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Buying a small business

Old 01-09-2019, 12:19 PM
  #51  
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Default Re: Buying a small business

You can probably get some of acmoc's 3d prints sellin too
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Old 01-09-2019, 12:26 PM
  #52  
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Originally Posted by shamoo View Post

I really like this local bike shop for sale. Thinking it could slowly transition into other things as I use social media and whatnot. Organize rides. Actually sell more bikes (vs. just repairing). I like cars....maybe start with a few IG photos with cars and bikes and gather some more interest from automotive enthusiasts. Sell coffee? But then probably need some sort of food license, no idea.
Motorcycle dealership is a pipe dream of mine. Way less daunting/capital needed compared to a car dealership. Lot of competition with Mission Motorsports and Del Amo nearby, though.
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Old 01-09-2019, 12:31 PM
  #53  
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Originally Posted by shamoo View Post
Sorry, didn't see this. Believe me, I've spoken to her at length about this. I don't think she has any interest in her current company. It is all CNC machining, computer board parts, electric motors, etc.

I've even asked her to have a one-on-one with her boss (heck, they're family friends, came to our wedding, that's how she got the job, etc) to find out when he's looking to retire and what he plans to do with the company. Hell, maybe we CAN buy it.
see if the owner is willing to sell 50%, his kid inherits the other 49% and gets profit sharing without needing to work or something. Bike shop sounds awesome though.
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Old 01-09-2019, 12:40 PM
  #54  
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Default Re: Buying a small business

Did you mean 51%?
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Old 01-09-2019, 12:43 PM
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Originally Posted by Reborn View Post
Motorcycle dealership is a pipe dream of mine. Way less daunting/capital needed compared to a car dealership. Lot of competition with Mission Motorsports and Del Amo nearby, though.
Sorry, I meant bicycles.
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Old 01-09-2019, 12:49 PM
  #56  
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Could work for .gov

Wait. Never mind.
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Old 01-09-2019, 12:50 PM
  #57  
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Like some others said, I think you have to have some sort of passion about whatever it is to ensure you stay motivated/engaged.
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Old 01-09-2019, 12:57 PM
  #58  
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Default Re: Buying a small business

Originally Posted by shamoo View Post
Over the last few months, I've just lost all motivation to work. Too much stress, not enough pay, never can take a true day off (I've worked every PTO day), not enough resources due to budget (I can't add headcount), etc. Basically the company wants a Mercedes, but is operating like a Kia. No matter how much you mod the Kia, it is not a Mercedes. Plus after all that I do, people still complain about my team (when they're not the problem).
Based off your complaints, it sounds like you just need a different job instead of owning one.

On a side note: A CTO for one of my customers owns car washes as his side hustle, he said his break even is normally around 3.5 years then turns around and buys another one and will be the passive income that fuels his early retirement. I would suspect the break even point in CA would be much longer, but the point is taking on passive income ventures instead of quitting your day job for a whole new realm of responsibilities.
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Old 01-09-2019, 01:03 PM
  #59  
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Originally Posted by .Grimace View Post
Did you mean 51%?
No. 1% to GDD.
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Old 01-09-2019, 01:05 PM
  #60  
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I like it, we are the make it or break it on business decisions huh
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Old 01-09-2019, 01:37 PM
  #61  
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Originally Posted by shamoo View Post
Sorry, I meant bicycles.
I thought you might, but when you talked about repairs, I figured it must be moto. Not the one in culver plaza (culver/walnut) is it?
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Old 01-09-2019, 01:45 PM
  #62  
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Originally Posted by itrSteez View Post
Based off your complaints, it sounds like you just need a different job instead of owning one.
Yep, I'm actively exploring that option now.

Originally Posted by Reborn View Post
I thought you might, but when you talked about repairs, I figured it must be moto. Not the one in culver plaza (culver/walnut) is it?
I actually don't know which one it is (but it isn't that one I don't think). The site doesn't actually tell you the name/address. I think you actually have to commit to interest/a broker for you to get more information.

Sadly, I don't know too much about fixing bikes. Wish I had more time to learn.
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Old 01-09-2019, 01:53 PM
  #63  
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Originally Posted by shamoo View Post
Yep, I'm actively exploring that option now.



I actually don't know which one it is (but it isn't that one I don't think). The site doesn't actually tell you the name/address. I think you actually have to commit to interest/a broker for you to get more information.

Sadly, I don't know too much about fixing bikes. Wish I had more time to learn.
Gotcha.

I recommend something closer to home as a criterion in your job search
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Old 01-09-2019, 02:10 PM
  #64  
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Originally Posted by Reborn View Post
Gotcha.

I recommend something closer to home as a criterion in your job search
Yeah definitely. The commute is getting to be a huge pain. If there was more reward at my current job, I could deal with it.

My boss (VP left) a little over a year ago so I took his job. Did they hire anyone to replace me? Nope, still have to do my old job, and his job. Add to the fact that my overall staff got cut by 30%.

Lols. I'm caring less and less. Maybe I should work just hard enough to not get fired. I'll still get my same 5% merit increase lols. Promotions here aren't amazing and obviously I'll get a ton more going elsewhere.
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Old 01-09-2019, 02:17 PM
  #65  
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Riding a job into the ground like that never ends well. Don’t burn bridges that could matter in the future.

However working at like 75% and chillaxing is the way to go.
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Old 01-09-2019, 02:23 PM
  #66  
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Getting weed delivered to your house in SoCal is big business. I would S-Corp a cannabis delivery service using Bird scooters, e-bikes, other electric means.

You can get high while being kinder to the environment, win-win.

you’re welcome. YOU’RE ALL WELCOME!



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Old 01-09-2019, 02:25 PM
  #67  
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Default Re: Buying a small business

Originally Posted by shamoo View Post
Yeah definitely. The commute is getting to be a huge pain. If there was more reward at my current job, I could deal with it.

My boss (VP left) a little over a year ago so I took his job. Did they hire anyone to replace me? Nope, still have to do my old job, and his job. Add to the fact that my overall staff got cut by 30%.

Lols. I'm caring less and less. Maybe I should work just hard enough to not get fired. I'll still get my same 5% merit increase lols. Promotions here aren't amazing and obviously I'll get a ton more going elsewhere.
purty sure thats how your last boss thought until he found something else.
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Old 01-09-2019, 02:30 PM
  #68  
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Originally Posted by tony_2018 View Post
purty sure thats how your last boss thought until he found something else.
That is exactly it. He toughed it out for 15 years here. But he started when it was about 3K employees to about 20K. He was responsible for an amazing foundation/infrastructure. I'm here from 20K to 35K.
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Old 01-09-2019, 02:38 PM
  #69  
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Default Re: Buying a small business

Originally Posted by shamoo View Post
Yeah definitely. The commute is getting to be a huge pain. If there was more reward at my current job, I could deal with it.

My boss (VP left) a little over a year ago so I took his job. Did they hire anyone to replace me? Nope, still have to do my old job, and his job. Add to the fact that my overall staff got cut by 30%.

Lols. I'm caring less and less. Maybe I should work just hard enough to not get fired. I'll still get my same 5% merit increase lols. Promotions here aren't amazing and obviously I'll get a ton more going elsewhere.
Did they promote you to VP? If not, make your case that they should. If they decline start searching elsewhere.

Riding a job like that into the ground not only burns bridges (as mentioned above) but makes you less marketable in the future. When they ask what you have been doing for the last year? How do you respond to make it sound like you are worth having around? You have a solid reason for leaving now and looking for something better. Now would be the time to move on.
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Old 01-09-2019, 02:41 PM
  #70  
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Default Re: Buying a small business

Buying an established business isn't a terrible idea man.

The customer base is already there and if your wife is already familiar with the inner workings, it will make running it just a little bit easier.

The financial side of it is definitely challenging if you plan on growing it or don't have the capital to backup bank loans or get through cash flow crunches.

A lot of the background expenses are what's really tough to deal with, especially in CA.
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Old 01-09-2019, 02:45 PM
  #71  
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Default Re: Buying a small business

To be back on topic.

I agree you should pick something you are either passionate about or have great experience with.

Examples:
Friend was a mechanic at a dealer for years, bought an established independent shop. Kept the name, bought the business and has done extremely well.

Brother-in-law bought a restaurant; never worked in the restaurant biz besides being a waiter in college. Business was established, but he didn't know what he was doing and lost the business and a lot of money along the way. He was also in the boat of tired of his regular gig and needed to employ his wife.
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Old 01-09-2019, 02:45 PM
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Originally Posted by 96dxB16 View Post
Did they promote you to VP? If not, make your case that they should. If they decline start searching elsewhere.

Riding a job like that into the ground not only burns bridges (as mentioned above) but makes you less marketable in the future. When they ask what you have been doing for the last year? How do you respond to make it sound like you are worth having around? You have a solid reason for leaving now and looking for something better. Now would be the time to move on.
Don't want to get into details, but basically yes. They definitely know my value. The department won't be able to run more than a month or two without me here.
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Old 01-09-2019, 02:46 PM
  #73  
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Originally Posted by 96dxB16 View Post
To be back on topic.

I agree you should pick something you are either passionate about or have great experience with.

Examples:
Friend was a mechanic at a dealer for years, bought an established independent shop. Kept the name, bought the business and has done extremely well.

Brother-in-law bought a restaurant; never worked in the restaurant biz besides being a waiter in college. Business was established, but he didn't know what he was doing and lost the business and a lot of money along the way. He was also in the boat of tired of his regular gig and needed to employ his wife.
Agree. Those are the businesses I'm looking into currently. No desire to work in the restaurant business because I know the risks and horror stories. Plus, too much competition out there for someone with little knowledge like me to survive.
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Old 01-09-2019, 02:52 PM
  #74  
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You'll have to do bicycles AND scooters.
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Old 01-09-2019, 02:54 PM
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Being a waiter, and only a waiter, doesn't mean you have experience to run one. Sucks that he lost it.
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