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fibro 
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Joined: 13/February/2006 Status: Offline Points: 68 |
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 Topic: Give me your opinionPosted: 13/February/2006 at 6:35pm |
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I am buying an existing carpet buisness just wanted some opinions on the deal I am getting. Its a Steam Genie system six years old. It has new heat exchangers blowers replaced two years ago also the system was just completly serviced last week new o-rings were put in. Also he just bought a new easy glide wand. Plus all the other misc. equipment airmovers grout cleaning etc. The truck is 99 GMC Savanna 123000 minles its in good shape. Most of his acounts are commercial lot 11 apartments and 6 hotels doctor offices and also a large nursing home he is in regularly. He has been turn down work because he is going into insuance but he is going to work with me to see if he can get some of his old accounts back. He did $70000 in buisness last year. He wants $29000 for the buisness I basically just have to get some paper work to the bank and I will have the money. It seems like a good deal to me what do you think?
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nightrider
Marketing Master 
Joined: 12/March/2004 Status: Offline Points: 4666 |
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Posted: 13/February/2006 at 7:32pm |
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Fibro...........If you can make a living according to the life standards you are now living under, are happy being your own boss, and can pay back the loan with 24 to 30 months..........Sounds like a plan to me If things don't pan out as you expect, get a flexable part time job and it will all work out for you. The bottom line is not really how much you are paying for the truckmount, but rather how much is the truckmount going to pay you Nightrider |
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fibro
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Posted: 13/February/2006 at 7:53pm |
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I actually already have a good partime job wich I can make $300 to $400 a week just working two days a week. The guy I am working with is taking me around to all his clients and introducing me to them and he also been taking me out on jobs the last few weeks training me. I don't know if I can pay back my loan in 24 months but I think 36 to 48 is more reasnable. I am gettin a 5 year loan my payment will be 600 a month.
Edited by fibro |
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nightrider
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Posted: 13/February/2006 at 8:02pm |
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I hope he really wants to sell you the truckmount and not taking advantage of you for free labour as his helper Nightrider |
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RealCleanCarpet
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Joined: 29/January/2006 Location: United States Status: Offline Points: 20 |
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Posted: 14/February/2006 at 1:03am |
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If you do buy the business before you do make sure you look at his previous years invoices. Notice that the word YEAR has a "S" on the end.
I personally don't like to see anyone take out a loan to pay for used equipment. That's my opinion. I'd say if you can't pay cash then save up till you can. $29K is alot to spend on a truck with 123000 miles. I don't believe that the guy is grossing $70K a year. I know where you can get a 2001 or 2002 GMC extended van with a truckmount installed for $20K. Van has about 93K miles on it. Look at all the guys invoices. Ask questions and don't make a split second decision. See if the guy will lower his price. Good luck with whatever you decide. The ultimate decision is yours. |
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greg
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Joined: 02/February/2004 Location: Canada Status: Offline Points: 444 |
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Posted: 14/February/2006 at 7:27am |
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are you buying the business or the assets? is the business LTD company? has given you year end reports? (if not ask for the reports for the last 4 years then you can see if the company is growing) the most important thing you should talk to a lawyer and an accountant. you don't want to buy someone elses problem back taxes and so on.... Good Luck, owning your own business is very rewarding. |
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nothing is impossable. it just hasn't been done yet.
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John L
Carpet Cleaning Guru 
Joined: 29/November/2004 Location: I'm Right Here! Status: Offline Points: 4013 |
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Posted: 15/February/2006 at 3:57pm |
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His acct's can drop you in a heart beat... They aren't obligated to use your service's unless he has signed contract's,,,,,,,,,So make sure he does,,,, Good Luck,,,,,,,,,
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Adwa
Queen of the Board 
Joined: 05/March/2004 Location: Canada Status: Offline Points: 4568 |
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Posted: 15/February/2006 at 5:19pm |
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[QUOTE=fibro] I actually already have a good partime job wich I can make $300 to $400 a week just working two days a week. What partime job do you do..........making that kind of money in two days |
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The Following Statements do not Necessarily Reflect the Views of this Forum Network
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doug
King of the One Liners 
Just My opinion Joined: 31/January/2004 Status: Offline Points: 32711 |
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Posted: 15/February/2006 at 6:16pm |
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Opinons are like A$$HOLES everybody has one?
 Edited by doug |
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Just My opinion
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RealCleanCarpet
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Joined: 29/January/2006 Location: United States Status: Offline Points: 20 |
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Posted: 15/February/2006 at 6:42pm |
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Yeah Doug everybody has one. I think the point is that none of us want to see a guy new to the business get burned or stuck with jacked up equipment and accts that don't exist.
Well at least I don't. Some of you might ;) Edited by RealCleanCarpet |
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MR. STEAMER
True Patriot 
Only in the GTA Joined: 03/March/2004 Location: Canada Status: Offline Points: 14549 |
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Posted: 15/February/2006 at 7:02pm |
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Most times if you buy and owner operators business... when the owner goes so does the business...
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www.mr-steamer.com
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RealCleanCarpet
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Posted: 15/February/2006 at 7:07pm |
Exactly. And then the buyer is stuck with the old owner operators crap that is worn out or on it's last leg. |
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fibro
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Posted: 16/February/2006 at 6:32pm |
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fibro
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Posted: 16/February/2006 at 7:09pm |
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I have seen his books the money is legit even if I was a total idiot and didn't look at the books the bank would not give me the money without them seeing his books. This guy is a friend of mine I porbably would not consider it if I did not already know the guy. Thanks for the input everyone.
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MR. STEAMER wrote:
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