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raffle my business for 100.00 euros.

  • 02-10-2010 04:52PM
    #1
    julies boy
    Registered Users, Registered Users 2 Posts: 39 ✭


    Finding genuine buyers to buy my business equipment and Van . Am leaving the business for health reasons. Had a brain storm today - what if I sold 300 tickets at 100.00 euros each and raffled the lot off. All due above board . The equipment alone is worth 70,000 k, all I wish is to clear a bank loan.

    Would be interested to put some feelers out before I actually turn this idea into partice.

    looking forward to any response.


Comments

  • #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    what's your business?


  • #3
    julies boy
    Registered Users, Registered Users 2 Posts: 39 ✭julies boy


    Drainage business - (like DynoRod).


  • #4
    MidlandsM
    Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    julies boy wrote: »
    Drainage business - (like DynoRod).

    DURTY! ;)


  • #5
    Boom Boom
    Registered Users, Registered Users 2 Posts: 240 ✭✭Boom Boom


    Have you approached dyno-rod (or others in that industry) about purchasing the equipment of you they might also be interested in your client database for there own growth purposes


  • #6
    Cianos
    Registered Users, Registered Users 2 Posts: 4,850 ✭✭✭Cianos


    Finding 300 people to part with 100 euro would probably be a lot harder than finding one person/company that would part with 30k.


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  • #7
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    You will have to get Court permission to hold the raffle. Also Revenue might have an interest. All of which will cost you. But then whats a few grand out of €300,000 ........


  • #8
    mikemac
    Closed Accounts Posts: 19,969 ✭✭✭✭mikemac


    Ah people will assume it'll be like a Father Ted raffle

    300 people buy tickets and wouldn't you know, the OP's brother or family relation wins ;)

    You say it's all above board but can you convince 300 skeptical people?


  • #9
    mikemac
    Closed Accounts Posts: 19,969 ✭✭✭✭mikemac


    Kristopherus wrote: »
    But then whats a few grand out of €300,000 ........

    It's 300 tickets at 100 euro each, so 30,000

    Not 300,000 :D


  • #10
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    Lower it to €20 a ticket and you might sell them all, but I doubt it. I wouldn't part with €100 for odds of 300/1, plus I'd want to see your books first.


  • #11
    Joey the lips
    Registered Users, Registered Users 2 Posts: 10,262 ✭✭✭✭Joey the lips


    Kristopherus wrote: »
    You will have to get Court permission to hold the raffle. Also Revenue might have an interest. All of which will cost you. But then whats a few grand out of €300,000 ........

    I was hopeing someone would point this out...:)
    feelingstressed wrote: »
    It's 300 tickets at 100 euro each, so 30,000

    Not 300,000 :D

    Then i was not too sure weather to thank it or not cause of the mistake.






    Just for interest.... To sell 300 raffle tickets you would want 30,000 people at least....because i dont imagine they will sell easy

    then again that perhaps is why the business is for sale.... Hummmmm


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  • #12
    bungler
    Closed Accounts Posts: 831 ✭✭✭bungler


    How would you view your books?


  • #13
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    Kristopherus wrote: »
    You will have to get Court permission to hold the raffle. Also Revenue might have an interest. All of which will cost you. But then whats a few grand out of €300,000 ........

    The Gaming and Lotteries act covers covers all pure raffles.You can legally get around that by attaching a question to it i.e the winner has to answer a question. The question is usually so simple that the draw winner is guaranteed to know the answer.

    Check out any of the half dozen house raffles that estate agents have run over the past 18 months for guidelines.

    Good luck and please let us know how it pans out.


  • #14
    MrDarcy
    Closed Accounts Posts: 585 ✭✭✭MrDarcy


    Cianos wrote: »
    Finding 300 people to part with 100 euro would probably be a lot harder than finding one person/company that would part with 30k.
    Kristopherus wrote: »
    You will have to get Court permission to hold the raffle. Also Revenue might have an interest. All of which will cost you. But then whats a few grand out of €300,000 ........

    You should apply for a job in the Dept. of Finance with those kind of analytical abilities! :D:D:D


  • #15
    PhatPiggins
    Registered Users, Registered Users 2 Posts: 4,881 ✭✭✭PhatPiggins


    MagicMarker wrote: »
    Lower it to €20 a ticket and you might sell them all, but I doubt it. I wouldn't part with €100 for odds of 300/1, plus I'd want to see your books first.

    If he lowers it to €20 then he'll need sell 500 tickets to meet his targeted amount. Your odds will be 500/1 so you'll be no better off. If you genuinely want to win then you're mathematically worse off.


  • #16
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    PhatPiggins wrote: »
    If he lowers it to €20 then he'll need sell 500 tickets to meet his targeted amount. Your odds will be 500/1 so you'll be no better off. If you genuinely want to win then you're mathematically worse off.

    That was kinda my point.


  • #17
    PhatPiggins
    Registered Users, Registered Users 2 Posts: 4,881 ✭✭✭PhatPiggins


    MagicMarker wrote: »
    That was kinda my point.

    Its a hard one to call. Would he find it easier to sell 300 @ €100 to people who genuinely want to win it or 500 @ €20 to people who will give it a go just for the sake of it. I'd be inclined to think the latter myself, the people who really want it can always buy numerous €20 tickets.

    I'd be interested to see how it pans out


  • #18
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    julies boy wrote: »
    Finding genuine buyers to buy my business equipment and Van . Am leaving the business for health reasons. Had a brain storm today - what if I sold 300 tickets at 100.00 euros each and raffled the lot off. All due above board . The equipment alone is worth 70,000 k, all I wish is to clear a bank loan.

    Would be interested to put some feelers out before I actually turn this idea into partice.

    looking forward to any response.

    <sigh> :rolleyes:


  • #19
    bigneacy
    Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭bigneacy


    Would you not just sell the equipment instead of all this rigmarole? If the equipment is worth €70,000 as you say - then sell it for half price and you'll be up €5k. Plus you could probably sell the van and whatever else the business owns for another 5-10k depending on its value. Seems a lot easier than a fecking raffle!

    Or offer the entire business for sale either to a competitor or on the open market. Even if the business is completely fecked, the client database and equipment would surely be worth more to someone that the cost of the acquisition? :confused:


  • #20
    padser
    Registered Users, Registered Users 2 Posts: 2,375 ✭✭✭padser


    julies boy wrote: »
    Had a brain storm today

    that's one word for it all right... :p


    Seriously for all the reasons mentioned - this really isn't a runner


  • #21
    PhatPiggins
    Registered Users, Registered Users 2 Posts: 4,881 ✭✭✭PhatPiggins


    stepbar wrote: »
    <sigh> :rolleyes:

    Great contribution right up there with your usual sermons


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  • #22
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Hmmm... If you think this is a "great idea" well I think you really need to have a wee chat with yourself.... It really sounds like an act of desperation. I mean if the op cannot sell the business / equipment without resorting to a "raffle", I would question whether it's worth SFA to start with. It's guys like the op who give professional businessmen/women a bad name.


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