Dream Shop To Disaster
My husband and I started an autobody shop about 8 years ago. Thing were going well for the first 4-5 years, gradually increasing profits year after year. Then he decided he wanted to get a bigger shop; which is understandable. A dream shop became available and we decided to take it. The overhead was about 5x what the other shop was.
We ended up struggling to make ends meet; people were angry because their vehicles were taking longer to do, because we had to take more vehicles on to try and pay the bills every month. It basically became this downward spiral that we were running out of money, not making anything and not being able to pay all of our overhead each month.
We were taking on bullshit projects just to try and cover our asses. Ended up taking on stuff that wasn’t paying what it was worth, but it was better than no money coming in at all.
What was the nail in the coffin was that one of our so called ‘friends’ purposely vandalized his own car so he could have it restored through an insurance claim. Ended up wanting a TON of work done above and beyond what the insurance would cover. We told him that the price would end up going up because of the additional work. He ended up pulling the car, trying to sue us and we had to spend over $4000 in lawyer fees, as well as settling with this so called friend for another $2000, just to avoid another couple of thousand dollars in lawyer fees. It was one of the last straws and that was about 6 months ago.
At this point we are trying to tie up financials, sell some equipment, and move on with our lives without having to sell our home to pay debts that we incurred through the business. It’s been a tough struggle and it sucks to see 8 years of your life going down the drain slowly, but it was just a couple bad business choices that we couldn’t recover from.
-Drano Drinker (Via: Reddit)