[nighttowl]

The owner of the company I have worked at for nearly 20 years told me a week ago that he is considering what will happen with the company when he retires. He has 2 sons and a daughter, but none of them want to get into ownership / running of the business (a machine shop) as they have not experience in either. He mentioned he was thinking of selling it.
To me, all of these options look to lead to the eventual closing of the company.
since then Ive been looking into what my plans are. I would say that any closure of the business is at minimum 6-8 months out, most likely a year or two.

I could stay where I am at, but if I were to sell my house and move to another state I could most likely pay cash for a house with the equity from the sale of this one,which is a huge plus.

Im considering moving to south-eastern texas, but I know nothing about texas other than its 2A / car mod friendly, and has a similar climate as so-cal exept for it actually rains there. i have 2 younger children (15 / 13) and Im looking for information as to good / safe locations to live that are not far from the nearest city, away from tornado prone areas and known flood areas.

Can anyone offer some info on this?

[mlee]

Sounds like you're talking about my area. 35 miles North of downtown Houston where it's far enough inland to make hurricanes a little easier. Bit of country but still in the big city with great schools. Even with home paid for you would have some higher real estate tax since there is no state income tax.

Also, the big difference in weather is not just rain but super high humidity which will drive someone from SoCal crazy LOL. But yeah, it's flat out here so always do your homework on the flood zones.

[nighttowl]

I can handle humidity - Im originally from NE Ohio.

[mlee]

Originally Posted by nighttowl

I can handle humidity - Im originally from NE Ohio.

Except Ohio doesn't get near this hot. I was in Shreveport LA for 10 years and thought that was bad until I moved here.

The car scene down here is great. Always a lot going on and too much to keep up with.

[Vegas Bound]

You got to be careful about the car mod friendly thing. The bigger/more populated counties have stricter requirements than the more suburban/rural counties. I lived in Denton County, just north of Dallas. Much easier annual inspection in Denton than Dallas.


Also, don't forget the state bird, mosquitos. They are going to be thick in the Houston area.


If I were to move from SoCal, which I did 20+ years ago, I would check out the counties around Dallas as well as Houston. Lots of great shops and drag strips near Dallas. My 60' and 1/8th PBs are at Xtreme Raceway Park just south of Dallas. Awesome track and prep.


You are probably used to high property taxes unless you have Prop. 13 protection. On average, a $300K house is going to have a $6000 annual property tax. Check the tax rates in the counties you are interested in. It varies a bit from county to county.


You might feel more at home around Dallas as many have moved there over the past 10 years with companies moving from CA.

[BuddyLee]

If a business that you know well is up for sale why don't you buy it? Work a deal where you agree on a price and using the profits of the business make monthly payments to the owner/seller. Retain your wage and staff on the normal operating expenses, give the owner 80% of the profit. You bank 20% and at some point cash out the balance and own the business outright. When you retire sell the business.

[nighttowl]

Originally Posted by BuddyLee

If a business that you know well is up for sale why don't you buy it? Work a deal where you agree on a price and using the profits of the business make monthly payments to the owner/seller. Retain your wage and staff on the normal operating expenses, give the owner 80% of the profit. You bank 20% and at some point cash out the balance and own the business outright. When you retire sell the business.

before you read this next passage - this is some really screwed up sh!t.
I naively thougt this was what was going to happen for many years.
the building and shop are listed under different corporations, and his plan is to sell the building the shop inhabits.
also - on my first day the previous owners partner came in with lawyers and and accountant to look over the books. they merged companies, but he claimed that the owner was stealing money from him. while i was at lunch the owner told me he did do it. the books were cooked. the guy lost his case, and a judge ordered liquidation of the partners assets to pay legal fees incurred. only one person showed up at the partners estate auction, the owner. he bought back all the shares of the company and who knows what else. the guy lost his company, his job; everything. He was financially ruined.

The moral of the story is to never enter a business arrangement with this guy.

[Vegas Bound]

Many small businesses have cooked books. Usually for tax purposes.

[BuddyLee]

Originally Posted by nighttowl

The owner of the company I have worked at for nearly 20 years told me a week ago that he is considering what will happen with the company when he retires. He has 2 sons and a daughter, but none of them want to get into ownership / running of the business (a machine shop) as they have not experience in either. He mentioned he was thinking of selling it.
To me, all of these options look to lead to the eventual closing of the company.
since then Ive been looking into what my plans are. I would say that any closure of the business is at minimum 6-8 months out, most likely a year or two.

I could stay where I am at, but if I were to sell my house and move to another state I could most likely pay cash for a house with the equity from the sale of this one,which is a huge plus.

Im considering moving to south-eastern texas, but I know nothing about texas other than its 2A / car mod friendly, and has a similar climate as so-cal exept for it actually rains there. i have 2 younger children (15 / 13) and Im looking for information as to good / safe locations to live that are not far from the nearest city, away from tornado prone areas and known flood areas.

Can anyone offer some info on this?

Okay, and you do recall that the State of Texas has a proven screwed up electrical grid? Consider going north. No tornadoes in Oregon, Idaho, Montana, and Washington. Lower cost of living there than in California and the laws are not as screwed up as California. No summer heat in those four states as one would have in New Mexico and Arizona.



Machine shop. Pacific Northwest...Boeing and hundreds of aerospace related machine shops. Lower housing costs. A 700K So Cal 1500 square foot home would buy a 3500 square foot home or larger in any of those four states. No humidity, no adverse weather either. Unlike the north east, only a trace of snow from time to time. I could list more.

[nighttowl]

i hate snow.
in the summer it gets 110-120f where I live.

[nighttowl]

Originally Posted by BuddyLee

Okay, and you do recall that the State of Texas has a proven screwed up electrical grid? Consider going north. No tornadoes in Oregon, Idaho, Montana, and Washington. Lower cost of living there than in California and the laws are not as screwed up as California. No summer heat in those four states as one would have in New Mexico and Arizona.



Machine shop. Pacific Northwest...Boeing and hundreds of aerospace related machine shops. Lower housing costs. A 700K So Cal 1500 square foot home would buy a 3500 square foot home or larger in any of those four states. No humidity, no adverse weather either. Unlike the north east, only a trace of snow from time to time. I could list more.

Your trying to get me to buy the house across the street from you; arent you!

[Vegas Bound]

Originally Posted by BuddyLee

Okay, and you do recall that the State of Texas has a proven screwed up electrical grid? Consider going north. No tornadoes in Oregon, Idaho, Montana, and Washington. Lower cost of living there than in California and the laws are not as screwed up as California. No summer heat in those four states as one would have in New Mexico and Arizona.



Machine shop. Pacific Northwest...Boeing and hundreds of aerospace related machine shops. Lower housing costs. A 700K So Cal 1500 square foot home would buy a 3500 square foot home or larger in any of those four states. No humidity, no adverse weather either. Unlike the north east, only a trace of snow from time to time. I could list more.

Good idea. Move from one screwed up, politically, state to another one in the Pacific Northwest. As for ID or MT, too damn cold most of the year. That's why the southwest is overrun with snowbirds every winter. You couldn't pay me to live in one of those 4 states.

[BuddyLee]

Originally Posted by Vegas Bound

Good idea. Move from one screwed up, politically, state to another one in the Pacific Northwest. As for ID or MT, too damn cold most of the year. That's why the southwest is overrun with snowbirds every winter. You couldn't pay me to live in one of those 4 states.

Yes, but real men can deal with the small amount of cold. The reason that snowbirds are what they are are is because they get too old to be able to handle the cooler weather so they go south. Florida is another example of a state that attracts the old folks because of the warm climate. If one were to retire then another consideration would be Costa Rica.

[Speeddmn]

Montana is full... see Wyoming