Procure an established Business

Tommyturf

Hi All,

Stuck in the habitual of the mundane career. Always longed to start/own my own enterprise but hasn’t got off ground yet. Thinking of reaching out to Accounting practices around to see if there are any solid business coming up for sale or takeover by someone like me who has capital and drive. Is this a good idea? Any business line would be considered, better again if small family business that’s ripe for takeover by outsider for whatever reasons. Cheers

Die Hard 2019

What type of business? Goods or services? How many staff, are you buying a premises or renting it or re location?

Tommyturf

Any idea or line of business considered, better again if it was a long handover esk scenario...whereby I’d go in and work alongside an owner, learn business and have already invested capital. Cork area

Die Hard 2019

Tommyturf wrote: »

Any idea or line of business considered, better again if it was a long handover esk scenario...whereby I’d go in and work alongside an owner, learn business and have already invested capital. Cork area

If it was that easy everybody would be doing it.

Bandara

Tommyturf wrote: »

Any idea or line of business considered, better again if it was a long handover esk scenario...whereby I’d go in and work alongside an owner, learn business and have already invested capital. Cork area

With respect. Business is very difficult to make proper money at.

And going in cold to a business you know nothing about, is only going to end up one way.

It’s simply foolhardy to think otherwise. Stick to what you know and what you have a proven skill set at. I’ve some businesses that I can sell you, but you would lose hundreds of thousands at them as they require specialised experience and years of knowledge so it would be unfair to do so.

Pick an area of trade/expertise, work 90 hours a week in that area for 5 years and then open your business.

Sadly, the easiest way to make a small fortune is to start with a large fortune and watch it dwindle

Good luck with it.

jimmii

Unless you have industry experience and have some experience running a business then you are probably better off investing the money in something hands off. The learning curve is absolutely huge. If you did go down this route the first thing to do would be to find someone to run it with you who really understands the business it will make life a lot easier for you. Going in cold you will need at least a full year to start to understand the flow of the business as every business is seasonal to some extent and then after that you'll need an awful lot of luck!

How old are you? If you're honest with yourself is there a reason why you've never done something entrepreneurial before?

Tommyturf

Mid 30s, just done normal average school leaver thing, college then working since, with small bit farming along the road and still farm albeit at hobby level

jimmii

Tommyturf wrote: »

Mid 30s, just done normal average school leaver thing, college then working since, with small bit farming along the road and still farm albeit at hobby level

Do you have any interests or skills that would be beneficial business wise? It would be best to focus on these. If you just went into any random business you had no interest in you may well find yourself just working a different job you don't really enjoy.

antoinolachtnai

It sounds to me like you need a change of career.

The sorts of acquisitions you are talking about are more likely to happen by the current owner selling to an employee or group of employees or else a 'trade sale' to an operator in the same sector.

The reason they are going to sell to employees rather than similarly qualified outsiders is the level of trust involved. Also these businesses typically don't typically want an influx of capital for investment purposes if they are healthy. They want the influx of capital to support the owner's retirement.

Getting involved with a family business with the expectation that they will sell it to you is likely to lead to a very demoralising experience.

Tommyturf

Thanks for above advice lads, maybe I’m dreaming and just need career change. Sound ��

mariopepper

Tommyturf wrote: »

Thanks for above advice lads, maybe I’m dreaming and just need career change. Sound ��

Maybe you shouldn't change the career and just use your current skills in your area to create similar business. What service can you provide with your knowledges and desire?

searay

Tommyturf wrote: »

Hi All,

Stuck in the habitual of the mundane career. Always longed to start/own my own enterprise but hasn’t got off ground yet. Thinking of reaching out to Accounting practices around to see if there are any solid business coming up for sale or takeover by someone like me who has capital and drive. Is this a good idea? Any business line would be considered, better again if small family business that’s ripe for takeover by outsider for whatever reasons. Cheers

Hi, I advise a lot of owner-managed businesses on selling their businesses and succession and in my experience it can be very hard to find a suitable buyer for some of them.

Many of these types of businesses are very dependent on the owner and if somebody with management experience, some capital came in and was willing to learn, it would be a good option for them and the seller.

Obviously the closer the business is to your experience levels, the better the fit.

Tommyturf

searay wrote: »

Hi, I advise a lot of owner-managed businesses on selling their businesses and succession and in my experience it can be very hard to find a suitable buyer for some of them.

Many of these types of businesses are very dependent on the owner and if somebody with management experience, some capital came in and was willing to learn, it would be a good option for them and the seller.

Obviously the closer the business is to your experience levels, the better the fit.

Fact, there are suitable businesses out there and the key work is a "fit" are you an accountant by any chance...anything suitable on the books at the moment? thanks

What are peoples opinions on franchising?
I know not all franchises are created equal but would they be a halfway house for the OP to start and build a business without committing 100% of their time and money up front?