I am considering the purchase of an established commercial mobile car wash. The clientele includes all the new car dealerships in town as well as some fleet accounts, etc. As it is, it generates enough income to pay three employees, maintain the equipment and purchase supplies, carry an insurance policy,carry a 00/month note payment and pay me 00/month to run it. If I let one employee go, I would make an additional 00/month by working as an employee. I have a business meeting with the owner tonight to look over the books and accounts more throughly. As the owner ( Darryl) works closely with my boyfriend ( my boyfriend is the "boss" in one of Darryl’s business ventures), he has committed to completely owner financing the purchase, and will require nothing down. I know I need to consult an attorney, set up business banking accounts, hire an accountant ( because I would significantly screw up the books if i did them). If YOU were in MY shoes, what else would you do? What questions would you ask Darryl? I am going to spend a week being one of the car washers so I will understand the whole business from every angle possible. Helpful advice, stories with similar experience,etc would be appreciated. Obviously, I have never owned a business, much less been an employer. Oh, I’m in Utah, if that changes anything.. as far as laws, etc.
One Response to “I Am Considering Purchasing an Established Business. Can you Give Me some Advice?”
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July 27th, 2009 at 4:26 am
Go to score.org and in the upper left hand corner, enter your zip code. On the next screen, you will find the SCORE chapter nearest you. Call them and arrange for a free meeting with a SCORE counselor.
SCORE "Counselors to America’s Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE was founded in 1964 and is headquartered in Herndon, VA and Washington, DC and has 389 chapters throughout the United States and its territories, with 11,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors. SCORE is America’s premier source of free and confidential small business advice for entrepreneurs.