I have written a few times about a gumball machine business I owned and that last year I had begun the steps to close it down.
Well this week I officially have put this beast to rest and all I have to do is just put together my final book keeping for income tax purposes for next year.
Last year in August I managed to take out all the machines in Hamilton. I had a few in Burlington and for some reason I thought it was best to find a job and then I can finish with getting the machines out in Burlington.
I got them out a few weekends ago and I thought I should have done this when I had more free time, when I was out of work. It took 2 weekends to sort out everything because I began disassembling the gumball machines the first weekend. I had my parents and brother empty out the sand in the stands as I put sand in them to give it weight. I initially emptied one stand but found it difficult. The sand was damp so my dad thought it would be best to let it air dry so I think it made it easier for my family to empty them.
The following weekend I got the other machines in Burlington out. Altogether I had 17 machines, which means I had 8 missing over the years that I didn't replace since I was no longer interested in the business. I found out that one of the machines I placed in a mechanic shop in Burlington wasn't there so that was annoying. I just don't know why people don't notify you of these things.
I had my mother take the metal portions of the gumball machines to a metal scrap company and I got $47 out of it. I was hoping to scrap my plastic parts and get some money out of it. The globe was made of polycarbonate and the stand was made of polyethelene. I had my mom contact a few places in Hamilton but only one was in business and they don't give money. I called a couple of places in my area and one place said that they only accept plastic at the minimum of 10,000 lbs. My stands weighed 9.3 lbs so the weight in total would be well under 200lb and not accepted.
We decided the best option was to go with the company in Hamilton to dump the scrap. Unfortunately my parent's useless Cadillac would have to make 3 trips to get all the globes and stands out so they got them to pick up the plastic for $15.
I was upset about this because I wanted some money out of the plastic. Maybe I could have called a few more plastic companies but I figure they are all the same.
I was sad about how things turned out. I had a dream that night that a woman was going to start her own gumball machine business and I was giving her advice. I told her it's important to have passion for what you do. I told her that some locations do better then others so if you have one in a poor location, to relocate it and you do better if you were the type of person who didn't mind making cold calls. I had someone find me locations but that cost money. If I were more extroverted, I probably would have made calls but I had alot of fear and lack of skill in this area.
I also had to put an end to another business endeavor which didn't end favourably for me which I wrote about years ago. In that post I briefly discussed how I purchased those point-of-sale machines back in 2003. The company became public and the monthly money I was getting got converted into shares. I had noticed some time ago that their stock was no longer viewable on the TSX and so I eventually found out that their company was private and that I was forced to cash in my shares. I have to look into this because I didn't know that a public company can become private. I went yesterday to fill out the forms to claim my shares. I won't get much money back. I did all the right things and this was a business that went well until they became public. It's hard to not get upset about the loss. My attempts to improve my life financially didn't seem to go in my favour.
I decided that I'll put whatever money that comes to me from that company into my RSP so that I can use it for a down payment for a house as I have learned that first time home owners can take out money and pay it back in 15 years with no interest.
I don't know if I'm over these failed business endeavors. I do know that I need to move on and learn from these experiences and hopefully prosper and make better decisions.
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