Question by sedatechimp: Need details on getting a company?
I am a 23yo with common credit and about $ 9k in financial debt(car buy, at the moment paying out it off).
I want to acquire a local vehicle restoration and income store that is for sale, but I don’t truly have any money simply because I pay for my individual college classes. I’ve only acquired about $ 3k - $ 4k saved up.
My cousin is a 24yo euro vehicle tech and has been for the earlier six several years. Experience and problem solving knowledge, he has a lot of. He does every little thing… engine rebuilds, laptop or computer diagnostics, circuitry and electronics, push train and suspension, transmissions, ac/heater programs, convertible top rated repairs… he does every little thing except bodywork and paint. He operates exclusively on BMW/MINI, Bentley, Rolls Royce, Porsche, Land Rover, VW, Audi, Ferrari, Triumph, MG, Mercedes and others every single day.
He also does not have significantly money due to the fact each of his parents are previous and do not work but they each reside with him. He supports them and himself in an regular sized property.
I have worked at 3 distinct new automobile dealerships since I was 16. I specialize in Parts, stock handle, and selling the product sales of servicing and repairs. I’ve taken a couple of organization courses as effectively as accounting programs at the neighborhood school as properly.
In between the two of us, we can run a store and I am 100% sure of it when I say that.
There has been a neighborhood fix and product sales store that just popped up on the market. The seller states 300k in annual web income, $ 75k annual hard cash movement and the asking price tag is $ 110k. The enterprise is currently in operation. It’s a six bay vehicle store, with a single of the bays being subleased for $ 700 a month to a guy who does automobile inspections.
The shop will have five lifts in it and a big compressor. We will will need quite number of instruments, as my cousin has about $ 18k in tools and I have about $ 5k in equipment.
In between my cousin and I, we possibly have about $ 5-$ 6k cash that we can offer you as a down payment. How challenging would it be for us to get mortgage to acquire this business with the info supplied. Of program, we will have a excellent organization program created out for the financial institution.
Sorry about the lengthy publish, but I appreciate any suggestions that will be provided. Thank you
Finest response:
Answer by Randall the EA
Sorry, bub, but with no credit score, no experience in managing a store like you want to run (becoming a TECHNICIAN isn’t going to count for knowledge in Working the enterprise) and no money, not a real excellent possibility.
In order to buy some thing big you need either Cash, Excellent Credit score, or Very good Experience. It’s wonderful to have all 3. You can get one thing done with two of them. Really challenging with one. Not possible with NONE.
So, what DO you have? You have Generate and AMBITION. You have buddies and family members. Use the former to get income (investors) from the latter. You are going to borrow income and pay them back again. You will get imaginative. Everyone kicks in, say $ 5K and gets no cost lifetime oil adjustments or fifty% off labor on repairs. Then they will send you close friends, etc.
THEN you will make it big and you will uncover me and thank me.
The lender, on the other hand, will inquire you to leave (whilst they chuckle when you are gone).
Know better? Leave your very own response in the feedback!
Incoming search terms for the article:
- leave a reply name (required) mail (will not be published) (required) website bmw mini 2 comments
- Leave a Reply Name (required) Mail (will not be published) (required) 2 commentsintitle:Mercedes Benz
- leave a reply name (required) mail (will not be published) (required) website land rover 2 comments
- leave a reply: www uggsoutletbootsonline com
- Leave a ReplyName (required)Mail (will not be published) (required)Website
July 7th, 2011 at 12:35 am
Just go around and knock on doors of investors
Banks today wikll not get you a loan of that magnitude
YOU need a private investor that will share in the business and then later on offer to buy him out . YOU will need a contract written up and witnessed stating the facts YOU want !
Thats YOUR only option because YOU have no collateral to insure the Bank of getting thier money !
This way with a private investor YOU save money by not paying interest HE just shares in the Profits while YOU both run the business HE would be just a silent partner !