Got an offer today. Need some advice

Greg - I jumped into this thread a bit late, but upon reading about your offer, the lawyer in me kicked in. There are lots of questions you need to address and some potential pitfalls you should watch out for. I don't mean to rain on your campfire and I want you to remain enthusiastic about this opportunity. Just do some legwork before jumping in.

What kind of business relationship would this be? Will you be an employee of the store, a contractor, or a share-holder? What kind of business entity is this store - corporation, limited liability corporation, partnership, etc.? They sound like great people, but will they still be great a year from now if business slows down? Or if they sell out to someone who has a completely different management style?

Get their business offer in writing. Make sure they clearly state what your relationship will be, responsibilities, compensation, objectives, etc. Before signing ANYTHING, take that piece of paper to an attorney who practices in small business and/or employment law. Having this reviewed will cost you a some $$ now, but ending up in a dead-end business situation will most certainly cost you more - in both dollars and heartache.

Good luck and best wishes in your endeavor!

Cheers,

Kevin
 
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
 
All,
Thanks for the advice. After careful consideration and a long conversation with my Mentor;) out west . I have decided to bloom where I am planted. I am also going to let go of the part time gig I currently have at the end of February. I sure will miss the discounts. So if anyone wants to get good deals on exotics then you better catch me prior to the end of FEB. The GOAL is to concentrate all my efforts into growing my business and becoming a better craftsman and businessman.

Thanks. You guys were quite a bit of help

Greg
 
greg, i think ya` done right!.....as for the discounts.....open up your own accounts with the wholesaler, afterall you are in business now...tod
 
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