Buying a full time retail job
- Thread starter glengraving
- Start date
- Original Poster
- #45
You what mate? I'm trying to get a loan so that he can have a sum worth retiring for, while figuring out the long term commitment so as not to screw myself over.
It wouldn't take any creative accounting to show low profits - especially as I intend to spend a lot on renovations and upgrades for the first few months/year.
An arrangement along those lines was one of my first suggestions to my boss. I felt it best to split the takings into a few different categories - such as he would get 4% from the retail/hardware sales, 8% of the key cutting sales and 0% of the engraving/online sales. With an agreed minimum, ofc.
^Numbers kind of plucked from thin air. The minimal % on the latter category is important to me as I'll be investing most of myself into this category. For the other stuff, he'd receive an ongoing pension from the parts of the business he had invested the most of himself in.
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R
Root 66 Woodshop
Not in the shop
We have an engineer out on the road 24/7 who has all the machines needed for all vehicles... not worth our time or messing about at the shop doing car keys... plus, it's nice to be able to tell customers that we'll come to you to sort out your issues with your car
- gives a sense of a service and a much better customer experience all around... leaves me alone to re-build locks, build master suites, cut restricted keys and service all our customers with a smile...
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- Original Poster
- #51
bah, another long-time acquiantence of the business (who runs his own shop, but at this point in life is more interested in buying properties to rent) popped by and asked what the situation was and if he could buy the place.
In that scenario, I'd just be paying for the percieved value of the stock/equipment and then rent the property. It'd be a good deal for the current owner. A less interesting prospect for me, in the long-term.
One short-term benefit for me could be that I then bring up the various issues such as the damp ceiling, and have the cost covered by the new landlord/taken off of rent. (Alternatively, that request could be answered with an eviction, and I'd be replaced by a betting shop or duty-free cigarette salesman.)
Feels like I ought to get a move on.
In that scenario, I'd just be paying for the percieved value of the stock/equipment and then rent the property. It'd be a good deal for the current owner. A less interesting prospect for me, in the long-term.
One short-term benefit for me could be that I then bring up the various issues such as the damp ceiling, and have the cost covered by the new landlord/taken off of rent. (Alternatively, that request could be answered with an eviction, and I'd be replaced by a betting shop or duty-free cigarette salesman.)
Feels like I ought to get a move on.
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I think we are at the stage of conviction...
Are you trying to convince the multitude of varying people on here, all of whom will have different opinions...
Or yourself?
The way your posts read - you seem quite convinced That is a good thing.
As you yourself said - if the worst happens a couple of years down the line you could live/cope with that!
Your current options are - continue being an employee and have the security of a set income, or GO FOR IT!!
I feel confidence from you, therefore - GO FOR IT!!
But do not pay £40k for the dead stock! As others have suggested, identify the crap and segregate it, sell it off CHEAP and give the owner 70% with you taking 30% to cover your time.
GO FOR IT and GOOD LUCK
Are you trying to convince the multitude of varying people on here, all of whom will have different opinions...
Or yourself?
The way your posts read - you seem quite convinced
That is a good thing.As you yourself said - if the worst happens a couple of years down the line you could live/cope with that!
Your current options are - continue being an employee and have the security of a set income, or GO FOR IT!!
I feel confidence from you, therefore - GO FOR IT!!
But do not pay £40k for the dead stock! As others have suggested, identify the crap and segregate it, sell it off CHEAP and give the owner 70% with you taking 30% to cover your time.
GO FOR IT and GOOD LUCK
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Seconded. I'm not an eBay Concierge member for nothing!
If it could work as essentially a private mortgage to get you some property, then it may be worthwhile. Otherwise, sounds like there will be better properties out there that are more suited to the route you will eventially go down (online)
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- Original Poster
- #56
Well, I knew by posting here I'd get to pit my ideas against the naysayers, which is fun
But I mainly came for advice/experiences with regards to the valuing and buying process. It's all well and good to say 'do due diligence', but as someone who has never owned/bought a business I can be sitting here with years worth of takings and spendings records in front of me and not know what that should mean towards an overall 'value'.
I suppose what I've learned is that it's subjective - a good deal is in the eye of the beholder. As long as I'm not being ripped off when compared to my other options, and I believe I'll be better off after a few years, I either pony up and put in the work, or I continue to let it pass me by. Worst case scenario, I get my foot in the door of the property market with buying a commercial property that I couldn't otherwise afford.
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People who say that are too thick to know what DD actually entails, how it needs to be specific to the job etc, and they have never done DD before or ever made an acquisition. They think that by using the term they come across as clever. "See I know a very businessy word".
To be fair, nobody in this thread has told you to just go do DD.
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If you are still keen to go ahead, I would second the surveyor idea, and as regards stock I would suggest you do a full stock take of your own.
Discard any items that have not sold in the last six months totally and see how the value looks. You need to decide whether you want to buy the stock, or at least what percentage of it from a business point of view only.
I recently bought the complete stock of a mobile phone shop, the owner wanted £25k, I only wanted £5k of the stock, so had the lot for £7k. I sold a lot of the unwanted stock in the following few weeks to various contacts, some was simply thrown at the tip.
Discard any items that have not sold in the last six months totally and see how the value looks. You need to decide whether you want to buy the stock, or at least what percentage of it from a business point of view only.
I recently bought the complete stock of a mobile phone shop, the owner wanted £25k, I only wanted £5k of the stock, so had the lot for £7k. I sold a lot of the unwanted stock in the following few weeks to various contacts, some was simply thrown at the tip.
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I think, in case that you dont have financial background you should consult a professional to do proper evaluation of both property and business. Then come with reasonable price to offer. However, seek for future opportunities and if you can increase current business or improve it in any way
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