Once Again Gainfully Employed
 

I thought I'd update the OT crowd on my 2014 employment saga. Cliff's Notes - laid off in April after my employer was purchased by our primary competitor and my organization largely eliminated, considered moving to AZ, started my own specialty car business. In the event you're bored, my drama is documented here:

http://forums.pelicanparts.com/off-topic-discussions/807779-laid-off-today.html
http://forums.pelicanparts.com/off-topic-discussions/825110-what-ive-been-up.html
http://forums.pelicanparts.com/off-topic-discussions/829500-garage.html

As of Monday I'm happy to report that I'm again gainfully employed. Again in aerospace, but now at a smaller manufacturer of motors, fans, actuators, starter/generators, and other such gizmos. They are owned by a large aerospace consortium but have very independent P&L responsibility, so it's really the best of both worlds. My new role is a mix of engineering and sales, which is super appealing to me. On the surface it seems to draw in much of what I have enjoyed in past roles, and I love the company and the people.

Yes I'm keeping the car business, it will just be in a reduced capacity. I'm going to probably stick to buying and selling Porsches, as well as continuing to offer flat rate auction locating services. I'll likely turn 2-3 cars per month, currently incoming are a 2009 Cayman and 2010 Boxster.:cool:

It's been a damn hard year, but today I have a job that I'm excited about, a company that I'm excited about, the same pay that I had at my previous job, and my own profitable side business. So in the end, after a tough eight months, I'm better off.

Number one lesson learned from this experience - limit your liability. We were fortunate to only have a very reasonable 15 year fixed rate mortgage, significant equity, and a strong cash savings account, so we were well prepared to weather the storm. If we had car payments or other liabilities, it would have been very difficult. As a result of this experience, top priority is to pay off our house and stay debt free. If I had one bit of advice to offer, it would be to build up a cash savings account with approximately 6 months of living expenses then aggressively attack your debt until it is gone. True freedom is owing no one.

Anyway, great way to start 2015. Thanks to everyone for their help and support, you helped me through a tough time. This is a special place.

Excellent news, Matt!!

Good luck with the new gig!

Awesome...glad to hear it!

Regards,

Congrats Matt...

To success!

Congrats Matt! Glad to hear you are doing well!


Shame it's not in AZ though. ;)

Congratulations Matt! Here's to a great 2015 for you and your family!

Nice

Well thats the best news yet. A new "everything" for you. Enjoy the new year.

Great to hear Matt , good luck on your new path

Great news , glad to hear it.
But does this mean we don't get to keep seeing the steady flow of cool cars that you have been sharing lately.
Whatever, happy to hear it.
Good way to start the New Year!

Cheers Richard

Hell no! I'm keeping the business. Actually it gives me more freedom to just do fun stuff, really all it has to do is cover my rent and insurance.

Congrats Matt!

Great new year news!

Great news Matt.....I admired how you "took the bull by the horns" and got your business going...

Congrats! Glad to see good things happening to good people.

You didn't skip a beat.
Congrats and happy new year.

Congrats!

Best of luck in the new job!

Congrats man!
Keep in mind, in 10 yrs the side business still might become the main one, seems like that's how the really successful things get started

Good News! Great advise, never give up on self employment, working for others is a true variable. Keep the car business you have a good eye for it and your a sharp guy.It will be a twin engine for you.

One of the best quotes seen here.

Nice. Thanks for the update, and the best of luck to you going forward.

Outstanding, congrats!

Matt, what a great thing to hear at the end of what has been a pretty trying year for you (and me). I know how hard it is to weather something like that and remain strong, true to yourself and motivated - and how much harder it is to not get disheartened by the pessimistic naysayers out there. I'm truly glad for you and your family.

Here's hoping 2015 is a better year for all of us. Like you, I've got a few recent developments that point to an upswing - some work-related, some not. All the best to you!

Well done and thanks for the update! I agree with the others in that I'm glad you're keeping the car business; you do seem to have an eye for it!

Congratulations! I've always wondered, how well does buying at auction work? Are the savings very good?

I'll second the trying year comment Porsche-O-Phile made. This is not one that I'll look back fondly at either. It's nice that something worked out for you at the close of the year though.

The one lesson I learned a few years from a similar situation is to have as many income producing streams as you can manage. The car business is a good start in that direction. You should think of other similar businesses that are related to ( but not dependent on) the car flipping business. The more legs supporting a stool, the more stable it is! Many people people only have one or two incomes.... A one or two legged stool is not very stable!

Congrats and have a Happy New Year!

Thanks all! For those of you that are struggling, just keep grinding your way through it and looking for new opportunities. Sometimes you'll find them in places you didn't expect. I know that sounds like a fortune cookie, but it's been very true for me.

I buy exclusively online through simulcast auctions, which is basically a live auction that is also broadcast online. You can bid online in real time, or set a maximum bid and the computer will automatically bid for you. This makes is possible for me to buy a car while at work, and never look at the computer. Most of the live auction cars have 3rd party condition reports, which are the only ones I will consider. It removes most of the risk of buying sight unseen, thus far I haven't been surprised. Savings are good but not as much as many think, especially on nice clean cars that have multiple bidders. Average prices are essentially trade-in price. I do well on Porsches because I see the stuff that others don't, like the value of an Aerokit or other desirable options. I also add a lot of sweat equity when I catch them up on maintenance, fix the little issues, detail, etc. I have bought some very nice cars at auction.

Congrats was in a very similar situation from June of 2009 to May of 2010. We (my better half and I) were not debt free at the time. We had some cash on hand and only her income along with our then 2 year old. Difficult is an understatement. It turned out to be the best thing that has happened to us so far and it sounds like for you as well. Everyone please take the OPs advice become debt free if you are not already as fast you can, it changes everything!

Terrific news, Matt...the fact that you are also staying with your business made my New Year: You have a good eye.

All the best!

Matt, great start for a new year!

I will add another congratulations to the list.

Interesting - sounds like the same or a bit better than savings from regular private party sale with the PPI taken care of. If I didn't already have too many cars it sounds like a great way to buy a car.

Fantastic news for you and your family! Just think, no more forking over the big $$$ for insurance coverage.
All the best for 2015!

...and keep the "in the garage" thread going!

Great news, Matt. Good luck in the new job.

Dude, you were gonna PM me when you found me a well-set-up 944. Guess there ain't one out there, huh? ;)




j/k and ducking

Congrats on the new gig!

In other news... "incoming 2009 Cayman"?? Gotta link for that?

The best of both worlds!.. It doesn't get much better than that. Congratulations.

Not yet, it will be here on Tuesday then I'll give it a good once over. Probably a week or two before I get pictures. It's Meteor Gray Metallic over Sand Beige, 60k, 6-speed, bi-xenon, 19" Carrera Sport wheels, and very nice condition.

Congrats Matt!

Good job being conservative on the personal finances. No car loans and getting the house paid off ASAP are very good goals.

I worked with a guy who had to bring his car back to the dealership the week he was furloughed from his job because he couldn't foot the bill. I could never live like that.

G