Self / Employed Pros and Cons

[illmonkey]

jovial said:

Thanks for the advices lads, gives me a bit to ask him and a bit to think about.

I know he wouldn't try to diddle me over and wouldn't tell me rubbish.

I am aware that all the online orders would go to the new shop, but what I was thinking is that initially I use his stock and once I sell his, buy my own with the profits, separating myself from that credit line as soon as I can, not that that initial helping hand wouldn't be appreciated. Then I would continue on my own, slightly changing the focus of the shop and possibly changing the name. Obviously I would offer to pay rent at this point as it would no longer be his business runing from his premises.

I would ask to see some accounts and everything before signing on the dotted line as such.

Helllooooooooooooooooooooooooooooooooo.

Took on business from family friend, he died, got lumbered with a lot of debt. It happens, get used to it!

Just be careful.

[StevieBee]

jovial said:

Sorry, if this appears rude.

Blimey, you are new here. Apologising for rudeness ! ? - that will soon be knocked out of you my boy!


Aside from the wise words of others, I'd add that you have the advantage of age. This needs to be taken into account.

If you go for it but it all goes belly up, you have lost little other than time but gained a lot of experience that you would not otherwise get.

If you go for it and it works, you'll benefit from wealth to a higher level far sooner in your life than you might otherwise attain.


It is proven that propensity to risk diminishes with age so do think about this at the same time as you think about the practicalities.

[jovial]

Thanks for that,

I do understand the difficulties of working with family and such like and understand the risks and as the previous poster has said, I am young enough to have a go and if it doesn't work I can come back to employed work with the experience that it's not for me.

Thanks, Jovial

[Eric Mc]

Sour Kraut said:

Eric Mc said:

Don't take his word for it. Find out on what basis the shop has no rates liability.

It is very unlikely that a retail premises is exempted from paying business rates.

When acquiring a business from someone else, there is a process known as "due dilligence" i.e. the purchaser does as much as he can to independently verify the assertions of the seller. Merely taking a seller's word for things is just plain dumb.

I presume you are at the very least going to ask to see sets of accounts covering at least three year's worth of trading - preferably accounts prepared by an independent and qualified accountant.

When he said 'none', I think he just meant that his BiL will be picking it up.

That could very well be the case, but a residential tenant should not be paying a landlord's business rates.

Anyway, the important thing is that the OP finds out for sure what the situation is.