Okay guys I was at work yesterday and my boss called me to the office. We talked for about 15 min before he finally got to the point of why he called me up there. He offered me the business. I still don't know what to think about it. This has been my only job since I've started working. I'm only 23 so that ain't saying a lot. What I'm getting to is that I have no one to talk to about this besides my boss so I'm needing some advice.
needing some good advice
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Can you describe the business? How much will it cost you to buy him out? What liabilities like insurance, taxes, etc. are involved?
We haven't gone into specifics with exact numbers or details yet. He was wanting to know on how I felt with the opportunity. Its a machine shop by the way. I know its making money and there is a lot of room to gain new business from what I've seen. He is just wanting to get out of it. He's owned it for 24 years and its actually been open since 71 I believe. I pretty much run it now. I pickup parts needing fixed, fix said parts and deliver. The only thing I don't do is paper work which is a big portion of the business I'd have to learn.
Yow! That's a lot to take on at 23. If you are doing the work, you will need a business manager. How many employees, or is the business just you? You will also have to hire people and judge their character.
If you want to make a very good living but have little time for fun, go for it. If you just want "a job" and go fishing after work, then don't. A business is the way to make real money, but you have to be immersed in it. Then, the sky's the limit. I personally prefer to go fishing after work, but that's up to you.
You'll need an audited balance sheet and the last few years of tax filings to find out what is owned and how much is owed and gross/net profits. . Like ssn696 said it might be easier to hire a manager to replace the owner than to replace yourself on the floor
The business is my boss me and another guy. I'm not worried about fishing after work that can come in time. I'm looking towards the future. I love the business, wouldnt trade my job and pay for anything. I don't know much about owning my own place but this opportunity might be to much to pass up.
if it's a turn key opportunity with a clientele and suppliers already in place I wouldn't pass it up.
It is truly turn key. We work for 3 of the biggest sawmills in the area and hopefully about to pick up another. Along with the usual customers and the loyal farmers around I wouldn't think I'd have any problems. But as everyone knows that's still a major risk that's either gonna make or brake you. I've not been one to gamble but I may have to on this.
you won't get the reward if you don't take the risk!! I've been working at the same job for the last 10 year's knowing I ain't going to get rich, BUT I have a chance to start a new business soon with somebody who is willing to invest in my skills! I will have to quit my "secure" job and take the risk but IMO it's worth it!! If your business has the clientele built up then you're ahead of the game..... Paperwork and accounting isn't hard to learn!!
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