Sold 49% of my smithy

[Valentin]

Because u guys share so mutch with me i try to share back with u every time something major happens in or with my shop and now something did. I just soled half of the smitty that i run... mostly because of 2 reasons:
-insuficient founds to finish a new shop
-unable to cope with all the stresses alone
Any other blacksmiths here wotking in associations ? I was just curious if any and how does this work as a buisness ? If not i will let u know how it is to share 50 percent of the work/money What do u think did i made the wright/wrong choise ?

Edited April 26, 2009 by steve sells

[David Einhorn]

Sorry to hear about your difficulties. A number of professional smiths in my part of the country have sold their equipment and gone out-of-business. I certainly would not try to guess what someone else should do with their business, especially without an intimate understanding of your business challenges.

What do u think did i made the wright/wrong choise ?

[Bentiron1946]

I just hope that you like the guy and can get along with him. There is nothing more stressful then having someone in your shop that you end up starting to hate. You know it really gets you angry when you see someone else mistreat your equipment and leave things a mess or takes up bench space that you need. Then the real stress comes when you want your shop back and you don't have enough money to buy him out of his share and you have to sell your share to him and are left back where you started and that is without a shop or tools enough to start a new one. Try extremely hard to maintain the best possible relations with this new part owner but don't let him take advantage of the arrangement either.:cool:

Edited April 26, 2009 by Bentiron1946

[divermike]

As the old saying goes, if you are thinking of going into business with a friend, decide which one you want most.

[Valentin]

I know... well i had 4 opitons and all of them really bad :

1) go to the bank ask for big sum of money and pay all my life and risk loosing my house car and everything that i have in case the buisness will npt grow as wished.

2) asociate with somebody gives me the same amount of money and i give him 50% of the income

3) asociate with somebody else ...he will finish the investition and then both of our companyes will merge toghether (he has a welding shop with 8 employes) 50-50 from both company

4) another guy who was willing to give me the money in 2 month period.

Well i chosed var nr.3 so it will be some sort of a merging 2 companys into a bigger one...have to admit that i am quite scared

divermike: he was my competition not my friend hope that we will become friends and buissnes partenrs

[David Einhorn]

I hope the business arrangement works out for you.

I have seen a number of smiths work at creating a business part-time and working a regular job to support themselves until they got their business going, and developed their product line and market. But doing it part-time for a while may not fit a person's needs.

As far as finding tools, Pennsylvania has a long history of coal, iron and manufacturing, so blacksmithing tools are likely more plentiful here than other areas. I now have the fortitude to walk past equipment at antique malls and flea markets that I don't need. I didn't used to be able to do that.

If a person attends the yearly blacksmithing gatherings hosted by the various guilds in this part of the country, that person can pretty easily find enough stuff to equip a shop. :D