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When Is It Time To Quit?
When Ryan Madison started his business, Arquel Vending, four years ago, he just knew the business would flourish.
Black-owned businesses would flock to him as clients, to support one of their own, he figured. Other businesses would follow suit, preferring to have a local vendor’s vending machines in their workplaces. Within three years, his business would grow from his first, single bulk machine to 100,000 bulk and snack machines. He would move the business from the basement of his home to its own physical location, and hire employees.
“And after the vending machines, I was going to buy a game room, because there’s not really anything for the kids to do,” Madison said. “And then I was going to open a restaurant, and then I was going to buy a building ….”
That was the plan. The reality was different.
He hasn’t been able to add a new client in eight months. The business has about 100 vending machines, many of which are kept in the basement of his home, where he still runs the business from. The business is making enough money to support itself, but that’s all. Madison has started working a second shift job at Ferguson Enterprises, and has started contemplating closing down his vending business.
“I’ve got a family to support,” Madison said. “I hate to start talking about that, but maybe I’m going to be working for somebody for the rest of my life.
“I’ve come to the realization, maybe I’m just dreaming.”
Photo by Rick Chase.
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FranchiseBrief.com on July 17th, 2007 8:40 am
Or maybe this business is just not right for him. Business failure shouldn’t prevent one from starting another business
Erik Karey on July 17th, 2007 10:03 am
It’s a sad realization when you have to quit a business you put your heart and soul into. Sometimes you have to move on and learn from your experience.
David on July 18th, 2007 7:41 pm
He should’ve planned it better when he started, he had to make an extensive marketing research to begin… not just an expansion is enough, even when you are doing good, so you should think on bad times as you did in good times
rob cox on July 22nd, 2007 6:32 am
if he has a little extra cash flow from the business he should hire someone to place the vending units for him. 8 months without placing a unit is insane, unless you just can’t get out there and sell it. he probably should take a job for now and let the business slowly build up on its own if it is self-sustaining. the vending business is full of biz-opp scam artists selling machines to people who have no clue how to run a business. CLUE – try ebay first for machines, do it part time, don’t bother if you can’t make yourself get out there to sell a location, as money comes in save it all and re-invest it into a new machine. In time, it builds up enough that you can actually work on it full time and make a livivng. But is that what you really want to DO, drive around filling up gumball & candy machines? maybe it would be better to hire someone to do the filling and collecting and just stay at your regular job until the whole process becomes so onerous and profitable that you have to leave the job behind.
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