Give me your opinion
Printed From: Carpet Cleaning Forum
Category: Carpet Cleaners Discussion
Forum Name: Carpet Cleaners Hangout
Forum Description: General discussion on anything related to carpet cleaning
URL: https://www.kleenkuip.com/forum/forum_posts.asp?TID=2373
Printed Date: 26/February/2025 at 2:23pm
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Topic: Give me your opinion
Posted By: fibro
Subject: Give me your opinion
Date Posted: 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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Replies:
Posted By: nightrider
Date 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 |
Posted By: fibro
Date Posted: 13/February/2006 at 7:53pm
| 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. |
Posted By: nightrider
Date 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 |
Posted By: RealCleanCarpet
Date 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. |
Posted By: greg
Date 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. ------------- nothing is impossable. it just hasn't been done yet. |
Posted By: John L
Date Posted: 15/February/2006 at 3:57pm
| 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,,,,,,,,, |
Posted By: Adwa
Date 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 ------------- The Following Statements do not Necessarily Reflect the Views of this Forum Network http://www.kleenkuip.com - http://www.kleenkuip.com |
Posted By: doug
Date Posted: 15/February/2006 at 6:16pm
Opinons are like A$$HOLES everybody has one? ------------- Just My opinion |
Posted By: RealCleanCarpet
Date 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 ;) |
Posted By: MR. STEAMER
Date Posted: 15/February/2006 at 7:02pm
Most times if you buy and owner operators business... when the owner goes so does the business... ------------- www.mr-steamer.com |
Posted By: RealCleanCarpet
Date 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. |
MR. STEAMER wrote:Posted By: fibro
Date Posted: 16/February/2006 at 6:32pm
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Posted By: fibro
Date Posted: 16/February/2006 at 7:09pm
| 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. |
Posted By: John L
Date Posted: 16/February/2006 at 7:26pm
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fibro....You could be BS'ing everyone about your post... Are you for real??? I was just wondering at least your first real name... You can get mucho professional info here.. why hide your name...??? There's no shame in my game..... Be Outstanding, John Lettman, Owner/Operator 20yrs.. John's Carpet & Upholstery Cleaning Service's
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Posted By: fibro
Date Posted: 16/February/2006 at 7:29pm
| My real name is nightrider when I tried register it was already taken. |
Posted By: John L
Date Posted: 16/February/2006 at 7:36pm
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Just messin anyways... Like i said no shame in my game. I'm from the USA.. The land of the brave.... Been in your situation but decided to build it myself and get NEW EQUIPTMENT... Think about that.. If you plan on the long haul.... |
Posted By: fibro
Date Posted: 16/February/2006 at 7:49pm
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Posted By: John L
Date Posted: 16/February/2006 at 10:51pm
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Ok he did 70k and wants 29k....with all the acct's and used tools... 29k can buy some nice new equiptment.. even less... use the rest for marketing... new is better... existing acct's are better... darn... tough decision...
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is all you need to start.......lol !!!!!!!Posted By: Adwa
Date Posted: 17/February/2006 at 8:36am
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Fibro...........with a part time job like that.........you are like a KFC on the go. Good Luck with your decision with buying an existing company. Sounds like your putting good effort into checking out different angles before purchasing. ------------- The Following Statements do not Necessarily Reflect the Views of this Forum Network http://www.kleenkuip.com - http://www.kleenkuip.com |
Posted By: fibro
Date Posted: 17/February/2006 at 2:45pm
I have worked for this company for 12 years now 4 years full time and have cooked over 500,000 halves of chicken. Its a great part-time job very flexible should work out well to fill in the gaps for me. nelsonsbbq.com is there website best chicken anywhere if you are ever in nothern Indiana you should try it. |
Posted By: Adwa
Date Posted: 17/February/2006 at 3:15pm
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Fibro Sounds delisous.........The only time I would ever get to Indiana...... is if they have a Hockey Arena..........but if time permits for you.......I would not give up your part time job. Carpet Cleaning is like feast or famin......ups and downs are a constant you can count on. ------------- The Following Statements do not Necessarily Reflect the Views of this Forum Network http://www.kleenkuip.com - http://www.kleenkuip.com |
Posted By: fibro
Date Posted: 17/February/2006 at 3:28pm
| I have no plans of ever giving up my part-time job I enjoy it too much. I get to do some cool events like Norte Dame football games I do a Oktoberfest cook in Chicago lots of other fun stuff. |