Buying an existing business

jexygirl

COOLTRIKERCHICK wrote: »

If the last owner 'ran off' first of all why? and how did the current owner have hteir trading figures going back to 2008?

That was my first thought... seeing as he has only had it 6 months, and " it makes a nice little profit but not enough for him." plus "There are increased profits during certain times of the year which he hasn't seen yet as he has only owned the business for 6 months"

Why would he sell up when he hasn't seen these apparent profits? Surely, he would get a better price if he had his own books covering those times of year, plus ofc the profit itself.

I'm dubious as to how he got the figures, why the previous owner legged it if it was making a nice little profit, and also why its worth double what he is offering it to you for. Who valued it?

As Paul said, if it's 20k, you need at least 35 - 40k accessible.

As has been said many times before, there are bargains out there, but if something looks too good to be true, it usually is.

Be careful

motorguy

funny how the o/p never came back?

Maybe they were getting answers they didnt want to hear...

COOLTRIKERCHICK

pgilc1 wrote: »

funny how the o/p never came back?

Maybe they were getting answers they didnt want to hear...

I think we have that effect on people:rotfl::D

motorguy

COOLTRIKERCHICK wrote: »

I think we have that effect on people:rotfl::D

Funny, because i always think if it was a robust and viable business idea people would come back and go 'hang on, i'd already thought of that, and heres how i'm going to mitigate the risk'.. but they dont.