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I agree with others, I don't believe your chances of getting a local programmer at that salary are good, and if this person is any good, they will not be staying.
However, you might find a retired person who's looking for extra cash, especially if the position is remote. Unfortunately, that leaves the boss in the same situation, having an older person who could die or re-retire at any time.
I suggest you have a conversation with your boss, and bring up all the points you mentioned. He has a serious problem, having what sounds like an important or even critical program written in a dead language. He's sitting on a time bomb whose timer is ticking steadily downward. If the conversation goes badly or the boss simply refuses to accept reality, there's nothing more you can do.
Good luck and perseverance!
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You could look for a college intern. 35k for an internship with college credit is pretty good.
That might not help long term but the way you describe the job I don't think anyone is going to stay long term.
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While I agree with other commenters that you won't get anyone good with any experience for that price tag, you might try hiring a recent high school graduate that went to vocational school (Technical Education) for programming and expect to direct him to self train on VB.net and take some of your time learning to code.
Not to put a damper on your ideas, but we just had to pay 120K for someone with an AD who tested extremely well and so far seems very bright.
Dave B
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Talk to the CS/CIS instructors in your area. It could very well be an opportunity for an internship/apprenticeship for some 'undeveloped' future rockstar. 
In a way, migrating a solid, working application is a perfect opportunity for an entry level position...it allows one to focus more on the language and not the business logic. That part will come later from all the debugging/testing/dogfooding they will be doing. 
"Go forth into the source" - Neal Morse
"Hope is contagious"
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"Lurch" your boss. That proposition is untenable, even after reading all the replies below. If he is your friend and cannot understand the position he is in, he is doomed to be stuck anyway.
Anyway, your better bet is a senior programmer looking to retire in an "adventurous" town on the "sexy" gulf coast who thinks hurricanes are a thing of the past and retirement with some income with evening sailing is the cat's meow. Drive home the Mardi Gras home seat option.
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Because VB6 has been "dead" for so long (yes, I know it isn't really dead yet) you will struggle to get experienced staff - and if you do manage to find someone then they either won't be "junior" OR won't be as knowledgeable about VB6 as they claim to be.
My second-from-last contract was with VB6 and I got to charge 25k over the going rate because of my knowledge and experience of VB6 (and VB3 - just don't ask). I got the job through my professional networking.
I'd be very wary of using any of the "hire a programmer here" websites - quality is not guaranteed. If it was me, I would reach out to 2 or 3 recruitment agencies using something like LinkedIn to identity them.
Or as others have said, use this as an opportunity to rewrite to .NET - you probably still won't get the expertise at that pay grade but an opportunity to bring a junior up to speed, who is likely to have used VB.NET or C# at college/Uni.
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If any more jobs like that come open and you don't want it, let me know.
Wishful thinking.
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Sad to say but whenever I hear the words "Junior Programmer" my mind immediately goes to "Looking for someone cheap but experienced". I don't think that applies in your case. If you really want someone that can learn your code and take over for you I'd say hire an experienced programmer and pay the market price. An experienced programmer will learn what ever language is needed in a short period of time and learn your code base as well.
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That might be good "intern" pay for someone who is at the university. 15 to 20 hours per week. But, unless he/she gels with the boss, he/she may end up leaving the job before you do and then you will be back to square one.
Good Luck
Brent
Brent
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You're going to pay ~60% of the market rate for the opportunity of working in a language which offers them no future?
Sure, you'll be able to hire someone . That person will be someone who's not in the field, but wants to break in from outside. You might get lucky and find a smart person who's diligent and willing to learn.
Not sure how to select for those attributes, but I imagine that's what you want to be on the lookout for. Good luck.
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Hire me.
I have 30 years of experience VB included.
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You might be better off finding a retired programmer willing to work part time. Someone with experience working part time will likely be as productive if not more so than someone without experience working full time.
The challenge will be finding someone who can tolerate a micro manager. I know if I were in that position it would be a serious challenge for me.
"They have a consciousness, they have a life, they have a soul! Damn you! Let the rabbits wear glasses! Save our brothers! Can I get an amen?"
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I'd try posting on craigslist. Maybe find someone without formal education and needs experience.
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Go to ParentDefinitely something to think about. Also, you're the first one to suggest an actual place to look.
Repo Man
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Sponsor a foreigner for an H1 visa or green card. A programmer wishing to come to the USA from a developing country will jump at the chance, and then will be beholden to you for years, as he waits for his visa, immigration status, etc. to be finalized. I know this: I immigrated from England (not a developing country, but I did it for a chick, not a job!). It took me five years before I got a green card; I'm sure that gives you ample time to make the transition.
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Definitely something to think about.
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Hiring should be your friend's problem; not yours. Based on your decision, you may not have a friend.
Someone motivated by $20 per hour will say anything to get hired (e.g. the freelance job boards). But, you get lucky if someone needs grocery money; and can program.
It was only in wine that he laid down no limit for himself, but he did not allow himself to be confused by it.
― Confucian Analects: Rules of Confucius about his food
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Youch! Tall order.
* Half of normal pay.
* Micromanaging boss.
* Dead language
* Must live in or move to New Orleans
* Must want to stay with the dead language and the grumpy boss for long term support.
I'd say this was impossible.
You might want to point this out to your boss, just before asking for a big raise.
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A $35k raise!
The boss has already admitted he had enough flexibility to pay that to someone, why not you?
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Not as of now, but subject to change.
Bepo Man
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If you are really looking to get out, you could work a deal with the boss to give up some of your salary each year to guarantee raises for “junior” to keep them around.
Start them at 30, with a guaranteed 5k raise each year for the next x years as you stop working Fridays, then Mondays, then…
If you find another job and decide to leave your boss will have added flexibility to retain the new hire.
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I don't like computer jokes – not one bit.
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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