Anyone here a business owner?

blowham · 10-29-2009, 09:38 PM

I am considering purchasing a business but since this is my first time I don't really know what I'm doing in order to purchase it.

Anyone have any advice on successful transaction, negotiation, loans, how long the process takes, etc. Any and all input is appreciated.

blowham · 10-30-2009, 01:06 PM

No business owners?

neontrail · 10-30-2009, 08:29 PM

I own a catering business.

What kind of business are you considering?

SC4333 · 10-30-2009, 08:38 PM

Get in contact with your local SBA office if you have not already. They offer everything from planning, to loans. A great asset to a new entrepreneur that needs some guidance though business start up process. They also offer some great rates on small business loans.

blowham · 10-30-2009, 08:54 PM

Quote:

Originally Posted by neontrail

I own a catering business.

What kind of business are you considering?

It's an established vending business

Quote:

Originally Posted by SC4333

Get in contact with your local SBA office if you have not already. They offer everything from planning, to loans. A great asset to a new entrepreneur that needs some guidance though business start up process. They also offer some great rates on small business loans.

I've looked at the SBA website, but haven't really figured out where to go on the site.

Tsenekos · 10-30-2009, 09:07 PM

I owned 2 subway franchises and had 1 autodetailing biz, my advice get a really good accountant (not the vendors) and go over the books

SC4333 · 10-30-2009, 09:12 PM

Quote:

Originally Posted by blowham

It's an established vending business

I've looked at the SBA website, but haven't really figured out where to go on the site.

If you live in or around Denver, I would venture to say there has to be a physical location in the area. Schedule an appointment and sit down with one of them. Other than finding a close friend or family member that has been through the whole process before, this is one of the best places to get some sound guidance from. Depending on what kind of business you are looking to start, your variables are going to be quite different from say a bakery to a body shop. A good attorney is a also a must.

SC4333 · 10-30-2009, 09:16 PM

Quote:

Originally Posted by Tsenekos

I owned 2 subway franchises and had 1 autodetailing biz, my advice get a really good accountant (not the vendors) and go over the books

Almost forgot, this is probably the best advice given yet. If you are purchasing an up and running business, this is an absolute necessity unless you are very competent your self in accounting.

An accountant and a attorney will probably be your two most valuable assets to lead you through a clean transaction once you have a sound game plan put together.

blowham · 10-30-2009, 09:24 PM

How do I find a good accountant and what is the lawyer for?

SC4333 · 10-30-2009, 09:30 PM

Word of mouth is how I always found mine. I have a pretty good network of friends that proved quite valuable throughout the whole process. As for the attorney, it is always a good idea to have them write up, or at the least proof read all of the final agreements that made between the two parties. They can add or modify the contract to tilt in your favor or prevent future issues that could arise from lack of detail in a purchasing agreement. Limiting your liability should always be at the top of your agenda, and they can help quite a bit in this.

blowham · 10-30-2009, 09:48 PM

Unfortunately I dont know anyone else who is a business owner so my search for a good accountant will be on my own. Do I need to talk to the accountant before I buy the business to go over the current books?
Is there a specific type of lawyer that specializes in this or just any general one will do?

SC4333 · 10-30-2009, 09:55 PM

Quote:

Originally Posted by blowham

Unfortunately I dont know anyone else who is a business owner so my search for a good accountant will be on my own. Do I need to talk to the accountant before I buy the business to go over the current books?
Is there a specific type of lawyer that specializes in this or just any general one will do?

There are lawyers who do specialize in this type of work. It would be in your best interests to have an accountant thoroughly look over the books before the purchase too. If the current owner has any issues with this, there is usually some sort of problem.

blowham · 10-30-2009, 10:02 PM

Quote:

Originally Posted by SC4333

There are lawyers who do specialize in this type of work. It would be in your best interests to have an accountant thoroughly look over the books before the purchase too. If the current owner has any issues with this, there is usually some sort of problem.

Thanks for all the help. I'll be looking into finding an accountant and lawyer now. Do you know what kind of lawyer I need to search for? Is there a specific title for them?

SC4333 · 10-30-2009, 10:07 PM

A business law/start up attorney is who you need to look for. Good luck with the business.

BakoTruck · 10-30-2009, 10:37 PM

I owned a small business for a couple of years, and have learned many things from it. I would say that the most important thing I learned is that money is everything and you need to watch every penny, and if you don't need something, don't buy it!

As far as a lawyer is concerned I think it is a good idea, so they can look over the contract and make sure everything looks good. Here is a good site to find a lawyer: www.handleonthelaw.com

I'm not sure if you need any capitol for this? But if you need a small business loan from a bank than you need to write out a business plan for them and for any other investors. If your going to write out a business plan, than I would suggest getting some computer software for this. Which will make it a lot easier.

Don't take this personal or anything and I don't want to sound like I'm trying to tell you what to do or anything, but why start or buy a business now? I would wait a year or two and see how this market develops. A lot of what we are seeing could be false indicators of the market, but I would hope not.

I hope some of this helps, good luck.

10-30-2009, 08:29 PM	#3
neontrail Banned Name: geoff Joined: Apr 2008, #5844 Location: ☆Texas☆ Age: 35 Gender: Male Posts: 6,168 08 SUPERWHITE DblCab Prerunner SR5 2008 Double Cab Automatic V6 TW decal, Shorty antenna, Seat belt ding mod, De-badged, Tint 20%, Blue 48 LED dome-light, Custom Devil horns, yellow fogs(Lamin-X), sockmonkey decal, Suspension TSB, tailgate theft deterent device.....	I own a catering business. What kind of business are you considering? __________________ X-MAS GIFT EXCHANGE \|the LIST\|TacomaWorld MINI CITY\|

10-30-2009, 10:37 PM	#15
BakoTruck Damn....not another best oil thread Joined: May 2009, #16674 Location: Bakersfield, CA Age: 23 Gender: Male Posts: 673 05 PreRunner TRD 2005 Access Cab Automatic 4.0L V6 FI DOHC 24V Stock for now, I plan on adding aftermarket wheels and other items in the future.	I owned a small business for a couple of years, and have learned many things from it. I would say that the most important thing I learned is that money is everything and you need to watch every penny, and if you don't need something, don't buy it! As far as a lawyer is concerned I think it is a good idea, so they can look over the contract and make sure everything looks good. Here is a good site to find a lawyer: www.handleonthelaw.com I'm not sure if you need any capitol for this? But if you need a small business loan from a bank than you need to write out a business plan for them and for any other investors. If your going to write out a business plan, than I would suggest getting some computer software for this. Which will make it a lot easier. Don't take this personal or anything and I don't want to sound like I'm trying to tell you what to do or anything, but why start or buy a business now? I would wait a year or two and see how this market develops. A lot of what we are seeing could be false indicators of the market, but I would hope not. I hope some of this helps, good luck. __________________ Approximately 80% of our air pollution stems from hydrocarbons released by vegetation, so let's not go overboard in setting and enforcing tough emission standards from man-made sources. Ronald Reagan

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10-30-2009, 08:38 PM	#4
SC4333 Senior Member Name: Grant Joined: Dec 2008, #11412 Location: San Antonio, TX Gender: Male Posts: 1,544 '08 PreRunner SR5 2008 Access Cab Manual 2TR-FE 5100s @ 2.5; SAW 2.0 & AAL in the rear; DIY DTRLs, Alternating turn signals & 6k HID bi-xenons; Viper alarm; 3M Tint 22% in the front, 13% over stock in rear; P500UB Pioneer Premier, 12"Alpine Type R w/ custom enclosure, MTX Thunder amp; Always on 12v Outlets, 12v Outlet under hood; Secondary air filter removed; Debadged; A few other little things.	Get in contact with your local SBA office if you have not already. They offer everything from planning, to loans. A great asset to a new entrepreneur that needs some guidance though business start up process. They also offer some great rates on small business loans.

10-30-2009, 09:07 PM	#6
Tsenekos Senior Member Name: Greg Joined: Aug 2009, #21319 Location: Edmonton, CANADA Gender: Male Posts: 482 2005 DC 4WD trd offroad 2005 Double Cab Automatic V6 Toytec 3" lift w coils,1.5 AAL,5100's all around,diff drop kit, axel shims,N-Fab nerf bars,bestop supertop,fog mod, weathertech mats	I owned 2 subway franchises and had 1 autodetailing biz, my advice get a really good accountant (not the vendors) and go over the books

10-30-2009, 09:30 PM	#10
SC4333 Senior Member Name: Grant Joined: Dec 2008, #11412 Location: San Antonio, TX Gender: Male Posts: 1,544 '08 PreRunner SR5 2008 Access Cab Manual 2TR-FE 5100s @ 2.5; SAW 2.0 & AAL in the rear; DIY DTRLs, Alternating turn signals & 6k HID bi-xenons; Viper alarm; 3M Tint 22% in the front, 13% over stock in rear; P500UB Pioneer Premier, 12"Alpine Type R w/ custom enclosure, MTX Thunder amp; Always on 12v Outlets, 12v Outlet under hood; Secondary air filter removed; Debadged; A few other little things.	Word of mouth is how I always found mine. I have a pretty good network of friends that proved quite valuable throughout the whole process. As for the attorney, it is always a good idea to have them write up, or at the least proof read all of the final agreements that made between the two parties. They can add or modify the contract to tilt in your favor or prevent future issues that could arise from lack of detail in a purchasing agreement. Limiting your liability should always be at the top of your agenda, and they can help quite a bit in this.

10-30-2009, 10:07 PM	#14
SC4333 Senior Member Name: Grant Joined: Dec 2008, #11412 Location: San Antonio, TX Gender: Male Posts: 1,544 '08 PreRunner SR5 2008 Access Cab Manual 2TR-FE 5100s @ 2.5; SAW 2.0 & AAL in the rear; DIY DTRLs, Alternating turn signals & 6k HID bi-xenons; Viper alarm; 3M Tint 22% in the front, 13% over stock in rear; P500UB Pioneer Premier, 12"Alpine Type R w/ custom enclosure, MTX Thunder amp; Always on 12v Outlets, 12v Outlet under hood; Secondary air filter removed; Debadged; A few other little things.	A business law/start up attorney is who you need to look for. Good luck with the business.