I basically own three seperate retail businesses all tied into one business.
You are retired already with a pension correct?
I can't imagine why you would want to complicate your life with this arrangement.
YOu are only thinking on the surface of owning and running a business.
It sounds like mom & pop really want you to buy the business. If this is true and if this is where you are going you need to think about a few other things.
First you don't sound too happy working 30 hours week on an hourly rate. Owning your own business will mean you are going to be working 80 hours a week and you will have to deal with AR, AP, Payroll, Insurance, overhead, employee problems ( yes problems, ), paying the rent, the loan, utilieties, people coming in every other day asking for donations, employees not showing up for work ,,,, just quitting without notice, paying your suppliers, paying the phone bill (which will be 300 dlrs a month with a couple lines, internet and CC processing) hell i am drawing a blank on all the other reasons why this is a dumb idea..... but I will think of them.....
Oh yea, dealing with mundane stuff like going out and buying toilet paper, fixing the toilet, cleaning the bathroon when customers make a mess and clog the toilet and "stuff" is all over the floor.
What about INsurance......? what happens when one of your student scuts his finger off? If you are getting 100 pct compenastion for the class who is liable?
These are just the easy issues right off the top of my head.....
I will probably be back on later with a few more.
Joe