Am I being a fool or far?

[garym1a2]

I would wait and see if Obamacare will really kick in and how much it will cost. I expect most employers will pass this cost to their customers.

[Swamp Man]

I spent most of today contacting and talking to other co owners I'v had dealings with over the years trying to line up some jobs for the workers. I'm only contacting guys I know that treat their workers good because if I can get some of them jobs I want them to have a decent boss. I think this may be the best thing I can do that way their not left without a job even if they don't make near what they do now.

[gbrown]

I'm late getting in on this, but my sister ad BIL face the same delimna. They have a business, with not that many employees, but Obamacare will put them out of business. They are going thru the same thing you are and trying to do the same that you are. My thoughts and prayers are with you, as with my sister, and I hope it all works out. There is no telling what this thing is going to do, I just hope it does not send us into another recession.

[waynem34]

I dont know what I would do, If I was in your situation.You gave them a job thats alot right there.Steady work means alot to me.Having a great boss is also very nice.You may have to look at it a little like your youngest son does.Your employees have a good chance of getting new jobs.Unemployment?I would like to be more like you.I think you already know what your going to do.You made tremendous sacrifice building that business, without you there would have been no work there for anyone.The American Dream is to be your own boss and be wealthy.Lots of work running a business I'm sure and working too.So dont forget to reward yourself for being the people you are.Just my 2.God bless

[mroliver77]

One of my former bosses is my best friend now. After I was messed up and could not hold a job, my wife split leaving me with far less than nothing. Brian gave me a job understanding that I was ill and could not come in much of the time. He basically created a job for me. I am a good worker and talented at many things. I believe I made him money but was a special case and it was hard on him at times. I always went above and beyond for him. I studied and learned all I could to help his business. He got me through the toughest time in my life and helped me pay my own way.

I am indebted to him forever! Anything I have is his for the asking! More than that he knows that I have his six covered anytime anywhere. The same goes for me!
Others that worked for him were employees!
That is priceless!

[Fishman]

I would read Rick Hodges' advice again really carefully. Think of how you might feel ten years from now if your wife needs medicine to survive and you cant afford it.

You are a good man to think of others while facing this yourself.

Also you should get some legal/tax advice. You or your workers may incur taxes which will negate your generosity and may actually cost you even more money. Get an expert, it is that important.

[292]

Wow, tough times. I would like to work for a boss like you. Mine is good but I'm not sure he's that good. Some good advice has already been given and I think your mind is mostly made up. The only thing I can add is get the legal advice. It's a shame the American people don't know about your case and others.

[Blacksmith]

Go and talk to your business contacts i.e. banker, CPA, Lawyer, etc. and get an idea of what it would take for your workers to take it over. There may be some creative ways, some buy/share arrangement or you hold a note they pay you an income over time, some form of incorporation with different classes of stock, etc.

Then go talk with your employees and say I have to give up the business and this is what I have found out about ways of keeping it going. Give them some time to think about it and think up possible solutions themselves. Let them be a part of the decision making process. You never know maybe one of them knows someone who wants to buy it as is, possibly they have some relatives that will loan them money to buy you out, you never know. The biggest thing you can do for them is give them a chance to be part of the process.

[fivegunner]

Your a Good person , and theres alot of good advice given here. do what you want to do. be true to thy-self. God Bless you.

[Ehaver]

I have already said my piece, but the idea of having enough to provide long term really resonates to me... The 1% of pay per year of service is a pretty good idea. Like I have said, more than nothing is something.

[gray wolf]

There seems to be a lot of great advise in the post, read them over and see if anything makes sense to Ya. Take care of your family and do what ever you can for the good people you know and for those at times you don't know.
Your heart is in the right place, of that there is NO doubt. Only an honorable man would think like you have. Very respectful of you.
An old Zen saying goes something like this.
Before enlightenment chop wood and carry water.
After enlightenment chop wood and carry water.

I wish you the best

Sam

[41 mag fan]

Couldn't you make them co owners of the business with you holding the most shares so to speak....that way no obamacare?
Make a contract up with them where no other employees will be hired and go from there

[Houndog]

The absolute first thing you should do is talk to a VERY GOOD tax advisor!!!!! If you outright sell your business and liquidate the inventory and equipment Look for a tax liability of AT LEAST 35-40% on the sale PLUS recapture of any tax offsets for equipment listed for depreciation! If you will form a corporation with your employees becoming part owners and stock holders you can then sell them your "shares" over time and avoid the BIG tax hit all at one time and still have income from the business untill they finally buy all your shares. Basically your employees wind up buying the business, you avoid paying the gooberment a BIG bunch of taxes up front, and you collect money (dividends from the business and proceeds from the sale of your "shares" in the business) over a longer period of time at a MUCH lower tax rate.

BTW: Making the employees independent contractors and not employees takes care of your liabilities under obama care! Just be SURE to follow the rules associated with independent contractors to the letter or you will be in DEEP trouble!

[MrWolf]

I would also speak to an attorney/CPA to make sure you are covering all the bases. Taking care of your employees is admirable, but as others have stated you still have to look out for your future - they can still work and support themselves, you can't. You will be partially relying on SS and may need to look at long term care insurance to help in the future. I would be careful in switching your employees to contractors as you have established a precedent and may find yourself having to argue the point with the IRS. If you lose, there are significant tax implications. Good luck to you and your wife.

[Honorstick]

You are the type of employer that everyone should have, someone who values a person as more than just an thing that they can disgard as soon as they don't need it anymore. I ADMIRE YOU FOR THAT.

As for what to do, that can only be abswered by you and your wife but you are also entitled to your share, you earned it the same as your employees.

I will offer up a prayer for the God's guidance for your decision and may he grant you and your wife comfort in whatever your decision may be. God will be there for you if you allow it.

God bless you and yours.

Bill

[462]

Swampman,
Kudos for thinking of your employees. I worked for three small business that either failed or were sold, and got only a thank you from two of the owners and not even that from the last one.

As others have said, seek professional advise and think first of you and your wife's long term financial and health pictures.

I wish you all the best.

[Epd230]

Go and talk to your business contacts i.e. banker, CPA, Lawyer, etc. and get an idea of what it would take for your workers to take it over. There may be some creative ways, some buy/share arrangement or you hold a note they pay you an income over time, some form of incorporation with different classes of stock, etc.

Then go talk with your employees and say I have to give up the business and this is what I have found out about ways of keeping it going. Give them some time to think about it and think up possible solutions themselves. Let them be a part of the decision making process. You never know maybe one of them knows someone who wants to buy it as is, possibly they have some relatives that will loan them money to buy you out, you never know. The biggest thing you can do for them is give them a chance to be part of the process.

Offer them the opportunity first, then if no one can do it, proceed with the liquidation. You never know, one of those employees may have a contact that is waiting for a business opportunity.

[waksupi]

The best company I ever worked for, had a weekly meeting with everyone from the president on down in attendance, with equal voice. There would be problems come up that management didn't have an answer for, and sometimes the staff had suggestions for improvement of running of the company. All input was discussed and considered, and much implemented.
I would suggest having such a meeting, and lay everything on the line. They most likely already know your health concerns. Inform them of what the insurance requirements and costs will do to the company. Ask if they have any ideas how to make things work, so everyone stays employed. It may take a bit of time, but a workable solution may be found. If not, you have been out front with them, and they know the situation they face. Much better than them showing up some Monday morning, with no job, and no warning.

[Swamp Man]

I'm going to be talking with my CPA tomorrow before making choices then talk with the workers. I would like to let them take it over and buy me out if there is any way to do so. That way they all still have jobs and no one loses in the long run. If the workers want it and the CPA can work out a way to let them buy me out over time that would be great. This whole thing is still up in the air no choices have been set in stone so I'm in a wait and see state right now. Thanks guys

[Riverpigusmc]

I'm going to be talking with my CPA tomorrow before making choices then talk with the workers. I would like to let them take it over and buy me out if there is any way to do so. That way they all still have jobs and no one loses in the long run. If the workers want it and the CPA can work out a way to let them buy me out over time that would be great. This whole thing is still up in the air no choices have been set in stone so I'm in a wait and see state right now. Thanks guys

That sounds like best option to me. That way everyone knows whats going on, and all options ere explored, fair to everyone involved and lets you know ahead of time what you're in for. You're a good man for considering your employees future