, mostly long-term customers
Dad wants to figure out a way to include me that is good for both of us
My dad runs a locksmith business that my grandfather opened up around 1975.
For the last 25 years my dad his been pretty much on his own, only taking on employees a few times, and never long enough to get them working on their own.
The only exception to this was my brother 2 years ago worked with him for about a year, got his apprentice license and was able to run calls on his own. Just helping my dad stay on top of invoicing, and not turning down so many calls meant his $15/hr pay was covered.
I’ve recently found out I’m losing my job in a few months, been making ~$60k+some benefits for the last 4 years.
Wife makes good money so a salary drop is ok, and we’re ahead of schedule for retirement.
I have enough locksmith knowledge I can probably get my license and run calls on my own within 3 months.
I’d really like to be making at least $40k the first year, and shooting for $60k within a couple years.
Currently my dad answers the phone, schedules jobs, does the jobs, drops off keys etc., everything except payroll and taxes himself (my mom does those).
So it could definitely be more efficient.
He made around $70k last year. Waiting to find out what P&L was once my mom gets some tax stuff figured out this week.
My brother (a business owner in electronics repairs) thinks total revenue is probably $150k or so, and could easily be 1.5x with a second tech, and should be aiming to take on a an apprentice to increase more within a couple years.
Dad is 60, and has no plan to retire soon, but knows he’s gonna have to slow down at some point.
I really like the idea of joining the family business, and its work I’ve always enjoyed…besides spending time with my dad.
Anyone who went from working on their own to adding employees have suggestions on how to scale up without harming reputation and quality of work?
Thanks all!