If you were to buy an existing business what would it be and why?
Discussion
Bagel shop. Everyone loves Bagels and breakfast sandwiches
I've got onion bagels, smoked salmon, cream cheese and chives ready for lunch tomorrow 💜
There you go nostr:npub1lck4ea3wjk4tgxds0dhc57m4609nqeh6ufwxk39vurulxrzexq7ssjg5k4 already got your first customer
Nothing better then some lox and cream cheese on a bagel
My uncle was a bagel monger. The hours are brutal. EArly fuckin dough bakes and flour lung. Like working on oil rig (ok not so bad)
My grandfather was a baker during the second world war:
That's awesome. I love how you have all of these old relics from your family to share. I have basically nothing physical connecting me to my past other than my Paps gold cadillac necklace. that I basically never take off.
Very similar. He was OG.
Nice 💜
Ya I never knew someone who commanded so much respect from his community. He was a pillar of the community and took care of his family. A real chad.
You must be very proud.
I never even thought about whether I could be proud of him, he's so above me in my mind, but yes, I am proud of him, he lived an excellent life and had real honor.
I never knew your Uncle, but we've had some interactions on here and I'm pretty certain he would be proud of you.
That's nice of you to say Mike 🫂 It's easier to be good online because its easier to think before you act..fwiw.. But, for the record, I was talking about my pap(grandpa) just now re: cadilac, etc. But yes my still living uncle is right up there in esteem from my perspective.
You should consider starting a business yourself, it's yours, you understand it completely, you are in control from day 1 and there are no hidden surprise, which there always are in somebody else's business.
That’s true but the failure rate of new businesses is over 90%.
True, but my failure rate of purchased businesses is 100% 😂
I bought a company called Ellion in 2008 which was a software development company and PR marketing agency.
It turned out the guys that ran each side of the business hated each other. I couldn't fix it, so I got rid of the software guy and took over that role myself.
It turned out the PR guy got bored as soon as he didn't have anybody to fight so that side of the business declined at rapid pace as well as my side as I was trying to take over personal relationship based contracts.
I ended up selling it to the former co-founder who had also left due to personal conflict.
Due diligence doesn't tell you about human relationships 😂
Thank you for sharing there are some good lessons in there.
I read a book called buy then build and it talks about the opportunities of buying existing businesses because the boomer generation is retiring and they own the most businesses so there is potentially a huge opportunity. But you are right there are risks with it as well and the relationship based part is an excellent point.
I don't know what country you are in, so I have to use UK based frame work, but some tips for buying businesses.
Don't be afraid to buy a company making losses, they can be offset at a later date against profits you will hopefully make.
In the UK, we have a system called pre-pack, it is a method of buying the assets, but not the liabilities of a failed company, this can be very useful and a very economical way of acquiring a company.
https://www.begbies-traynorgroup.com/pre-pack-administration
Up till Covid, I was a tech investor and owned an incubator which invested in over 300 private companies and I have invested in a further 26 public companies.
I decided a long time ago to blog about my life as an investor to give founders an understanding of investors. This blog still exists and you are welcome to read the articles on my website (scroll past the Bitcoin book bit). Also, you'll see my evolution as a Bitcoiner, again feel free to ignore those articles.
Thanks Mike. I will look through when I have some free time
I would buy a car mechanic shop in El Salvador. Those MFers are printing money down south.
