Contractors Buying Pubs
A contractor posted this article about contractors buying pubs as Comments after one of our articles. It’s often the ambition of contractors to make their pile, get out of the rat race and buy some country pub, somewhere, and lead an idyllic life.
However, according to this guy, who grew up in a pub, contractors buying pubs is not a great idea.
Getting Out of Contractor Rat Race
I have noticed that when people get disillusioned with their current career or are out of work they invariably think about getting a pub. They think it is better than doing contracting.
I lived the first 20 years of my life in a pub/hotel after my parents left their well paid jobs with ICI.
At first all went well. However, years of late night drinking and long hard days took their toll and my Mother died at 55.
After that my Father lost interest. Within 8 years the pub went from a turnover of just under £1 million to just over £400,000.
My Father then died from diabetes related disease brought on by excessive drinking. He left over £800,000 debt and not enough money to even pay for his funeral.
The Chancellor, HMRC and Contractors
Personally I would never consider going back into the pub trade. I’m lucky that I’m still gainfully employed in IT.
However, I can understand the lure of it, especially as I read about how the Chancellor and HMRC intends to extract yet more tax from IT contractors and how the government is allowing more and more companies to outsource work overseas.
The pub trade does have its plus points. Currently I have to drive 3 hours a day and see my 2 year old daughter for about an hour each night.
Stay Contracting and Don’t Buy a Pub
When I was growing up I had my parents with me all day long. I have fond memories of helping my Dad with various jobs around the place.
There is also no commuting to do, but that can be a bad thing as you never get away from work.
Anyway, for contractors buying pubs, I would say “good luck” to anyone who does it. The only advice I would give is keep innovating. My Dad had the same menu for 20 years.
I’d say keep staff as staff and friends as friends, don’t over stretch yourself and don’t drink too much!
To get advice on making more money contracting read Contractor Money.
For those who want to keep 85% or more of their money legally read Offshore Umbrella Companies