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What would you do differently if you could do it all again?

Garwood

Diamond
Joined
Oct 10, 2009
Location
Oregon
I would've started a bank.

"What mistakes did you make"
I started a machine shop instead of a bank.

"Piece of advise for your younger self"

Study finance, learn to use money as the primary tool for your business, not physical labor and time.

When you put it in terms of what would you have done instead of starting a shop for profit-

If I would have stayed in the military for a decade or more, lived on base the whole time and put most of my income towards rental properties I'd be worth ten million bucks today. I could have the same shop I do now, but just for fun, to make whatever I wanted.
 

alliancefab

Hot Rolled
Joined
Feb 24, 2009
Location
Massachusetts
I started my shop at 24 in Jan of 2010 after watching the company I worked for fall apart. I believe that made me overly cautious when it came to growth/spending money. I wish I let the rains go a little more and let the business grow a few years ago rather than now with all the stuff going on in the world. the business is doing fine but I think I could be in a better place business wise if i just let it ramp up instead of holding it back.
 

john.k

Diamond
Joined
Dec 21, 2012
Location
Brisbane Qld Australia
I saw the 1974 and 1980s recessions......anybody with debt went under........I recall the car strip "Magic Mile of Motors".....every yard empty ,I knew one truck and machinery yard a lot of the stock was sent for scrap......1980s was worse ,it lasted years ........people I knew would ring me desperate for a "hundred grand so I dont lose everthing"....In 84 scrap steel was so low ,the yards wouldnt start their cranes ....you had to have a tipper........In 84 I got a whole railway tender for machinery .....400 ton of machines for $400.
 








 
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