When a competitor goes out of business

Shaun @ Tru6 · 02-25-2009, 01:01 PM

are you sad?

small business that is, where you see each other at trade shows and talk and get to know each other.

fingpilot · 02-25-2009, 01:02 PM

Gonna be a lot of that. I think we are nowhere near the bottom yet.

Zeke · 02-25-2009, 01:07 PM

Hell no! First, it's an opportunity to see where the pitfalls are. And, in some cases (be careful), it's an opportunity to hire some one who knows the business, albeit not as well as you.

Lastly, your market share just grew. What's not to love?

TheMentat · TheMentat's Garage

Quote:

Originally Posted by Shaun 84 Targa

are you sad?

small business that is, where you see each other at trade shows and talk and get to know each other.

maybe this should be re-phrased to "when an acquaintance/friend goes out of business"?

if you don't know your competitor personally, I'd imagine you wouldn't be sad. The only difference between the two cases is that the competitor is a friend or acquaintance.

mudman · 02-25-2009, 03:29 PM

There has always been a lot of turn over in my industry.

Sometimes I viewed it as a fact of life in my industry, it is a tough one.
Sometimes I cheered because the deceased was a douche or sucked in business or cheated, etc.
Sometimes I cried because I thought they were doing everything right and had a sharp eye for success and would make it big.

I'm crying now - because it is me going out of business.

mudman · 02-25-2009, 03:31 PM

I should add that we are a tight industry, everybody knows everybody.

911Rob · 911Rob's Garage

Yes, very sad.

There is alot of strength in unity of competitors; the relationship should be greatly respected. Nothing like a "good" competitor.

When I lived in Calgary they elected me the President of the Alberta General Contractors Association. I was a self employed developer/contractor and I sat on a board of top dog employees that ran the largest companies in the Province; huge companies! I very much enjoyed unifying the alliances, it provided a lifetime of mutual respects with some of the most influentual people that I know.

sorry for your loss.

911Rob · 911Rob's Garage

You will NEVER be the BEST at what you do without the support of your competitors.

Buckterrier · 02-25-2009, 06:05 PM

Economical darwinism

LeeH · 02-25-2009, 06:22 PM

I can't see a business go down without thinking about what the owner went through. My sister and her husband lost a huge amount of money when they bought a restaurant. Her husband and son had both worked in restaurant management for years, so they had some idea what they were signing up for. It was hard in many ways.

I think if a competitor shuts their doors you have to be greatful for the opportunity while considering what someone else is going through. A little humility goes a long way.

dipso · 06:05 AM

I think it is sad on a compadre level. One day that will will be you, you think. It might be?
But, the best part is, You can not only get a glimpse of the future, but learn from their mistakes. If any.
It can only help you, to see what made them fail.
You can pick up their clients, of course. Assuming you are in the same business.

But it is sad to see any entrepeneur fail.

lowyder993s · lowyder993s's Garage

F NO!!!

I've got 3 guys who've left to compete against me in the last 5 years. They all know our customers, our pricing structure, everything. It's like being given the keys to my place. The 1st one to leave talked ALL kinds of S%&^ to our customers and employees on the floor. Well, over the last 5 years, he's tried to be as big as us...making large purchases for machinery and inventory. Guess what, the economy took a dump and he's holding the bag right now...he took on some of our schitty customers, 1 whose into him for serious coin. We here he can't pay his bills, has had his crew rotating days off for at least a year. I'm buying lunch for all the employees who stuck w/ me and our company when this guy piles out.

vash · vash's Garage

i would be worried. they may just be the "canary in the coalmine" your your industry. safety in numbers, in these times.

Shaun @ Tru6 · 02-26-2009, 03:45 AM

Interesting range of responses, thank you.

I did feel sad when one of my customers told me, but that quickly went away when they placed an order to cover what these guys didn't ship.

I was sad because I know how much goes into starting and running a small business.

m21sniper · 02-26-2009, 04:30 AM

Quote:

Originally Posted by fingpilot

Gonna be a lot of that. I think we are nowhere near the bottom yet.

I agree, i honestly think the beast is still just gaining momentum.

This next year or so is going to be very ugly.

Quote:

Originally Posted by mudman

I'm crying now - because it is me going out of business.

Sorry to hear of your woes man.

lowyder993s · lowyder993s's Garage

Quote:

Originally Posted by m21sniper

I agree, i honestly think the beast is still just gaining momentum.

This next year or so is going to be very ugly.

Sorry to hear of your woes man.

+1 on both counts

jcommin · jcommin's Garage

It is sad. Right now my company is closing plants and moving the processes to the remaining ones. My plant will get 5 - 15 pieces of equipment along with the business that is transfered. It is going to create some jobs. Am I happy that this is my plant; yes I am. Unfortunately it came at the expense of a closing plant impacting that community. That's sad.

When business shrinks, it only spells more doom for everyone. Make less, sell less. This ripples down to every aspect of our lives. Over time, it will change our lifestyles and not for the better.

Well that was uplifting wasn't it.......I would just like to see a bottom here.

BGCarrera32 · 02-26-2009, 07:07 AM

Quote:

Originally Posted by Shaun 84 Targa

are you sad?

small business that is, where you see each other at trade shows and talk and get to know each other.

You may feel bad for the people working there or the owners, knowing that it means they have no income. But you better get over it, and make sure its not you that's next.

Buckterrier · 02-26-2009, 12:22 PM

Quote:

Originally Posted by Shaun 84 Targa

I did feel sad when one of my customers told me, but that quickly went away when they placed an order to cover what these guys didn't ship.
I was sad because I know how much goes into starting and running a small business.

Geez Shaun there you go showing compassion and empathy for your fellow man. That's what is the matter with this country!!!!! Where are the greedy capitalists when you need them! Damn commy liberals.

Shaun @ Tru6 · 02-26-2009, 05:08 PM

Quote:

Originally Posted by Buckterrier

Geez Shaun there you go showing compassion and empathy for your fellow man. That's what is the matter with this country!!!!! Where are the greedy capitalists when you need them! Damn commy liberals.

yeah, and I'm generally a misanthrope too. I used to be a greedy capitalist and made tons of money, but it was sorta empty, so I gave it up.