Snaz, What would you have to do to get the business?? Would you go on as a staff member and get paid for your time for the next 3 years and then have the option to buy the whole business, or how is that set up? Also, would you have to pay HIM for his time for the next so many years.... Speedy
Speedy is hitting on something.... maybe for three years it could be a joint partnership thing. I don't know how hard it would be to set one of those up considering that the business is already in his name. I had a joint business once and it wasn't hard to set up and it wasn't that hard to break up. The only real costs were the lawyers and that wasn't much. But Speedy hits on some really good points.
(short reply on phone) the impression i am under is shat i will work for him for the first year, then take it over. im not sure about joint ownership or if i would be paying him, but joint ownership is a very good idea.
It depends on the age. If they were 10 years old, obviously I'd be uncomfortable. No deal. But anyone in their 20s... no problem. There are a lot of very bright 21 year olds out there. Heck... at that age I knew everything !!!
I'm not reall big on partnerships. I co-own a company and each person always feels like the other doesn't work as hard as themself. Joint ownership will ONLY work if both of you know that to get the best outcome you both will do 110%. You also HAVE to know what each person is good at, and what they are not. What one likes and what one doesn't like. If your dealer friend doesn't like working with world coins, then don't ask him to close a deal on such, or research help someone with their question. In my business my partner doesn't really like working with Flash (Website Design)...so I know if a client wants something in Flash I will either need to add in the cost of getting a 3rd party to do the work, or add in more time into the deal so I can give my partner more time to get around to wanting to work on that. If you know the strong and weak points then it can be good..... Speedy
As far as I'm concerned I could care less who, what or anything about the owner of any place. If they have what I need ,want, could use and the price is right, nothing else matters to me.
3 years of help? Talk is cheap. Would he put that in writting? How many hours a day is he willing to contribute? Per week? How much money would you have to put up front? Is the buisness in a rented building, leased building or is the owner of the shop the owner of the building? So many things to consider first? I have a friend that went into a Milex buisness for auto repairs. Milex told him they would back him up for a few years with products. Milex went under so he was stuck with changing signs, cards, flyers, etc. He finally found Firestone as a backer. His partner that was SUPPOSED to stay and split everything left town. He eventually declared bankrupsy. This is only one of the many gloom stories I know of. In the center of our city there is a building full of attoneys. There is approximately an 85% turnover of attoneys there. I've seen stores come and go. Mostly go. I don't like being such a pessimist but there is so much to loose going into a buisness and especially one you really don't know. What if your so called mentor leaves town, dies, changes his mind or any of the many possible reasons he may just not be there???????? If your young, have a lot of money you don't know what to do with, that's one thing. Otherwise be carefull. Now with the economy the way things are many buisnesses are just not the thing right now.
I previously asked if he owns, rents or leases the building the buiness is in for a reason. If not owned, there is always the possibility the owner may say guess what. Your out. Look into all the legal stuff first. This happened to someone I know that treid a laundromat.
There's way too much good advice and information given by our own CTers on this subject. I'll just add my wish that you are successful in whatever you choose to do in this matter. I'd love to work in a coin store and to learn. I know I don't have enough knowledge to own one and run it properly. There so much working stock that you need to have a successful coin store. Once again, good luck in you future choice here. Be assured, I'd buy from you!
ok, I am off to a coin how this weekend and will be talking to my dealer, and...... future boss. We re going to talk more about it this weekend, but its looking like a full time job is waiting for me at the shop come December. If all goes through as planned, There will be a ton of coins up for sale on here, and I will be opening an ebay store/profile, where I will be selling some coins. Wish me luck, and Im praying all goes well with my career choice, with the move, and of course, a little off topic... but for the new president of the United States Of America! Shawn (please go to PRWE if further discussion is desired on the presidential election)
So I don't have to change the direction of your thread, I'm gonna start a thread that might help you to answer and or address your situation. It will be called, "How many here are self employed?" It might do you good to see what comments come out and listen from people who have been there and done that! Lets see what happens next!
I digress... Google does use flash They use it for their video - video.google.com They use it for stocks and charting - finance.google.com Flash is a tool - it should be used where and when needed. It shouldn't be used when it's not needed http://googlewebmastercentral.blogspot.com/2007/07/best-uses-of-flash.html To dismiss a tool out of hand only limits your possibilities.
