I have spent several hours over the last few days reading on this web site. I have found it both informative and funny. I have decided to ask for your advice about my current situation.
A relative is a roofer and good at it. He knew he could open his own business and make more money. My husband and I decided to invest in his business by buying him a truck to do the job and one hell of a dump trailer. Over the last few weeks I have decided he is not a people person, doesn’t know how to run a business or 0et business.
My husband and I are already self employed so we know how to run a business and hussle to get the business. We know NOTHING about roofing. I have talked to several insurance agents and Lowes about getting work and finding out what I would need to know if I created a roofing business. The response I received was positive but now I have learned that the insurance is obscene. Another factor is there is very little new construction in our area and have had no serious weather that would demand alot of tearoffs.
My question is do I continue to try to get him work (which would require me of investing more money for insurance)? This way I could make some extra money plus get my investment back OR
Do I work out an arangement with another local contractor to get paid a commission for my leads but inturn would guarantee this relative some work?
I have already got around 15,000 tied up the downpayment for the policy is 1200.00 and around 400 each month. I assume that the comission would not be as much if I just created my own business. OR
Do I resposes it all and sell it
Any advice or suggestion I would really appreciate.