Introduction and advice.

[stockedup! 63]

23 hours ago, True trade said:

Funny forum this. A wannabe car dealer claims he lost £156k in his first year yet believes he’s learned his lesson many years later that he pass on his valuable advice later. I do enjoy a chuckle 

The forum is pretty good though it would be better if dings like you could get their facts right. He said he lost £156k one year not £156k year one!!

[Mark101 536]

7 hours ago, stockedup! said:

The forum is pretty good though it would be better if dings like you could get their facts right. He said he lost £156k one year not £156k year one!!

Just for clarity, it was my 3rd or 4th year of trading and I blame nobody but myself.

I started trading properly at 27 and did very well initially, everything aligned and I was selling between 3-7 a week with great margins and very low overheads (open pitch £100wk all in).

I'm not proud but fast forward a few years and I decided to expand far too quickly, employing staff, taking on additional property - ex's went through the roof and for some unbeknown reason, cars stopped selling.  Being a "green" young man, I had not built any reserves, living a lifestyle that wasn't really sustainable, stupidly believing that I would always earn those figures having not worked through hard times previously.

Long story short, it ran away with me and I lost everything.  I reiterate, it was no ones fault but my own.

Forced by my own stupidity, I re entered the employed sector and after a while earned board positions with multi million pound organisations and I put that success down in part to the lessons I learned running my own business.

Last year, I decided (after 12 years of rebuilding things) to quit my corporate life and start again and that's the story.

I agree True Trade, I am a wannabe, maybe I will make it, maybe I won't but believe me; if anyone needs advice I talk from real and painful experience.

 

[sparky 274]

2 hours ago, Mark101 said:

Just for clarity, it was my 3rd or 4th year of trading and I blame nobody but myself.

I started trading properly at 27 and did very well initially, everything aligned and I was selling between 3-7 a week with great margins and very low overheads (open pitch £100wk all in).

I'm not proud but fast forward a few years and I decided to expand far too quickly, employing staff, taking on additional property - ex's went through the roof and for some unbeknown reason, cars stopped selling.  Being a "green" young man, I had not built any reserves, living a lifestyle that wasn't really sustainable, stupidly believing that I would always earn those figures having not worked through hard times previously.

Long story short, it ran away with me and I lost everything.  I reiterate, it was no ones fault but my own.

Forced by my own stupidity, I re entered the employed sector and after a while earned board positions with multi million pound organisations and I put that success down in part to the lessons I learned running my own business.

Last year, I decided (after 12 years of rebuilding things) to quit my corporate life and start again and that's the story.

I agree True Trade, I am a wannabe, maybe I will make it, maybe I won't but believe me; if anyone needs advice I talk from real and painful experience.

 

Respect. 

[Arfur Dealy 823]

5 minutes ago, sparky said:

Respect. 

Exactly  

[Row 71]

28 minutes ago, sparky said:

maybe I will make it, maybe I won't

Sounds like you have made it to me Mark, well done.

3 hours ago, Mark101 said:

maybe I will make it, maybe I won't

Sorry my above comment was in reply to Mark not sparky.

[trade vet 697]

Hi True Trade

Where are you.........Mark deserves your reply for his honest account,he is clearly very experienced.

[Mark101 536]

1 hour ago, Row said:

Sounds like you have made it to me Mark, well done.

Thank you very much.  It is very early days and I will never take anything or any success for granted again.  The difference is largely down to me having grown up.  At 27 earning those figures, I would think nothing of smoking around in a Jag or RR and buying cars which I liked to drive.  Now my daily driver is a Ford Transit that I paid £1k for and I love the old bus - my money is now tied in stock and two houses and I get more satisfaction knowing that I could cash it all in and buy a new 911 than actually doing it.

33 minutes ago, trade vet said:

Hi True Trade

Where are you.........Mark deserves your reply for his honest account,he is clearly very experienced.

Thanks TV - there's no need for TT to respond; I really don't mind what people think of me or my business and I certainly don't mind people having an opinion.  I am happy to help or advise anyone on here if they think I can add value or help through the tough times (which is when people need help).  I am sure I am not the only one who has lost everything, is close to doing so, or thinks they can't make it work.  One thing I shall never do is be smug if I make this work and/or try to belittle those who are struggling.

1 hour ago, Arfur Dealy said:

Exactly  

Thank you AD

1 hour ago, sparky said:

Respect. 

Thanks Sparky

I take ownership of every bad decision/greed of my previous disaster - what more can I do than learn from it.

Probably cost me less than a University degree nowadays.

[NOACROSS 414]

Losing your shirt (happened to me too years ago) is often part of the game of life, and like you're alluding to Mark - it makes you stronger and less inclined to sp**k your dough away- but to be 'antifragile' and keep reserves for that rainy day/month/year, as it will for sure happen.

[Nick M.K. 574]

1 hour ago, trade vet said:

Hi True Trade

Where are you

I somehow suspect that TrueTrade is neither True nor Trade. 

Respect to @Mark101 for his post though, a great start to a bleak Monday, the (TRUE) motor trade version of motivational speaking. 

[It's me 613]

The problem with this country is if you fail everyone treats you as a loser

i know someone who would rip the shirt off your back has liquidated many times owes lots of people lots of money even to me some of them very nasty people indeed but whenever i meet up with an acquaintance i havent seen in a while its never how am i doing is always this other bloke

its one of the reasons im not a facebook member as his name would obviously ping up all the time

for some reason rogues are worshiped in the uk

in america you are deemed to be a failure if you havent fallen and rebuilt

so hats of to you Mark you have my respect

the guy who laughed i just think with hindsight he made a booby with his comment

[Mark101 536]

12 minutes ago, boring dave said:

The problem with this country is if you fail everyone treats you as a loser

i know someone who would rip the shirt off your back has liquidated many times owes lots of people lots of money even to me some of them very nasty people indeed but whenever i meet up with an acquaintance i havent seen in a while its never how am i doing is always this other bloke

its one of the reasons im not a facebook member as his name would obviously ping up all the time

for some reason rogues are worshiped in the uk

in america you are deemed to be a failure if you havent fallen and rebuilt

so hats of to you Mark you have my respect

the guy who laughed i just think with hindsight he made a booby with his comment

Ironically my HQ was in Vegas and I agree, in the US, people are expected to have tried and fallen at least once.

I don't think for a second I will ever get there or ever want to be, but how many times have the wealthiest fallen before they made it - risk can go both ways, however my failings weren't entirely down to risk (albeit if I hadn't risked things it wouldn't have happened) - it was 99% down to my stupidity and greed, wanting to buy the latest gadget, car or boat.  I still want all these things, of course but now if I want to blow £50k on a car, I will have £100k to spend.

I don't think TT expected the backlash and to be honest I didn't expect the support (and I certainly don't deserve it).  I think perhaps TT saw a failure offering advice and made a quick remark without considering there may be a back story.

I would rather have been able to say, I made £1m in my 1st year, £2m in my second, £3m in my third but lost £156k in my 4th.  That to me would have been a much nicer tale but the truth is basically, I was a twat and lived beyond my means, over stretched, expanded too quickly and had no reserve funds - the end.