44.?ÿ on my 44th birthday, as a matter of fact.?ÿ i did it bass ackwards from what most here would suggest: with almost zero cash on hand and i went out and borrowed 75K for gear and a truck.?ÿ today i paid the balance of that off.?ÿ?ÿ
in may i turn 46.?ÿ not sure if i'd do it all over again right now- at least the way i did it.?ÿ timing counts for a lot.?ÿ?ÿ
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oh, right- sitting here at the kitchen table typing this.?ÿ i, for one, prefer it this way.
38 (1988 - 12/31/2019) upcoming funeral. 😛 😛 😛 ?ÿ
I'm curious where you found ?ÿthe Management Handbook for Land Surveyors to download? I have been looking for a copy.
40.
Harvard Business Review last year reported that the average age of a successful startup founder is 45.
You're ready when you're ready - age shouldn't be the determining factor.
35 the first time and 55 the second time. Sold both profitably and now work for the largest local firm with no regrets whatsoever. I enjoy a handsome paycheck every two weeks and sleep soundly every night knowing that I will not have to pull money out of savings next week for payroll.
When you put together your business plan be absolutely sure that you have two things:
1. Plenty of capital.
2. A sound understanding of business.
28. ?ÿGo for it!
(Almost 22 years ago)
After receiving my LS license,?ÿ I started a part time business at 30, for Pre82 civil engineers that would do the research for me, while I worked for the DOT during the week.?ÿ Many weekends I would work 13/14 hour field days on Saturday and Sunday, with my assistant, during the summer and we would process data at night during the week.?ÿ He worked for another company and wanted more diversified experience.?ÿ We taught ourselves autocad 12 on the fly.?ÿ 4 or 5 years later I left the DOT and cashed out over 600 hours of personal time and also had quite a cash reserve.?ÿ When I became licensed, I had already worked in the civil engineering and land surveying profession for 12 years and had a 2 year degree.
We are overdue for a downturn in the economy that typically come every 10 years.?ÿ I have seen four of them during my career, but have always been able to keep the good staff.?ÿ You should have a reserve to hold you over.?ÿ?ÿ
Since the last downturn where I would only get a 50% retainer, I now require the lowest estimated range of the estimate.?ÿ I typically receive 10k to 15k retainers for the larger jobs and the retainer is not applied until the end of the job is in sight. That way if the economy does falter, you will be in a much better position to survive.?ÿ
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2. A sound understanding of business.
+1
@flga-pls-2-2
I was 39, almost 40.?ÿ I left a good job that I'd held for 10 years because there was no ownership potential, despite years of talk about just that.?ÿ Things came to a head and I issued an ultimatum:?ÿ either I'm allowed to buy into the company, or I'll start my own.?ÿ We negotiated for about a month, but ultimately couldn't come to terms, so off I went.?ÿ I'd had a month's head start (during negotiations) on figuring out how to get rolling, but I still started cold:?ÿ no equipment and no clients.?ÿ I bought a used truck, a new computer, new total station, new level, and enough support equipment to be functional.?ÿ Then I bought a suit and started knocking on doors of clients I'd worked closely with at the old firm, and that generated a trickle of work.?ÿ My old boss threw me a bone or two (we remained friends), but the first year was pretty thin nonetheless.?ÿ It got steadily better after that; by Year 5 I was making more than I would have at the old firm, and by Year 7 about twice as much.?ÿ There have been a couple of dips (the dotcom crash of 2000 and the Great Recession), but the general trend has been up, and well ahead of inflation.
I'm about to mark my 27th year in business, and there's been a lot of personal and professional growth along the way.?ÿ It was one of the best decisions I've ever made.
I was 48 and worked part time for four years.?ÿ Than I retired on a very small pension and went full time.?ÿ It took me about 5-10 years to establish my business.?ÿ I own all my equipment and only bought stuff new twice, never again.?ÿ Now it's all used.?ÿ I have no debt.?ÿ
I could have went out 5 or 10 years beforehand.?ÿ My advice if you are a fit for the organization, stay there.?ÿ If you're a lone wolf and don't get along with your boss start your own business.?ÿ Also if you start your own business buy used, there's a ton of stuff out there.?ÿ Remember NGS only processes gps they don't use GNSS.?ÿ So the legacy equipment is still valid.
I should add, I started out on my own to control my schedule and make my own decisions.?ÿ I didn't do it for the money.?ÿ To make mo' money I'd have to hire and I don't want the responsibility of making payroll.?ÿ
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26.
I just needed to be my own boss.
I was 37 the first time and 57 the second time. Both times were out of necessity, as the jobs I'd had disappeared due to economic downturns. Starting a new business at the start of the Great Recession wasn't something I'd planned on, and the first few years were very lean, but so far so good.
I was 47.?ÿ ?ÿBought used everything (even our house).?ÿ Only debt I have is mortgage; accountant says don't pay it off.
Work mostly solo, occasionally enlisting casual labor.?ÿ Employees can be a curse or a blessing- but I've managed to avoid either so far.?ÿ Good luck!
