Hahah I’m only 2 days in but thanks pal your right! It’s so hard to comprehend why people are so mean I can’t even fathom it but I’m starting to see how things works around here! Haha
-
I want to thank all the members that have upgraded your accounts. I truly appreciate your support of the site monetarily. Supporting the site keeps this site up and running as a lot of work daily goes on behind the scenes. Click to Support Signs101 ...
Purchasing a business.
- Thread starter Stacy1203
- Start date
Hahah I’m only 2 days in but thanks pal your right! It’s so hard to comprehend why people are so mean I can’t even fathom it but I’m starting to see how things works around here! Haha
Johnny Best
Active Member
Stacy1203, I have to apologize for my fellow sign professionals jumping all over you with their business knowledge.
Some of these people think they deserve a job at the Fed regulating interest rates and using their graduate degree in economics. If telling you want makes me a genius as Toad says then I take that as a compliment compared to other things he has said about me.
The administration of this website just got through balling us out for being rude to other members but the Toad did not get the memo and just keeps jumping along with his croaking about how great he is in all facets of business and his perfect life.
But since you are in Florida you see toads flatten by cars because they are on the road enjoying the warmth.
Some of these people think they deserve a job at the Fed regulating interest rates and using their graduate degree in economics. If telling you want makes me a genius as Toad says then I take that as a compliment compared to other things he has said about me.
The administration of this website just got through balling us out for being rude to other members but the Toad did not get the memo and just keeps jumping along with his croaking about how great he is in all facets of business and his perfect life.
But since you are in Florida you see toads flatten by cars because they are on the road enjoying the warmth.
Hehe I’ve never been called a nitwit before sorta made me chuckle. I wish you could get to know me you’d see how far from presumptuous I really am. There’s no cap to accomplishments we can always go higheeeer
Hahaha Johnny your so funny! Your personality alone must be having your business crawling with loyal customers! It’s peope like you that keep this platform balanced! Thanks pal!
Johnny Best
Active Member
Gash! I'm in love!
iPrintStuff
Prints stuff
How much were the owners taking out? If they were both taking a salary worth - even 20k each, is that business profitable?
Nope! One million dollars in cash or else!! Hehehe I kid!
No streamlined salary taken but looking at the statement it looks like it could’ve been funneled through in different areas (just an assumption). There is no debt and everything is paid off. It’s hard to say until I get the rest of the financials it’s totally not a gold mine but could be workable you know?!
iPrintStuff
Prints stuff
Looks more like you’re just getting rid of the competition. Can’t hurt. How do you go from “not a gold mine” to making billions? Keep me updated on that one please!
Texas_Signmaker
Very Active Signmaker
Ok, lonely ol me will keep pushing on. Thanks for all the kind words and positive motivation catch phrases.. we need this breath of fresh air here.
Oh no no! Not from this particular business not even close lol . That’s just a overall goal of ours; not only for personal enjoyment but to help others on their journey. We gotta help each other climb up this ladder of life.
equippaint
Active Member
If they elude to the owners funneling money out, I would not count on it. From looking at business listings, it seems brokers like to minimize bigger financial issues by over simplifying things. Common phrases used in regards to making the business financially stable: "with just a little sales effort", "with a working owner", "could easily expand", "poised for growth" etc.
I looked at a restaurant (praise the lord I did not buy it) and they kept saying that the low cash flow was liquor going out the back door and kept trying to inflate the price because all it. They tried convincing me that all that was needed was to plug that hole and clean it up. It went under about 6 months later.
Anytime pal! You’re doing great! : )
Your reiteration of the common phrases made me laugh out loud haha that’s so freaking true especially “with a little sales effort” hahaha. Wow looking back do you think there was anything you could’ve done to turn it around? (Not that you’d want to) Or was it just too far in the hole? I had a friend just buy a restaurant with almost no cash flow on the premise that it was due to all the comps the previous owner was handing out to friends and family almost 250k annually. Too soon to say if they’ll be able to turn it around (really smart person with great experience) but I do hope so.
equippaint
Active Member
Ehh, probably could have done something with it better than what it was but looking back I think that I was naïve about the complexities of a restaurant. I had always assumed they are cash cows but they really aren't. I feel like that business is one that you can do everything right, be smart, experienced and put all of the effort you have in your body into it and still not be able to make it work. Much like owning a retail shop.
Yea I feel you there. Looking at my friends acquisition these business models really rely on the staff that touches the guest and it’s an absolute pain staffing a restaurant with quality employees I’m hearing. Well good for you bud! Smart move
Texas_Signmaker
Very Active Signmaker
Yes good for you equipaint. Smooth move ex-lax.
equippaint
Active Member
Yeah Im pretty smart sometimes. I don't buy restaurants and don't eat fishy cupscakes.
Texas_Signmaker
Very Active Signmaker
The fishier the better..I dont mind it..
equippaint
Active Member
Its a different breed in that industry. Almost like a gig type mentality of the workers. I would never believe anyone that is selling me on unaccounted for money going out the back door. If they were giving comps, they would be in the POS records, not like it just disappears. If you look at listings, the good ones say "clean books" and / or "tax records". Feel free to call me stupid but here it all goes on the books; cash, vendors, contractors and employees. Bum invoices get voided too, never deleted. That's the problem buying an existing business, if it's not 100%, its like buying a 200 year old house with a new paint job.