Captainkirk's Duster project

Picking up the phone; I dialed the number of a former business associate who also happened to own a similar aircraft repair business close by. He had expressed an interest in our little enterprise several times in the past, but had not been able to connect with terms agreeable to both parties. “Sam” and I put our heads (and meager resources) together and met with "Harold”" for a quick emergency session; we came up with an offer that was way below Roy’'s asking price, but better, in our opinion, than him just walking away from the deal.
Apparently he thought so, too.
So there we were; three-way partners in a business that Sam & I had been working at for over 30 years combined. Could we make it work? That would remain to be seen.
"Harold" decided he would control the bookkeeping and finances, only working two days a week and draw a limited salary, I would control maintenance, and Sam would control Avionics sales and installations, both of us full-time, business-as-usual. We kept our two employees on for the time being; everyone'’s salary staying the same. The only difference was we had no choice but to not offer health insurance, which worked out, as we either obtained coverage through our spouses or through the VA.
We reached an agreement with the owner of the building and Roy, tossed the dice, and….
Presto! Just like that; Business Owners!

Now, just because you’'ve been doing something for thirty years doesn'’t make you a businessman. And we weren'’t stupid or naïve enough to think it would. However, Harold'’s business background and the fact that in this rapidly failing economy, his business was succeeding, were encouraging signs. We signed the papers December 31st, 2009, and bravely sailed forth into uncharted waters…..