• Hi Guest - Come check out all of the new CP Merch Shop! Now you can support CigarPass buy purchasing hats, apparel, and more...
    Click here to visit! here...

Financial leap of faith

Gunpowder

Gunpowder

Cigar Search & destroy V 1.20
Joined
Nov 2, 2003
Messages
1,401
Reaction score
1
Location
Indiana
Recieved notice the first of the month that our daycare provider is closing. To make a long story short there are no other providers in our rural school district so my wife is quiting her job this Friday to open an in-home daycare. Yup going into business. She has considered this for almost a year so maybe this was the sign. It is best for our kids as well I am sure. Did I say I hate change?

Since my wife is the insurance provider and brings home half our income, and the purse strings are always tight, this is a stressful time for me at least. I hate change but the wife hates her job too.

Quarterly tax estimates, liability, paying for our insurance, etc. etc. lots to consider.

The numbers on paper still are not comforting even though they look good (on paper that is).

As a state inspected daycare, including our own, she will be able to watch up to 12 kids, most of which are coming from our present daycare provider that is closing. But there is a break even point financially so we need more kids than less to keep the bills paid.

We could use the added prayers with this transition including finding reasonable insurance. Mo money would be nice too:D
 
ricmac25 said:
My fiance's family owns a daycare with over 100 kids. It can be rewarding, but it is definitely a lot of hard work. Good luck.
Click to expand...
Aiyo... as much as I love kids, that many under one roof has only one solution. HOGTIE. :p

Good luck GP. Best wishes are with you.
 
Someone once told me:

"In life there are no problems, only opportunities."

and I think this applies here. Everyone I know who has gotten into the daycare deal on a small or large scale has enjoyed it and done well. It sounds like in your area the demand is certainlly there. Yep, there will be headaches BUT there are lots of upsides to being "your own boss".

I'm sure everything will work out just fine ;) :thumbs:

Celebrate by smoking a Havana :p
 
Sorry about the bad or good news. Whichever you perfer. There is lots of money to be made in the daycare business. Just make sure she has all her stuff together before she makes her move. It would suck to be inspected and then have to shut down because she didn't do everything.
 
Good luck, and all the best wishes to you and your wife, you seem to be also providing a greatly needed community service.
 
Since we have four children and my wife is a teacher, opening a day care seemed like it could be a option for us, but we have never pulled the trigger....good luck.

I have a mental picture:
....Eddy Murphy....Broccoli....Carrot.....Klingons....Daddy Day Care. Hope your story ends up happy too!
 
These things have a way of working out. Good childcare is priceless.

My wife and I are fortunate. She teaches part time and manages her father's business part time from home. When we're not there our little guy is watched by his Grandmother or Grandfather for the most part.

Sometimes we need a babysitter though. When we do need one we pay A LOT of money for ours, knowing that she is excellent and worth every penny of it. I can't think of anything better to spend my money on. Not a thing.

I bet people will think the same or similar w/ your wife. Good luck.
 
Empty the liqour cabinet, Hide your cigars and be prepared to have your prostate massaged cause they state will look everywhere. Make sur you have enuff space for nap time and enuff bathrooms for 12 kids. My sister ran a Daycare outta one of my homes and they even did a background chk on my mom and I cause we lived in the same house even tho we had nothing to do with the business. Just remeber rule #1 Cover Your ASS cause you'll find out real quick how tolerant your neighbors are .
 
Wish you and your wife Luck on the new adventure
Sure there will be ups and downs, but if your wife enjoys the day care and didn't like the other job, It will be worth it.


Bill
 
Good luck! The reward of her being home with your kid/kids is well worth the effort that it takes. It is a stressful job, and remember to make sure you have an adult type conversation every night. Whether you're discussing her day, your day, or the weather, she will welcome the opportunity to talk to someone taller than her waistline. :) Gregor
 
Gunpowder said:
Recieved notice the first of the month that our daycare provider is closing. To make a long story short there are no other providers in our rural school district so my wife is quiting her job this Friday to open an in-home daycare. Yup going into business. She has considered this for almost a year so maybe this was the sign. It is best for our kids as well I am sure. Did I say I hate change?

Since my wife is the insurance provider and brings home half our income, and the purse strings are always tight, this is a stressful time for me at least. I hate change but the wife hates her job too.

Quarterly tax estimates, liability, paying for our insurance, etc. etc. lots to consider.

The numbers on paper still are not comforting even though they look good (on paper that is).

As a state inspected daycare, including our own, she will be able to watch up to 12 kids, most of which are coming from our present daycare provider that is closing. But there is a break even point financially so we need more kids than less to keep the bills paid.

We could use the added prayers with this transition including finding reasonable insurance. Mo money would be nice too:D
Click to expand...
As you've been advised countless times no doubt, take it from an experienced trial attorney like myself, dot every "i" and cross every goddamn "t" you can find because you are going to be under one hell of scrutinous eye. Rightly so perhaps, but it can wage havoc on a mom-and-pop like this. Also, you want to make damn certain you have every aspect of liabillity covered. For instance, you're going to need coverage for just about anything. What if some mom dropping off her kid trips and falls? You sure as hell better not run that through home-owners. You want to make sure you have premises liability coverage run through a corporate name - thus, incorporate, incorporate, incorporate. Run everything through the corporate entity - licensing, insurance, permits, etc. Very easy to do. Hopefully you've done it by now - just make sure that this venture is not wrapped up so tightly with your own selves that you lose everything should the **** hit the fan.

Anyway, there are tons of issues. Just wanted to give you a very tiny example of something to think about. You're gonna want to think about every possible and whacked-out way you can get sued, and then cover yourself for it. Then cover yourself from not only being sued, but from what might happen in the instance some jackass actually gets a judgement against you.

And, good luck. Our thoughts and prayers will be with you.
 
As you've been advised countless times no doubt, take it from an experienced trial attorney like myself, dot every "i" and cross every goddamn "t" you can find because you are going to be under one hell of scrutinous eye. Rightly so perhaps, but it can wage havoc on a mom-and-pop like this. Also, you want to make damn certain you have every aspect of liabillity covered. For instance, you're going to need coverage for just about anything. What if some mom dropping off her kid trips and falls? You sure as hell better not run that through home-owners. You want to make sure you have premises liability coverage run through a corporate name - thus, incorporate, incorporate, incorporate. Run everything through the corporate entity - licensing, insurance, permits, etc. Very easy to do. Hopefully you've done it by now - just make sure that this venture is not wrapped up so tightly with your own selves that you lose everything should the **** hit the fan.

Anyway, there are tons of issues. Just wanted to give you a very tiny example of something to think about. You're gonna want to think about every possible and whacked-out way you can get sued, and then cover yourself for it. Then cover yourself from not only being sued, but from what might happen in the instance some jackass actually gets a judgement against you.

And, good luck. Our thoughts and prayers will be with you. [/quote]
One of my board members (bosses) of my job is an attorney and actually the attorney for the daycare that is closing. He said to incorporate for protection as well.

Assuming this deal works out and we decide to stay in business for the long haul, we plan to incorporate soon after opening. In the mean time we will be purchasing a daycare liability policy.

Of Course to throw more stress on the fire, three other daycares came out of the woodwork this week. We have 6 full and 1 part-time signed up to date and can have a total of 12 with my kids so we are maxed at 3-4 more kids. At least we are above our percieved break even point.
 
Gunpowder said:
As you've been advised countless times no doubt, take it from an experienced trial attorney like myself, dot every "i" and cross every goddamn "t" you can find because you are going to be under one hell of scrutinous eye. Rightly so perhaps, but it can wage havoc on a mom-and-pop like this. Also, you want to make damn certain you have every aspect of liabillity covered. For instance, you're going to need coverage for just about anything. What if some mom dropping off her kid trips and falls? You sure as hell better not run that through home-owners. You want to make sure you have premises liability coverage run through a corporate name - thus, incorporate, incorporate, incorporate. Run everything through the corporate entity - licensing, insurance, permits, etc. Very easy to do. Hopefully you've done it by now - just make sure that this venture is not wrapped up so tightly with your own selves that you lose everything should the **** hit the fan.

Anyway, there are tons of issues. Just wanted to give you a very tiny example of something to think about. You're gonna want to think about every possible and whacked-out way you can get sued, and then cover yourself for it. Then cover yourself from not only being sued, but from what might happen in the instance some jackass actually gets a judgement against you.

And, good luck. Our thoughts and prayers will be with you.
Click to expand...
One of my board members (bosses) of my job is an attorney and actually the attorney for the daycare that is closing. He said to incorporate for protection as well.

Assuming this deal works out and we decide to stay in business for the long haul, we plan to incorporate soon after opening. In the mean time we will be purchasing a daycare liability policy.

Of Course to throw more stress on the fire, three other daycares came out of the woodwork this week. We have 6 full and 1 part-time signed up to date and can have a total of 12 with my kids so we are maxed at 3-4 more kids. At least we are above our percieved break even point. [/quote]
Just a word of caution - you should seriously consider incorporating as the first step. Before anything else and before undertaking any activity. I mean apply for everything, licensing, policies, permits, etc., through the corporate entity. Don't even accept payment made to your personal names - set up an account at your bank using the corporate name and have all payments made in the name of the corporation.

It's best to not even get this thing started without having the corporate entity first. Far simpler, easier, and most importantly, far, far safer.

Just my two cents...
 
You must log in or register to reply here.
Top