..i am at present in the process of buying a shop (wont say what selling..but it is a shop that has very good potensial) its been let go by the previous owners and needs an investment to get it back up (landlord of premises has stipulated it)..although it does do rather well already!....Its far from sorted and could not go my way due to bigger chains possibly getting in ..but that is life.

The dilema is thus......i live rather comfortably i'd say...not got a big house but then i dont have kids so dont need it,but i do have some nice toys...and am happy BUT this could make an even better life BUT it could also loose me what i have IF it went pear shaped.....now do i take the gamble (although i think its a good gamble!) Once in a lifetime opportunity really....and if i dont do it and see another being a success will i kick myself?

Your thoughts....i am not looking to make a decision based on the people of PF ...just your thoughts.

 

it not very often any one gets handed a bone

 

The fact that you're questioning doing it makes me feel you have doubts in your own ability to make it succeed, so therefore I wouldn't do it if that is the case.

I personally believe that you have to have 100% belief in your ability to pull it off , otherwise you're already doomed to failure .

 

Go for it Phil......you could always look back and say why didnt i take that chance..



or you could say wat a stupid decision as your Ferrari and Pimp wagon are going away on bailiff lorries

 

Phil,

In my experience....for what its worth....ensure you have a sound business plan....I know it sounds bullshitty, but all the expansion we have done to our business has been with a sound business plan to follow, they do have to be flexible, but you need to clearly identify over what period things will happen and anticipate when you will see a return realised and your capital back...

You can easily become a busy fool and rush round making no money on a small margin....

That said my wife was once offered the chance to buy a caravan site cheap, but we didn't like the idea of borrowing loads of money, site's now probably worth 2 -3 mil.....

Ian

 

Mike i am convinced we can pull it off BUT nothing is risk free ....and i am doin ok as it is...is it worth a tiny risk of what Dan says...trailorered off Ferrari and amg etc

We are goin thru the motions upto the last bit of lease signing..we have to get that far first!

Ian cheers...your caravan park and what its worth now is something that would gut me if that happened

 

...and just to add i have a fairly relaxed life now....doin this will be a whole new level of stress and working 24/7!!!..(I aint opposed to that but is a Lambo Gallardo really better than an F -Car? )

 

The old adage could apply...... you have to speculate to accumulate

 

Phil, just four words of advice for you:

Fortune favors the brave.

 

....."he who dares Rodney" also springs to mind!!

 

Don't agree with that Mike, to me it just means he is trying to be careful and make sure he makes the right decision.

I'd say go for it Phil. Better to have tried and failed than to not have tried at all.

 

Thats NOT thing thing to say when Phil's about

 

Personally Im a risk taker so would probably go for it.

I am of the opinion I would sooner lie on my death bed regretting things that I gave a go than things I didnt.

 

Phil,

By day, I am a Surveyor. My initial reaction when I read your brief summation was one of hidden financial implications, with particular respect to any Dilapidations Liability.

If you step into an existing lease, irrespective of the business, it is likely that you will be accepting a Fully repair and insure leasehold obligation. As such, unless you protect yourself suitably, you could potentially be hit with the costs relating to not only the current repairs, but also any other non-business critical repairs that the previous tenant/ landlord may not have adequately dealt with.

Also, if the building is multi-occupied, then consider future service charge payments.

Im not saying that you cant go forward with this, but you need to take steps at this stage to protect yourself (eg Service Charge caps, and reduced liability clauses with the Landlord on the Lease), but once you sign on the dotted line, there will be no further negotiation.

Check the documentation carefully to ensure that you are not buying into a massive future claim. If you want assistance on this, PM me and we can discuss further.

The Business model is something that would need to be considered separately.

JJ

 

JJ......mate no worries on the lease score as that would be in our soliciters/advisors hands..like everything has (its good having a family business thats been going since 1936!)...there is NO issue on anything other than wether we can make more profit which we feel we can....in 5 years the building is goin to another building which really will be major ...BUT its the fact i am lazy and got to turn in to not lazy and maybe risk my toys...just to get even better toys

 

Fair enough matey - good luck with it. I personally believe that you need to take these chances else you will die of boredom! If the business stacks up - then do it. But if it does, why is it up for grabs again?

My only slight observation would be to not rely solely on your solicitors to protect you against dilaps properly. A significant portion of my business derrives from dilaps claims against poorly advised tenants

JJ

 

That is EXACTLY the reason I don't think it is for you . You can't be lazy to make a business work . In fact you have to work harder than if you were working for someone .

 

..Mike...you forget..my missus works hard..i spend

JJ....the owners are retiring and WONT sell to anyone else,on paper every one of our advisors have said FOOKING BARGAIN ...but as i already made enuff and retired then came out of it to do the Bosch business and then work at the family business (due to boredom!) this could be the next level...and i guess as i am stupid i have to figure wether a Gallardo is a dream enuff to go reality.

 

Phil, just go for it.

ive heard your old man is minted so if it does go tits up, just get a back hander off him lol

getting made redundant was one of the best things that happened to me.

ok the money is crap, but im doing a job i love!

 

Go for it Phil... you will forever kick yourself if you dont give it a go, and i suspect your Lady will be keen to remind you on every opportunity too...



What are you saying?

 

Dont worry if you dont feel like kicking your self Phil, I'm sure there will be no shortage of peeps on here willing to help you in that respect

 

Go for it mate

At worse, if the business has as much potential as you suggest, then you can always pass it on as a going concern when you get bored.

And in my opinion the Gallardo is significantly more interesting than some dull old Ferrari!

JJ

 

fudgeass you heard wrong re my dad being minted...he drives a vauxhall meriva ffs ...the company just ticks along as it always had...nothing rich about it...hence why my money didnt come from that...it came from being shrewd

 

robbing your old man of his fortune whilst he thinks the buisiness is just slow

 

as i said it was only a rumour, but i know yours and mikes man love is for real

 

Put it through a Limited Company?

If the landlord won't accept this, due to the reduced assurance as a creditor, then you'd have to be a sole trader.

S T is of course the riskier option as you can be sued for every personal asset you own.

PM me if you wish to discuss either option further, and tax and statutory implications of each.

 

Hi mate.....yes it will be ltd BUT the lease will require a PG ...We are goin for only one of us to sign so we cant loose the house if it goes wrong..not sure they will accept though.

 

Surely there shouldnt be risk involved in a business plan, it should be a sound business idea with figures to prove, work hard at it and success should come your way .