Originally Posted by
markk
There is something not right about that deal, if you have a business that is either making loads of money, or is making loads of cash, then you would not be selling it for peanuts.
with ref to the partnership, avoid it at all costs, remember, there are no friends in business, cut him out and go for it yourself if you so wish.
Would you really want to own your own motor trade business in this day and age? I certainly would not.
What are the advantages? what is the long term? where do you want to take the company?
There are no grandfather rights in the MOT system anymore, you will have to re-apply. Though there are some dispensatons.
Being your own boss sounds great, but the trade off's can be hard hard work.
think about the hours you are going to have to put in, 40/50/60/70 hours a week for how long?
Working on cars for the rest of your life? is that what you want, no paid holidays, no sick pay, can you afford to run it if you injure yourself?
Not trying to put a damper on it, but pound on pound return, the motor trade is a poor place for your money.
very sound advice that, i opened my business with a partner two years ago, we get on great and have only ever had very minor fallouts
as for the hours yes we both do a minimum of 60 hours a week and for very little money but to be fair we started the business with no capitol at all and borrowed nothing from the bank though i have a business overdraft if needed
so as said above dont expect to get rich as you wont and the first couple of years you wont really get a wage, if you survive at all.
but if you can live with that then you should be ok , in 2 years in a recession ive come from no money in the bank, to only taking a small wage but having over 10 grands worth of cars for sale at any one time at least 7-8 grands worth of new tools, ramps etc... and enough money in the bank to keep the garage open for a full 6 months even if not a single car came to be worked on again which isnt a bad position to be in ,in this day and age considering the amount of business shutting down every day