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Anyone here a business owner?

Discussion in 'Jobs & Careers' started by AvsFanTRD, Oct 29, 2009.

  1. Oct 29, 2009 at 9:38 PM
    #1
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
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    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    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.
     
  2. Oct 30, 2009 at 1:06 PM
    #2
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
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    Messages:
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    Gender:
    Male
    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    No business owners?
     
  3. Oct 30, 2009 at 8:29 PM
    #3
    neontrail

    neontrail ✈ ✈ ✈ ✈ ✈ ✈ ✈

    Joined:
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    Idaho
    Vehicle:
    2004 NISSAN XTERRA XE/SE
    De-badged, Tint 20%, Blue 48 LED dome-light, .......
    I own a catering business.

    What kind of business are you considering?
     
  4. Oct 30, 2009 at 8:38 PM
    #4
    SC4333

    SC4333 Well-Known Member

    Joined:
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    First Name:
    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!
    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.
     
  5. Oct 30, 2009 at 8:54 PM
    #5
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
    Aug 6, 2009
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    Messages:
    3,259
    Gender:
    Male
    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    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.
     
  6. Oct 30, 2009 at 9:07 PM
    #6
    Tsenekos

    Tsenekos Well-Known Member

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    Greg
    Edmonton, CANADA
    Vehicle:
    2005 DC 4WD trd offroad
    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
     
  7. Oct 30, 2009 at 9:12 PM
    #7
    SC4333

    SC4333 Well-Known Member

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    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!

    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.
     
  8. Oct 30, 2009 at 9:16 PM
    #8
    SC4333

    SC4333 Well-Known Member

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    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!

    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.
     
  9. Oct 30, 2009 at 9:24 PM
    #9
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
    Aug 6, 2009
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    Messages:
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    Gender:
    Male
    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    How do I find a good accountant and what is the lawyer for?
     
  10. Oct 30, 2009 at 9:30 PM
    #10
    SC4333

    SC4333 Well-Known Member

    Joined:
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    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!
    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.
     
  11. Oct 30, 2009 at 9:48 PM
    #11
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
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    Messages:
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    Gender:
    Male
    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    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?
     
  12. Oct 30, 2009 at 9:55 PM
    #12
    SC4333

    SC4333 Well-Known Member

    Joined:
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    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!
    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.
     
  13. Oct 30, 2009 at 10:02 PM
    #13
    AvsFanTRD

    AvsFanTRD [OP] Oh gravity, thou art a heartless bitch!

    Joined:
    Aug 6, 2009
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    Messages:
    3,259
    Gender:
    Male
    First Name:
    Brandon
    Wyoming
    Vehicle:
    2008 TRD Off Road Black
    rear suspension TSB, sockmonkey bed decals, weathertech floor liners, TRD seat covers, tailgate pop n lock, rear diff breather relocation, center console lock, Viper Alarm, extra D-rings in bed, 5100's on all 4 corners
    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?
     
  14. Oct 30, 2009 at 10:07 PM
    #14
    SC4333

    SC4333 Well-Known Member

    Joined:
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    Grant
    San Antonio, TX
    Vehicle:
    2016 TRD Off-Road 4x4 DCSB - Super White
    SOLD!
    A business law/start up attorney is who you need to look for. Good luck with the business. :thumbsup:
     
  15. Oct 30, 2009 at 10:37 PM
    #15
    BakoTruck

    BakoTruck Well-Known Member

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    Herbie Hancock
    Bakersfield, CA
    Vehicle:
    05 PreRunner TRD
    Mostly stock for now, I have added a cb radio, various cheap mods and 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.
     
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