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Our industry has been undervalued for decades and that fact is being exploited by investors who are trying to make a quick and profitable turnaround on their money. I don't blame them for taking advantage of an opportunity but what happens is that value it pumped up and siphoned off before the profession itself gets a chance to benefit from it. At the end of the feeding frenzy, we'll be back to where we started. One might say "Oh, but after all the consolidators finish doing their thing, there will be fewer little guys left out there so business should be better for the remaining survivors." I think not. (and I'd love to discuss this one because I could have a totally erroneous read on this). Although many owners will toss in the towel (and well they should) that won't stop the flood of entrepreneurial seizures that will take place among the production folks who are learning that they won't ever get ahead filling out W-4s. Has anyone checked their 401K lately? I'm told we're looking at perhaps 10 years just to recover, much less begin building wealth again. "Mid Life Professionals" are going to be looking for ways to build some retirement cash so I expect the natural ebb and flow of things will occur and there will be just as many start ups in our profession as there ever have been. Who are they going to start with? Gen-X kids? Skate boarders? Web-Masters? Who?
 I have one suggestion which I dearly hope would lead to others. What if business owners returned to the concept of building up a great name, a great legacy and a genuinely good for the community type business? What if they exercised sound management and fiscal responsibility. What if their employees had a genuine stake in the business and in the customer?
If the owner planned from the beginning to hand the business over to the next generation, perhaps it would be a more profitable business, able to support the owner in retirement while it continues to flourish for the subsequent generations. If the employees knew all along that the business model was designed for success as well as succession perhaps there would be more team spirit and fewer petty, destructive attitudes.
I know I'm being a bit over the line on one side and probably a bit like Pollyanna on the other. My goal is to spur some thought and perhaps a discussion or two. The plumbing business is going to be fun in the 21st century but it's not going to be a cake walk.
Do right things right.
 Randall Hilton  "Plumbers Protect The Health Of The World." 
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| Randall Hilton - [Email] | [Website] |
| The views expressed in this article are those of the individual author and do not necessarily reflect the views of the management or staff of MasterPlumbers.com |
