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bit of advice needed
greetingsearthling
Posts: 10 Forumite
hi there,
my oh is a mechanic and would like to start/takeover a mot station. We have been looking at all options that we think are available.
* The guy he works for at the moment is in a spot of bother and could lose the business do we wait for this to happen and then take over the business? sounds a bit harsh.
* He knows someone that is due to retire and owns his own mot station and petrol station. Do we suggest that we buy the mot side of things off him
* sell our house (its mortgage free) and borrow £100-£150k on top of this amount to buy a business. the other option i thought of was to use the money from the house to buy the business and try and get a mortgage to buy another property
* keep the house and rent a premises and borrow £100-150k to set up.
hope this make sense, just after a little bit of guidance and any pitfalls with our ideas?
This is all new to me, i have checked the internet for info but keep going round in circles.
Thanks
my oh is a mechanic and would like to start/takeover a mot station. We have been looking at all options that we think are available.
* The guy he works for at the moment is in a spot of bother and could lose the business do we wait for this to happen and then take over the business? sounds a bit harsh.
* He knows someone that is due to retire and owns his own mot station and petrol station. Do we suggest that we buy the mot side of things off him
* sell our house (its mortgage free) and borrow £100-£150k on top of this amount to buy a business. the other option i thought of was to use the money from the house to buy the business and try and get a mortgage to buy another property
* keep the house and rent a premises and borrow £100-150k to set up.
hope this make sense, just after a little bit of guidance and any pitfalls with our ideas?
This is all new to me, i have checked the internet for info but keep going round in circles.
Thanks
0
Comments
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All of these ideas need detailed planning and advice. You'll need to invest some money in business valuation(s) and decent advice from an accountant. The main pitfall is you do it half-cocked and buy a dog, losing you all your money. Be careful!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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With all the petrol stations going out of business at the moment be very careful what you are buying. If the MOT business is a bigger part of the income then that may be better but petrol retailing isn't something to make a fortune on.Remember the saying: if it looks too good to be true it almost certainly is.0
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