Post by mjderstine on Jul 21, 2015 18:00:17 GMT
Hello fellow hackers.
My name is Michael and I met Toni a couple months ago at the DC AwesomeCon. After talking with her at length, I am finally making a huge change in my professional life. I won't go into the details yet as there are so many to list. It involves something I have been passionate about my entire life, have an affinity for, and could never consider work. An opportunity is staring me dead in the face to purchase a small, yet successful business with room for growth. It has a proven track record, and a large customer base, not to mention all the support from partnerships with other vendors.
Ok, so much for not going into details because I am about to, and I'm stoked. My passion since childhood has been remote control vehicles of some sort, airplanes, gliders, trucks, etc. In the last 5 years I have concentrated primarily on RC trucks that custom are built to represent full scale trucks down to drivers and full interiors. I make them myself by silver brazing steel together to make the all the cage work. One of my very close friends started a business about 4 years ago and has grown it into a respected and goto place for after-market parts. He has always talked to me about going into business with him as an investor, but the time was never right, or some other excuse. Now he has made me an offer I can't refuse for about half of what he originally asked for. I would get the name, website, all existing stock, and existing supplier contacts/contracts. (he is selling because his custom vinyl sign business is exploding and he doesn't have time for both. plus he needs to buy a $20k printer)
Anyway, I need to make a decision by the end of August, and I am about 75% committed mentally. My thing is what kind of information should I be asking for from him to protect myself from this. It is not a large investment, but still is a risk.
I can go into more details about some of the finances if anyone is interested, but right now I was looking for some advice on what questions to ask him when we get on the phone to talk about this.
thanks all for the help and support in advance.
feel free to just respond in this thread with any advice.
My name is Michael and I met Toni a couple months ago at the DC AwesomeCon. After talking with her at length, I am finally making a huge change in my professional life. I won't go into the details yet as there are so many to list. It involves something I have been passionate about my entire life, have an affinity for, and could never consider work. An opportunity is staring me dead in the face to purchase a small, yet successful business with room for growth. It has a proven track record, and a large customer base, not to mention all the support from partnerships with other vendors.
Ok, so much for not going into details because I am about to, and I'm stoked. My passion since childhood has been remote control vehicles of some sort, airplanes, gliders, trucks, etc. In the last 5 years I have concentrated primarily on RC trucks that custom are built to represent full scale trucks down to drivers and full interiors. I make them myself by silver brazing steel together to make the all the cage work. One of my very close friends started a business about 4 years ago and has grown it into a respected and goto place for after-market parts. He has always talked to me about going into business with him as an investor, but the time was never right, or some other excuse. Now he has made me an offer I can't refuse for about half of what he originally asked for. I would get the name, website, all existing stock, and existing supplier contacts/contracts. (he is selling because his custom vinyl sign business is exploding and he doesn't have time for both. plus he needs to buy a $20k printer)
Anyway, I need to make a decision by the end of August, and I am about 75% committed mentally. My thing is what kind of information should I be asking for from him to protect myself from this. It is not a large investment, but still is a risk.
I can go into more details about some of the finances if anyone is interested, but right now I was looking for some advice on what questions to ask him when we get on the phone to talk about this.
thanks all for the help and support in advance.
feel free to just respond in this thread with any advice.
