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Old 01-28-2008, 07:21 PM
 
24,839 posts, read 33,923,438 times
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Quote:
Originally Posted by crystalblue View Post
actually, I'm not going to be doing this for a while. I'm going to law school, and Im hoping to use some of that lawyer money to invest in a business.
It would have to be a business that requires minimum management...
I have friends that put a lot of time and money in their education. Attorneys and doctors. I make more than them. I have a high school education. I work late April to late November. I am an owner/operator, I would not trust anyone with my business.
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Old 01-29-2008, 05:19 AM
 
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Quote:
Originally Posted by crystalblue View Post
I have nothing in mind.

I'm just looking for examples of a business someone could start, say with maybe 100k, and make a decent profit while also paying your employees a decent wage.
Starting a business with $100k limits what you can do. The paying decent wages part of your equation requires a fairly sophisticated product. That, in turn, rquires major capital investment. On the other hand, if you wanted to start a small retail or restaurant business, the work is significant, you could turn a decent profit, but you would not be able to pay a living wage.

You can easily start a professional business for that amount of investment, but here the owner must have some marketable skillset, i.e., has already invested a great deal in education, training, and experience. But again, if the goal is to provide "a decent wage" to employees, this would not fit the bill either.

When I began years ago, an unskilled son or daughter of an assembly line worker could find such a decent wage and benefit job fairly easily at their parents place of work. Today, you cannot find one without at least a two year college degree at a major (decent wage paying) company. When you start your law firm, besides your partners, you will not be able to offer a significant wage and benefit package and stay competitive.
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Old 01-29-2008, 03:13 PM
 
Location: Papillion
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If the $100k is cash on hand, then you could increase the level of investment if you are open to business financing. I'm in a similiar situation and I'm actually looking at upwards of $500k... the $100k down and the balance potentially financed. My ideal is to find an existing business with a solid reputation and client base - where the owner wants to retire in 2-4 years. Let him exercise his exit strategy by selling to me. He could stay on for that couple of years and just slow down/transition out.
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Old 01-29-2008, 03:53 PM
 
Location: Tampa
3,981 posts, read 9,685,242 times
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Quote:
Originally Posted by Dave1215 View Post
If the $100k is cash on hand, then you could increase the level of investment if you are open to business financing. I'm in a similiar situation and I'm actually looking at upwards of $500k... the $100k down and the balance potentially financed. My ideal is to find an existing business with a solid reputation and client base - where the owner wants to retire in 2-4 years. Let him exercise his exit strategy by selling to me. He could stay on for that couple of years and just slow down/transition out.
that might not be a bad idea.
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Old 01-29-2008, 05:51 PM
 
Location: Boise, ID
1,356 posts, read 5,663,746 times
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Quote:
Originally Posted by Dave1215 View Post
If the $100k is cash on hand, then you could increase the level of investment if you are open to business financing. I'm in a similiar situation and I'm actually looking at upwards of $500k... the $100k down and the balance potentially financed. My ideal is to find an existing business with a solid reputation and client base - where the owner wants to retire in 2-4 years. Let him exercise his exit strategy by selling to me. He could stay on for that couple of years and just slow down/transition out.
This is a good idea. I have started several companies but my business that has been the most profitable and most successful was the one that I purchased from a couple that wanted to retire.

Do a search on yahoo for businesses for sale and you will find sites to browse. You can narrow it down by business type and/or location.
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Old 01-29-2008, 06:47 PM
 
Location: Papillion
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Quote:
Originally Posted by Niners fan View Post
This is a good idea. I have started several companies but my business that has been the most profitable and most successful was the one that I purchased from a couple that wanted to retire.

Do a search on yahoo for businesses for sale and you will find sites to browse. You can narrow it down by business type and/or location.
Also, spread the word amongst bankers, wealth managers, accountants, chamber of commerce, business attorneys. They are the ones that know of that person that's starting to think about an exit plan - before its formally for sale or on the internet.
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Old 01-29-2008, 08:54 PM
 
Location: Papillion
2,589 posts, read 9,788,926 times
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Also, post what you want on the "For Sale - Business" portion of CraigsList.com. I've done that and received 2 emails so far... neither interests me, but they were legitimate businesses in the area (one was looking to sell and the other wanted a cash infusion for expansion so was looking to add a partner).
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Old 02-01-2008, 05:56 AM
 
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Hi, as you can see I'm a newbie here... and at first thought, I second the idea of picking up an established business rather than start something from scratch (not that starting something new is a bad idea, but there may be less risk in taking over an existing operation).

As to what to look for in an existing business, aside from personal goals and interests, you might consider doing a SWOT analysis for the existing company, and go from there.

SWOT = Strengths, Weaknesses, Opportunities & Threats

You can read about doing such analysis to learn its purpose and methods elsewhere, but knowing the "climate" of the business is being able to look at the operation and then if necessary, go about making certain changes or improvements meant to deal with the issues found.

An existing business might be under-performing for a variety of reasons, but if you find one to purchase where insight, cash, and your influx of new ideas, etc. can bring about a turn-around to overcome its "problems" - you might come across a real bargain.

As for paying a decent wage, that's too subjective for me to get into in specific terms but if you can manage to fix a business that's in trouble, chances are good (in some cases at least) you'll be able to increase worker earnings afterwards.

The strategies are as varied as the problems and opportunities you uncover.

PS - whether starting from scratch or revamping an existing operation, you can probably expect it to take two years or more before you'll see any real payoff unless you're really really good, or lucky :-).
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Old 02-01-2008, 07:17 AM
 
Location: Papillion
2,589 posts, read 9,788,926 times
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Quote:
Originally Posted by Dave1215 View Post
Also, post what you want on the "For Sale - Business" portion of CraigsList.com. I've done that and received 2 emails so far... neither interests me, but they were legitimate businesses in the area (one was looking to sell and the other wanted a cash infusion for expansion so was looking to add a partner).

I have received 5 more emails from this approach.

Every email has been legitimate and no spam.

I have said no to most, but do have a lunch meeting set with one of them next week.

What's nice about these is they have expanded what I've thought about. Have been presented with a couple of very unique businesses, been asked to become an investor in one (that's the lunch meeting and I think it might expand to a potential job offer), and have had two rural communities in my state ask if we would please come to their town and buy a business where the owner is retiring (if child was older and I wanted to relocate we would have jumped on one of those).

The CraigsList idea was just a whim with no serious thought - if nothing else than meeting a couple of nice folks and expanding my ideas.
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Old 02-02-2008, 06:42 PM
 
2,541 posts, read 10,622,277 times
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you know what could do:

Start a shuttle service. Find a bedroom community that has a lack of public transit, buy one of the really big Chevy Vans, and shuttle people back and forth between two locations. Preferably those locations are closer than really far away. An example of a good location would be a college town close to a hip metro area like New Brunswick/Piscataway. Actually you could even go out further. A place like PSU at State College PA has lots of silly kids who dream of NYC. You could run a shuttle to and from NYC.

You could be a club promoter. I do not really need any capital for that except for living expenses.

Start a laundromat

Get a private club going, and run a small gambling operation from within. Actually I am not even sure it that is legal? It would have to be a small gambling operation since you only have 100K

If you are going to be a lawyer, I take it you are pretty academic. You can tutor rich high school kids

Or you could start a VOYEUR website. You could film yourself, or approach a hot stripper, exotic dancer, and make a deal with her. You take care of all the expenses except her living expense, and she works on commission.
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