buying & selling a business .

[alwayscurious]

Here's an interesting thought that fleetingly crossed my mind.

I dropped my car off at the mechanics this morning & he said he was going to sell up in the new year & do something else.

Business now consists of the Name, goodwill & Tools, lease on workshop & customer base.

Guy's been working by himself mostly, so no staff, and no property..

Thoughts: could hire a mechanic (s) & build up sales for a year or two and then re-sell.

Cons: No mechanic, no property involved, customers might melt away when propietor leaves, and original rates I suspect are too low!

Anyone ventured into something like that (GeoffW I know has bought a franchised Subway)

Just a thought noodling around in my head. I have lots of them. Sometimes I catch one and pen it out.

more thoughts: could vendor finance it, if he's willing, and learn the ropes (ins & outs of the business) and hire staff do to the actual mechanical.

 

[Ace in the Hole]

Good thinking, however, I would think you would have to be a mechanic yourself to own or run a workshop.

Unless you had experience in the industry, there would probably be alot of risk involved. As the business owner, you would be held responsible for any problems and the employed mechanic may just walk away from it.
But, if the rewards are worth the risk it might be an option.

Good Luck.

 

[Ricardo29]

perhaps he's a 1 man show for a reason....eg turnover minimal. lets say 100k.
wouldnt be much cream left after your paid youre employed mechanic his wages.
1 man shows invariably rely on the key person itself, business likely to fade away once he's gone. he also wants out for a reason...would want to know it. also a game i see that has become the domain of big shops, big caryards, franchises and the like. would be damn hard to compete with them....coffee, courtesy cars, sparkling showrooms, all that new jazz that the modern punter tends to love. sure there's a minimal population who appreciate the corner deli....but the stats prove they dont survive.

 

[RichardC]

There must be something here you haven't told us.

There are plenty of plumbers and 'leckies wanting to retire too. Why a mechanical w'shop instead of one of them?

If you are just backing your entrepreneural skill, there are better avenues. If you can't tell if a mechanic is BSing you.... forget it!!!!!

I could, but wouldn't think of going this route.

 

[geoffw]

You would REALLY have to be a mechanic to succeed in the business.

1. Even in a sandwich shop- if there's nobody else to do the job, the only option is that YOU do it

2. Like RichardCThommo said- if you don't know cars back to front, you will not be able to handle the mechanics- let alone the customers.

 

[yadreamin]

If one buys or sets up a business, does it have any exemptions for tax on selling within a certain amount of time. ie. like property. 50% discount on ggt after 12 months.
cheers yadreamin