Is it ever too late?
By Courtom
@Courtom (287)
Canada
July 6, 2009 10:45am CST
I am 19, my dad is 48. When he was in his mid twenties he owned a Marina with his brother. It grew to be worth a million dollars (back then im guessing is biggo money) He ended up losing it when he brother forged his signature on $300,000 worth of boats and a whole bunch of other unfortunate events. He then worked at Chrysler for a very long time (20 years) He still dreams of running his own business, to build a legacy for himself to leave here on earth when he is gone. I will be done college in 2 years, and want to earn my degree for one year extra. After, I want to go into business with him, and build something from the ground up. He would love to own a Marina again, and I love the idea of running my own business/land/investment. I wonder if it is his dream or mine, I get excited thinking him and I could grow a stronger relationship, but I also wonder if it is too late...
How could I also encourage him to make the leap to go ahead and do it. He has to work at Chrysler 7 more years before he can retire and get a full pension. We live in Canada so Chrysler is better off then the one in the states.
I would hate to think of losing him just when our business is getting started. Maybe I am young and I am still just scared of my parents getting older. I also fear having all the responsibilities of running a business fall on my shoulders.
Do you mylotters have any experience with this?
5 people like this
7 responses
@ladym33 (10979)
• United States
6 Jul 09
At 48 your father is not old at all and still has many, many good years of work left in him unless he is in poor health. He may however, unwilling to give up his job and his pension with 7 more years to go. If you wait until he is done he will only be 55 and will have a good amount of time left. But I don't know if it is good for you and your dreams to wait 7 years. The good news for you is that your father already has experience at this, and even if he does not come aboard with you right away he will very likely be willing to help you get set up and guide you in the right direction.
2 people like this
@mnk202 (338)
• United States
7 Jul 09
It is never to late and it sounds like you both are very hard workers and really want your own business and marina again. It is very sad that your dad lost everything because someone had to be greedy thats not fair but there are so many ways to start up again. Dont ever give up life is short. I have learned the hard way if you want something bad enough and its a life long dream definitly do it..The only things to regret in life are the chances you didnt take. Marinas are always top investments and make alot of money. Good luck to you and your father and I hope you both go through with your dreams.
1 person likes this
@rsa101 (38166)
• Philippines
7 Jul 09
I am admiring your concern for you father and I think the best that you could do is to finish your schooling and after that you can help him put up his own business. I think this partnership would be more stable since you both will be concerned for the better of your business. I just hope that you will be given more time and your father could also guide you until such time he can truly say that you can manage on your own. The experience you will learn from you father will be invaluable lessons that you cannot learn from any school so take advantage of that.
@Courtom (287)
• Canada
7 Jul 09
Yes, I have a feeling he has a lot to teach me. I grew up with his being a factory worker, night shifts, day shifts, not seeing my father. I also did not assume that he had an entrepreneurial spirit hidden in him. As I got older and more excited about by own direction and goals in life, he started to shed some light, some opinions. I had always known about the Marina, but he didn't give me the details about it until I was 17. Since then I have admired the risk he took at such a young age, and feel sad that he had to lose it due to his brother. It would make me not want to go into business with family after his story, but father and daughter is much more ideal in my eyes. I could never go into business with my brother. Thank you for your comment
@LittleMel (8742)
• Canada
7 Jul 09
I would say start when you are ready and your father still alive and healthy. having a business is more than just enough capital to survive. you need to build network and experience, both your father will be able to help you with. If you don't have the capital now, spend your time learning about management and the market, the competition, the regulations. by the time you have the capital, maybe things have changed, but your knowledge will tell you where/how to start safely.
I know you haven't started a business yet, but I will say this now. Start a business that you believe in and you like to do. Because the going is tough and things can happen in your personal life that affect your business. if you don't like it and don't believe in it, you will fail. After all it is yours. Your father might be there but he belongs to older generation, when he retires, you will be the one running it.
I own a small business, started it out of the blue and all the mistakes I made got me in debt for the next 5 years. I also owe my husband. He helped me with transportation and delivery, but everything else I have to do it myself. Because it's mine, the fall and the rise, they are all mine. I can blame unscrupulous people cheated on me, but at the end of the day I am the only one who sitting there with the books and inventory. I don't know if I can survive the recession but I love doing what I'm doing I won't give up until it's over.
@Courtom (287)
• Canada
7 Jul 09
I am not sure if the Marina would be my dream. I enjoy going up for vacation. I used to live in the country as well. You gave good advice. Being young tho, I do not like the idea of being tied down to one thing my whole life. I would like to do so many things, including travel. If I own a business it may mean that I am committed to stay there to make sure everything runs smoothly until I can hire a competent staff. Building on what you said previously about networking, I think that would be a great idea. I was trying to encourage my father to go to boat shows as well as trade show related to boats. There are business there that build docks, boat storage, etc. that could be vital in growing a successful marina. I am currently in school for Materials and Operation management. It is teaching me to look at the overall processes of a business and how to continuously improve. I also learned basic skills in my first year such as marketing, accounting, computers, business math, economics, professional writing, etc. Thank you for your comment
1 person likes this
@LittleMel (8742)
• Canada
7 Jul 09
you have some advantages on your side. I didn't, as I said I started it out of the blue, I had none of what you have. It seems it will be smooth sailing for you if you ever start it one day. best of luck and you are welcome
@bvarose2000 (16)
• United States
7 Jul 09
Why don't you ask your father what he wants? Throw the idea at him about both parts, waiting seven years for a pension and about working now to open a marina. These things do not just open up over night and they take time, you can start to build capital now, look into land and if you find one at a decent cost with the market being in the crapper buy it and hold on to it until you are able to start your dream. Your father if he is interested could do both jobs work at the car place and work at a Marina as well. With only seven years left, I do not think that he should quit, he needs that pension when he gets older.
@Courtom (287)
• Canada
7 Jul 09
I completely agree, There is no way he would give up his pension, he has 20 years in at Chrysler. We live in Canada so the recession hasn't hit us as bad as the U.S. I will try and take you advice though it is a little hard just because he works and is tired most of the time. He is off for the next 3 weeks, so maybe then I can bring it up to him. Money is tight right now, and we have no starting capital. I think his plan would be to sell the house we live in now when the economy kicks back up and use that money as capital
@zhou1977lu (31)
• China
7 Jul 09
oh, courtom, encourge yourself. if u think u can ,u can!!
life is fighting . fighting for dream. i believe u , it will never be late for a man who have a dream.
@Courtom (287)
• Canada
8 Jul 09
Ya i guess it is never too late. I know I got my whole life a head of me. I am more confused as to what to do, you only live once, should my dad live another 7 years of his life working at a job he hates just for a pension and benefits? Or does he try to build a foundation in those 7 years? Right now I would perceive the risk to be too big as we don't have any capital besides the house we live in now.
@getitok (278)
• China
7 Jul 09
If you have the starting capital by now. My suggestion is to start that business right now, don't wait 7 years. But if you don't have the starting capital, then my opinion is just let your father work at Chrysler till retired, and you can try to start your own business in other field. 7 years later, you and your father can start the Marina business, by then you have more money, and your father have more time.
