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Posted: 3/12/2006 7:17:06 PM EDT
Well, the day has finally come when I must choose.

To start, I'm 21 going on 22 in Oct.. For the past 4 years I have worked in...an establishment in the only mall for about 75miles.

Don't laugh, don't heckle, but I serve popcorn and Icees for a living, it's puts me through school, pays my bills and allows for other nicities.

At the end of this year, my bosses will be selling the buisness, they have had their fill and want out. I've always wanted this place, I hated it at first but now I love it. I pretty much know the ins and outs and I am their longest running and most trusted employee and they treat me well.

I haven't gotten and official $$ figure from them but they seem very happy that I want it.

I am tired of hearing about people who are self amde buisnees people and saying..man I wish that was me.

I don't plan on dropping out of college but doing both as I am almost done. I know this place makes money even though they deny it, I know, I am there....they cheat


So, I am faced with a dilema. I know my measly collection won't bring much, I will need a loan to cover the majority, but it might be able to help.


ARFcom help me with your wisdom.
Link Posted: 3/12/2006 7:21:55 PM EDT
You are an employee not a business man for starters. Secondly, I wouldn't take the risk using borrowed money. ymmv.
Link Posted: 3/12/2006 7:23:03 PM EDT

Originally Posted By LArifleMAN:
ARFcom help me with your wisdom.


Forget about it.

It's more like an investment for someone who has the money to burn and can live with running in the red for a couple of years. That's bad news for you.
Link Posted: 3/12/2006 7:24:28 PM EDT
[Last Edit: 3/12/2006 7:24:54 PM EDT by DK-Prof]

Originally Posted By LArifleMAN:

At the end of this year, my bosses will be selling the buisness, they have had their fill and want out.

.

I haven't gotten and official $$ figure from them but they seem very happy that I want it.

.

I know this place makes money even though they deny it, I know, I am there....they cheat





My advice is to look VERY hard at their financials (their books), and figure out EXACTLY why they want to sell their business before you even start thinking about buying their business.

When you say you "know" they make money, is that based on a comprehensive review of their business model, or more of a "gut" feeling? Sometimes the gut is right, but when making investment decisions, you want to choose analysis over gut every time.

Reading some college-level textbooks about how to value a business (based on cash flows, costs, future projections, etc.) might also be a really good thing to do, if you've got the time.



Sorry if I sound overly negative - I'm not trying to talk you out of anything. It sounds like a great opportunity for you, and will probably carry less risk than trying to start a business from scratch. I'm just saying that you should be careful, skeptical, and deliberate in your choices and your negotiations with them.

Good luck!
Link Posted: 3/12/2006 7:26:51 PM EDT
[Last Edit: 3/12/2006 7:28:23 PM EDT by bastiat]

Originally Posted By LArifleMAN:
I haven't gotten and official $$ figure from them but they seem very happy that I want it.




That is the key phrase here.

Knowing human nature and businesses like that, they're probably happy they lined up a sucker (no offense) to take their business off their hands.

You're 21. Take some time and see if you can actually run someone else's business before them before you sink a bunch of money into your own and get in over your head. And by running I don't mean "being in charge of a few people" - I mean handling the books, managing inventory, placing orders, hiring / firing employees. Get as much experience as you can before you start off on your own, because you're going to need it.

While you're doing that, read a bunch of busines books, take classes when you can, and basically prepare yourself for what you want to take on. Jumping in blind is a recipe for disaster.

Oh, and save up your money for when you start your own business, because most likely you're either going to need to keep all the money you can in the business, or loan your business some money when things get slow.
Link Posted: 3/12/2006 7:28:32 PM EDT
You will regret giving up your hobby/passion for work.

I'd be curious if they will sell the buisness to you by allowing you to make monthly payments? I hope you truely know how much money goes out and how much comes in each month.
Link Posted: 3/12/2006 7:29:24 PM EDT
[Last Edit: 3/12/2006 7:29:54 PM EDT by xanadu]

Originally Posted By DK-Prof:

Originally Posted By LArifleMAN:

At the end of this year, my bosses will be selling the buisness, they have had their fill and want out.

.

I haven't gotten and official $$ figure from them but they seem very happy that I want it.

.

I know this place makes money even though they deny it, I know, I am there....they cheat





My advice is to look VERY hard at their financials (their books), and figure out EXACTLY why they want to sell their business before you even start thinking about buying their business.

When you say you "know" they make money, is that based on a comprehensive review of their business model, or more of a "gut" feeling? Sometimes the gut is right, but when making investment decisions, you want to choose analysis over gut every time.

Reading some college-level textbooks about how to value a business (based on cash flows, costs, future projections, etc.) might also be a really good thing to do, if you've got the time.



Sorry if I sound overly negative - I'm not trying to talk you out of anything. It sounds like a great opportunity for you, and will probably carry less risk than trying to start a business from scratch. I'm just saying that you should be careful, skeptical, and deliberate in your choices and your negotiations with them.

Good luck!



DK is "on the money" ( a horrible pun) take this advice, and get /hire an accountant to look over their financial statements - The accountant should be able to give you a very clear picture of profitability or not.
Link Posted: 3/12/2006 7:31:56 PM EDT
Don't do it.
Link Posted: 3/12/2006 7:32:19 PM EDT
Think about such things as depreciation on equipment, future rent costs (are they bailing because of a 2x rent increase in 6 months?)

I'd think its worth exploring. If it was a new business that would be a lot harder. With an established business at that location, its a lot more attractive proposition.
Link Posted: 3/12/2006 7:32:35 PM EDT
[Last Edit: 3/12/2006 7:35:00 PM EDT by LArifleMAN]
When I say I know that they make money, they cook the books to be honest. Their dad, 2 brothers and the sister own the buisness now ( none over 26), for 32 years.

I am quite familiar with the inventory aspect as I often call in orders, manage stock and let them know whats broken, whats needs to be reordered, who's doing what when they shouldn't be.

I'm trying not to jump into this blindly.

Forgot to add, their current spot, which was the original spot, the store has never moved, is pretty much a permanant one. The mall would have to rip up gas lines and a host of new things in order to revamp the spot for another store.
Link Posted: 3/12/2006 7:33:42 PM EDT
I have a good feeling about a young guy thinking ahead enough to get into a business.

Fuck these nay sayers. If you are going to put the work in, go for it. You might not have the opportunity later on.

But DK is correct, even for a Dane. You need an accurate assessment of the business.

Second, are you giving up education and other opportunities? If so pass and take these first.

But if you are not going to school or service and are just working, then by all means go all in with both feet after an account has gone over the books.

Its not as easy as you think, a small business is a pain in the ass. Take it from someone who knows. But its also extremely rewarding and there is no feeling as saying this is MINE and I am proud of it.
Link Posted: 3/12/2006 7:35:01 PM EDT

Originally Posted By ARDOC:

But DK is correct, even for a Dane.



Hey !!


Link Posted: 3/12/2006 7:36:23 PM EDT
LA--

I sold my collection to help get through medical school and residency. I looked at it as an investment also....still hurts when I look at pictures of firearms I used to have. However, I will recover many of them in the future as I get a better income--I'll also redirect my collection to ones that I liked the best.


I have no problem with selling something off to invest in the future. Firearms are replaceable. HOWEVER, as the advice above is pretty unifomr and damn good....follow it. Lots of small businesses go under in a very brief period. Look at all the pros/cons. As was suggested above, figure out what the business makes, etc. etc. etc.

The last thing you want to do is sell off your collection and have nothing to show for it.

AFARR
Link Posted: 3/12/2006 7:38:38 PM EDT

Originally Posted By ARDOC:
I have a good feeling about a young guy thinking ahead enough to get into a business.

Fuck these nay sayers. If you are going to put the work in, go for it. You might not have the opportunity later on.

But DK is correct, even for a Dane. You need an accurate assessment of the business.

Second, are you giving up education and other opportunities? If so pass and take these first.

But if you are not going to school or service and are just working, then by all means go all in with both feet after an account has gone over the books.

Its not as easy as you think, a small business is a pain in the ass. Take it from someone who knows. But its also extremely rewarding and there is no feeling as saying this is MINE and I am proud of it.




Not a chance, I'm almost done and not about to quit, but my degree is well, not something super profitable to say the least.

Trust me, they gave me that speech already, and from being there as long as I have I get the idea. People not coming in, calling in sick, not calling in, all the drama of highschool kids, sometimes I 've wanted to yank my hair out.

But I am still there, I haven't given up
Link Posted: 3/12/2006 7:39:14 PM EDT

Originally Posted By ARDOC:

But DK is correct, even for a Dane.


Hey !!




Of course he's correct, he's Dutch, not Danish. Last time I checked the Danes only made pastry and butter cookies (although the original "Danish" Pastry was called Weinerbrot by the Danish Bakers imported to Vienna during the Bakers Strike going on long ago).


Link Posted: 3/12/2006 7:41:06 PM EDT

Originally Posted By AFARR:

Originally Posted By ARDOC:

But DK is correct, even for a Dane.


Hey !!




Of course he's correct, he's Dutch, not Danish. Last time I checked the Danes only made pastry and butter cookies (although the original "Danish" Pastry was called Weinerbrot by the Danish Bakers imported to Vienna during the Bakers Strike going on long ago).





Do you think I would ever make this mistake if it were not on purpose? I love our wooden shoed friend.
Link Posted: 3/12/2006 7:44:59 PM EDT
Yeah, find a good accountant to go over the books and sit down with them to make sure everything checks out to your knowledge.
Bargain for a good price if you follow through with your plan. If they know you and like you that may give you an advantage.

I wouldn't expect that a place like that would have a whole lot of money tied up in assets.

50% of first businesses fail.
Major reason is insufficient start up capital.

Is there something ongoing that would cause their costs to rise?

Your biggest headache will be personnel. Finding good employees is a real challenge sometimes but at least you won't have an HR dept hiring losers for you. You will end up being there most of the time when your place is open to prevent theft and shitty employees from crapping on you and your customers.

I would encourage you though if you think you can actually pull it off. Just make sure the financials are there and that you don't get screwed by the sellers.
Link Posted: 3/12/2006 7:45:28 PM EDT
Read this again


Originally Posted By xanadu:

get /hire an accountant to look over their financial statements - The accountant should be able to give you a very clear picture of profitability or not.

Link Posted: 3/12/2006 7:46:28 PM EDT
I probably wouldn't buy somebody elses business. I don't know what value is there, if it a franchise or what....but generally speaking all you "buy" in a business, outside of tangible goods, equipment and the like, is the companies "good name" and their lease. Both of which can be had cheaper on your own.

A guy tried to sell me a jewelry store this year (I'm already in the business) and I declined. I'd rather wait until he's desperate and his service declines because he just wants out, open my own store in a close proximity and steal all his customers. Then if he still wants a favor I'll be glad to buy the remainder of his merchandise for a tenth of it's value.

All I'm saying is if it's truly a lucrative business you can probably save money doing it on your own. Unless you really love the business, that's a pretty serious committment to make. You had also better know exactly what you're doing, because if you don't you'll get eaten alive.
Link Posted: 3/12/2006 7:52:15 PM EDT
Dude, I see you dropping out of school in the near future while eating cat food to survive all the while wishing you had just stayed an employee with a real paycheck every week.


You want to make money? Start your own gig that duplicates what your doing now AFTER you finish school.

Link Posted: 3/12/2006 7:54:40 PM EDT
Recently, as in within the last year, they have purchased a few new pieces of big equipment: a new ice machine and a wet popper( buttered popcorn machine).

The rent is 35K a year since they have a primo spot.

Icee costs range from 1600-3500 every other week depending on time of year and holidays. (main seller)

Coke costs average about 275-300 also depending on time of year.

PFG Caros cost I believe is around 300-400 a week.

We buy popcorn seeds from the SAM's across the street for $10 a 50lb sack, and usually run through about 7-8 sacks a week depending again on time of year.

There are also other things that cost more than they should because they thought, "Hey, lets order fudge for Tennessee(sp), because people will like it more." Wrong price increase caused a decling in sales. We used to make it by hand and it was a great seller, not so much anymore.

I can go on
Link Posted: 3/12/2006 7:57:32 PM EDT
So are you looking for advice or affirmation?
Link Posted: 3/12/2006 7:59:00 PM EDT
Read this three times.


Originally Posted By hatebreed:
I probably wouldn't buy somebody elses business. I don't know what value is there, if it a franchise or what....but generally speaking all you "buy" in a business, outside of tangible goods, equipment and the like, is the companies "good name" and their lease. Both of which can be had cheaper on your own.

A guy tried to sell me a jewelry store this year (I'm already in the business) and I declined. I'd rather wait until he's desperate and his service declines because he just wants out, open my own store in a close proximity and steal all his customers. Then if he still wants a favor I'll be glad to buy the remainder of his merchandise for a tenth of it's value.

All I'm saying is if it's truly a lucrative business you can probably save money doing it on your own. Unless you really love the business, that's a pretty serious committment to make. You had also better know exactly what you're doing, because if you don't you'll get eaten alive.



Link Posted: 3/12/2006 8:00:17 PM EDT

Originally Posted By bastiat:
So are you looking for advice or affirmation?



I'm getting exactly what I am looking for.
Link Posted: 3/12/2006 8:00:40 PM EDT

Originally Posted By LArifleMAN:

Originally Posted By bastiat:
So are you looking for advice or affirmation?



I'm getting exactly what I am looking for.



attention?
Link Posted: 3/12/2006 8:08:56 PM EDT

Originally Posted By bastiat:

Originally Posted By LArifleMAN:

Originally Posted By bastiat:
So are you looking for advice or affirmation?



I'm getting exactly what I am looking for.



attention?




Advice, doubt, criticism.

What I want and don't want to here.
Link Posted: 3/12/2006 8:10:34 PM EDT
1) As an employee you may think it is or could be profitable. I've seen many employees make the same claim about their employer without knowing the big picture. As a business owner myself, employess see the revenues offset by the expenses that they see. There are expenses that they never even dreamt about in their worst nightmares and they don't factor them to their fantastical financial analysis of the company they are employed by.

2) There is no better time in your life to try something like this than when you are young. If you fail your wife and kids won't go hungry and you aren't taking a huge risk 5 or 10 years away from retirement. You have plenty of time to pick yourself back up and try something else.

3) Accountants aren't the be all/end all of business analysts. My first accountant laughed at me when I had him help me with my books early on. I quickly ditched him and if only he could see me now... :) If accountants were good business people they wouldn't be accountants. Another thing to keep in mind is that the books are most likely cooked. Especially if there is any cash aspect to the business.

4) Never underestimate that business is business. You need to be an expert at business, not whatever the particular product or service is that you will be offering. People think that because they are an expert at whatever it is that they want to do that they will be successful.

5) Find the REAL reason they want to get out of the business. Good businesses are sold because the owner is too old, bad health, etc. Bad businesses are sold because they aren't profitable. Of course they probably won't tell you the real reason if they think you are about to hand over a bag of cash for their failing venture.
Link Posted: 3/12/2006 8:26:43 PM EDT
First thing you do is find out the asking price.
Then have someone look at the books.
Then find out how the lease works there.
If eveything checks out and you are satisfied and think you can make a good paycheck
working about 60 to 70 hours a week.
Then you find out how much paper they hill hold on the note.
Give the least amount down, and be a stickler on a low interest rate with them.
Remember there are no friends when you are doing a deal on buying a buisness
Link Posted: 3/12/2006 8:34:17 PM EDT

Originally Posted By MrClean4Hire:
You are an employee not a business man for starters. Secondly, I wouldn't take the risk using borrowed money. ymmv.



Listen to the man.
Being in debt is not fun.
Finish college.
Link Posted: 3/12/2006 8:57:21 PM EDT
Thanks for the replies guys I appreciate your incite

I'm gonna put more thought into this and start looking for an accountant.

I still have a while to make a final descion.
Link Posted: 3/12/2006 9:01:38 PM EDT
I need M1a1
How much?
Link Posted: 3/12/2006 9:02:14 PM EDT
Two words:

Due Dilligence.

If it looks doable, than do it. Most people are enlsaved to their jobs. You might as well be enslaved to your own company.

Try to use OPM as much as possible. It's the American way.

Most people go through life saying "shoulda, coulda, woulda" If it motivates you, then do it. Success is 99% perspiration, 1% inspiration.

IM me with your "advice givers early birds special" EE prices .
Link Posted: 3/12/2006 11:31:11 PM EDT

Originally Posted By LArifleMAN:
Thanks for the replies guys I appreciate your incite

I'm gonna put more thought into this and start looking for an accountant.

I still have a while to make a final descion.



Based on the costs you provided it looks like you're going to have around $6000 in cost going out per month not counting whatever you spend buying the place. We can probably figure your payment on purchasing debt to be around $500 a month on average unless he's giving the place away.

That's $6,500 a month you'll need, every single month, to sell popcorn. If it's an "average" business you should be doubling your investment every single month. I'd be looking for more along the lines of triple to quadruple....but I DO always count on the worst.

You've worked there a long time. You know what an average day of sales looks like. Is there $433 in sales each day? Look back on all the days you've worked and think how many of them exceeded $433 in sales. If you can remember more $200 days than $433 and above you're looking at very small profits. It doesn't matter what the books say either. Being primarily a cash business you can expect his books to show about 30% less than what he's actually making anyway. An accountant is only so useful. More or less the guy can claim anything. His books could show a loss or very small profit and he could claim he is hiding XXX amount of cash and you have no idea what the truth is. Or, like my books, he could be showing profits much larger than what he's actually walking with due to constant investment it takes to keep the business up. Books don't mean a lot unless you know exactly what you're looking at, which an accountant won't unless he happens to be a food vending expert.

By the way, if you have a $4000 month and have to put out $6,500 are you going to be alright with that? Because that shit can happen. Once you're in a lease and have equipment and supplies and shit to contend with....it's not anything for a ten thousand dollar problem to pop up. Me and my wife had a couple unexpected business espenses that size last year. And there is no warning. It just happens, and you need the money NOW or you are in a world of hurt.

Anyway, if you give me specific numbers via IM when you have them I'd be glad to give you my honest opinion for whatever it may be worth.

One last thing to consider:

An average rule of business is that when selling a business you should ask for three times what you make in one year. So if this guy is doubling his investment each month, he's making 72 grand a year. That's about 200k you're looking at.

Frankly, for the amount of money you might be putting out there's a whole world of good business investments out there that can yield higher (it seems to me anyway) and for much less monthly expense and risk. Not to mention probably less labor intensive work.

I'm all for taking risks as the guy above said. In my opinion anyone is better off working for themselves than for somebody else. But make sure you are making a wise investment because it is (obviously) a very important decision.



Link Posted: 3/12/2006 11:37:49 PM EDT
Also, what's the trend on the income? Is the mall becoming more popular, or is it falling apart and getting a bad crowd in it?

Northgate Mall in Seattle was a real dump and practically empty the last time I went there, several years ago; I also remember the news reporting a gang shooting there one fine evening. OTOH, Bellevue Square just seems to get more crowded (and overpriced) every year, and if you don't drive at least a Lexus, you'll get sneered at by the other customers.
Link Posted: 3/13/2006 2:56:43 AM EDT
Most weekdays range from $600-750 with Fridays and the weekends going from Fri 900-1000 Sat. 1600-2200 Sun. 800-1100.
Link Posted: 3/13/2006 3:07:30 AM EDT
If you are looking for a way to make a buck after college and you know that your current degree won't cut it in the real world, I would consider going back to school and getting a MBA. I think you will get a better return on your money than a snack establishment in a mall.
Link Posted: 3/13/2006 4:26:04 AM EDT
Go for it! You're only 21, if it doesn't go well, try something else. You have experience in that business. Too many people try to start a business without any knowledge of how it should run. It seems that you know to run it. The learning curve will not be too steep. The "nay sayers" don't have the balls to go out on their own. They like the security of working for someone else. It's not their headache, but they never reap the benefits of their hard work. The owner does.
Link Posted: 3/13/2006 4:27:25 AM EDT
[Last Edit: 3/13/2006 4:28:33 AM EDT by fight4yourrights]
Go for it!


You'll never get rich working for someone else


If it fails, what are you out? You are young, you've got plenty of time to try again.
Link Posted: 3/13/2006 4:48:27 AM EDT
[Last Edit: 3/13/2006 4:57:21 AM EDT by Will-Rogers]
DK-Prof is so very correct.

Consider these points, etc.

!. If you can sell these products, you can sell others. Do not limit your choices to this one business.

2. Make the seller compete for your money. Let them know you are thinking of getting into the business and are looking at several options. Then do it!

3. Once you become the owner, you will need employees. Not all employees are going to be a dependable as you.

4. Stay away from fixed locations. Just as fixed fortifications are monuments to the stupidity of man, fixed retail operations are monuments to the lack of imagination of management.

5. What are you actually buying? Will you own that part of the mall or only an option on rent? Are you simply buying depreciating equipment? What are the retail patterns in your area?

6. A busy mall today is tomorrow's half-used outlet/antique mall with no traffic during the week.

7. Go to where the money is. Find where young people with disposable income congregate and figure out how to get them to spent it with you.

8. What is your business plan? What new items will you introduce?

9. Never fall in love with your product or location. Economics can render both unimportant.

10. How will this busines or enterprise get you to your ultimate goal? Your goal is not to sell drinks and cotton candy. Your plan is to sell stuff to provide you with capital in order to prosper.

11. Don't buy a "dairy." Have you ever been to a family dairy? There are no days off. There are no people to sub for you if you want to get away for a few days. Sometimes the inventory bites. The cows own the dairymen as much as the dairymen own the cows.

12. Before you enter, always have an exit plan. How will you get into this business? How will you know it is time to leave? How will you get out with capital in tact?

13. Talk to a small business specialist at a local branch of a large banking operation such as Bank of America. They live to guide entrepeneurs.

14. Don't be afraid to walk away from a business opportunity. No matter how hard, how dilligently or how honestly you shovel shit, it is still shit in the end. Don't buy shit unless you already have the compost sold at a profit.

15. Be cool and don't panic. Do not be pressured into buying by the sellers. Opportunities do come around much more often than you realize especially for the ambitious and hard-working.

16. Will the seller finance the deal? If not, then it's not a good deal because they don't believe you will be profitable, etc.

17. Ask questions of the sellers. If they are evasive, run down walk away. Have a professional look at their books. Ask for tax returns. Have a banker, not theirs, look at them. The more secretive they are, the worse the deal actually is.

18. Don't invest your ego into the purchase. Even if you have talked up this deal to your friends, there is absolutely no downside to walking away from a bad deal. Maturity can oft be judged by the deals you analyze and pass on.

19. Don't look or act eager. Look and act analytical.

20. Regardless of what happens, if you do this properly you will pick up skills and experience that will pay huge dividends in the future.

I offer my very best hopes for you. I commend you for your willingness to ask for advice and then read it. That shows a level of maturity not often found in the young.
Link Posted: 3/13/2006 8:08:15 AM EDT
One thing to think about...these sorts of mom and pop stands are beloved by Indian and Pakistani investors. It would not surprise me if they find out it's for sale that they make an offer on the business.

GunLvr
Link Posted: 3/13/2006 11:09:26 AM EDT

Originally Posted By 1DaveF:
Go for it! You're only 21, if it doesn't go well, try something else. You have experience in that business. Too many people try to start a business without any knowledge of how it should run. It seems that you know to run it. The learning curve will not be too steep. The "nay sayers" don't have the balls to go out on their own. They like the security of working for someone else. It's not their headache, but they never reap the benefits of their hard work. The owner does.



It requires more than just "balls" to be successful in business. A lot more. If I operated my business on balls alone I wouldn't have survived the first year. While he may be only 21....if his business idea fails he will definitely be "trying something else." He'll be trying to pay down tens of thousands of dollars in debt while paying his own bills from an investment that didn't yield. "Just do it" is fine advice for buying a pair of basketball shoes, but not so much when it comes to operating a business.

One more piece of advice for LArifleMAN while I'm here. When you look at the books look at the whole picture. I don't know how long they've been in business but if it is a signifigant amount of time a look at the books might tell you one important thing which is what the sales trend is in that business. While $700-$800 a day is definitely enough for a healthy profit, it may be that sales are on the decline and used to be signifigantly higher. If sales have showed a constant down turn for the last few years they may be looking to the future when that pattern evolves in to something unmanageable. Even so, it may provide enough time to make a healthy profit short term and move on to something else. Depending on what you see it will also be a good guideline for deciding how you'd like to negotiate your lease.

Link Posted: 3/13/2006 11:11:11 AM EDT

Originally Posted By fight4yourrights:

If it fails, what are you out? You are young, you've got plenty of time to try again.



I wish everyone thought that way. If they did I wouldn't need to run a successful business, I could just get rich selling failing ones.
Link Posted: 3/13/2006 11:20:49 AM EDT
[Last Edit: 3/13/2006 11:26:51 AM EDT by sp1shooter]
I did pretty much what you are talking about. I worked at a shop for a couple of years in college and became good friends with the owner. He decided to retire and sold it to me. I came up with about 1/3 down and he carried me on the rest. It was rough for a while but once I paid it off I made pretty good money. I sold it last October and am temporarily retired, I'm only 33 and trying to figure out what to do next. If I could go back in time I WOULD do it again. Even though we were friends we did everything by the book. We both had lawyers, signed contracts, and I had an accountant look everything over. It was a good thing because my friend died less than a year later. If we didn't have it on paper things could have sucked even more.
Link Posted: 3/13/2006 11:50:17 AM EDT
GO FOR IT. YOU ARE YOUNG TAKE THE CHANCE NOTHING BETTER THAN BEING YOUR OWN BOSS!!
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