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major blow :-(

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  • major blow :-(

    oh boy -

    well this has been going on for about a month now - i had posted about a shop for sale that i desparately wanted but was unsure if i could do on my own. i called a groomer friend for advice (she has owned a shop before), and immediatelly she wanted to go in on it with me - things were PERFECT - too perfect. she lives about 2 hours from me and had visited several times to see the shop, meet the landlord, accountant, current owner etc. We were ready to open a bank account at the end of the week and purchase by june 1 at the latest.

    i thought this was in the bag (we picked out paint colors!) .... but then last night she calls me and says she can't get a loan ... and her family is having second thoughts .... blah blah blah --- all of which i thought was on the table & discussed already!!!!

    i cannot believe this. so this is where i am right now ... & i need hugs! at this point i am not calling it quits - i left a message with an old friend who may have an interest ... but i really just do not think i can handle this on my own. it's a beautiful shop & large client list - but major overhead. what do i do????

  • #2
    That hurts Sorry.

    The one thing that I did notice on your post is that you did not mention either an attorney nor an accountant. Sure these cost money but a partnership needs these folks long before the purchase of a business. You may have found out sooner just how committed your friend really was.

    Will the shop owner sell on a lease purchase? If it is a big shop is the help staying on? Would they be interested in a partnership?

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    • #3
      Originally posted by Dexy View Post
      That hurts Sorry.

      The one thing that I did notice on your post is that you did not mention either an attorney nor an accountant. Sure these cost money but a partnership needs these folks long before the purchase of a business. You may have found out sooner just how committed your friend really was.

      Will the shop owner sell on a lease purchase? If it is a big shop is the help staying on? Would they be interested in a partnership?

      forgot to add that - we do indeed have an accountant and attorney on board - our corporation was going to be set up by friday of this week - that is already paid for.

      and yes, although i am heartbroken to be 'left at the altar' i'm glad to know this now rather than a year from now.

      it's a little scary now to try & do this again with a partner - but i have one friend in mind. currently there is just one groomer employed at the shop - room for 4-5 groomers. i just feel that my skills as a groomer are not strong enough to be critiquing or training others yet.

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      • #4
        Will You be loosing money if you buy this shop by your self. You could always hire an experianced groomer. And have them as an employee this would be far more profitable than having a partner to share the profits with. This could be a blessing in disguise. If you can get the loan in full then go for it. Be rich while your ex-almost partner regrets her actions. Hire a manager or an experianced groomer. Pay them 50% or hourly. Win win!

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        • #5
          partner

          Take it from someone who had a very bad partner experience, do it by yourself. You will be fine. Talk to your accountant and work it out. Of course you can critique others' groom, you can also have them critique yours, it is just an exchange of ideas out loud. I try to run my shop as a very low-key leader and it works very well, I have had to throw my power around just enough for everyone to know the buck stops here, otherwise I am an employee of the corporation, especially when we are grooming. You will never regret finding a way to buy this shop on your own. If you can not maybe this is not the shop you were supposed to buy. If you would like anymore specific advice (from the queen of bad partnership, and bad character judgement) you can pm me.

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          • #6
            partnerships

            Just say no! almost everyone that i know of that has had a business with a partner, has regretted it. I'm not saying there are no good partnerships out there. I just don't know of any. And if you go in with a friend, be ready to lose the friendship. That's what i have seen first hand. It was probably a good thing that this happened. Don't worry.

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            • #7
              Did you try for a loan from the small business association? Do you have a business plan all written out with three full years of sales projections, cash flows, income profit and loss and balance sheets?

              The Sba give low interest government guaranteed loans to small business and has special programs just for women.

              In Connecticut where I am I had to take a Small Business Administration Comprehensive course before being eligible for the loan.

              Check into it and you may be able to strike out on your own but it would just take a little bit longer than you planned.

              Also did you write in a earlier post that the business was or had just recently lost a lot of business? Or was that someone else?
              So maybe while it's taking longer to check out a loan you can see if you can start re-building the clientele.

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              • #8
                Come to me

                Hey I need help and would like to work my way out in a year to 6 years. Come see me [email protected] a number we can talk

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                • #9
                  Don't do partners. You will regret it quickly

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                  • #10
                    wow this is an overwhelming - don't do a partnership! maybe it is actually a good thing she bailed out.

                    i really like that point about simply 'being an employee within the corporation'. i am a leader to some degree - but definitely not the strong & powerful, typical boss type. but looking at it from that perspective gives me a lot of hope.

                    my mother is willing to help me out fully with the financial side of things (business purchase price / cosigning lease / and startup costs)... so it is definitely doable. i was more concerned about being overwhelmed with the cost of overhead in the long term - but currently they are getting by with just one groomer & 1 bather. i live at home and have very little expenses - if i could just break even for a year i'd do it - which i think is very realistic.

                    i just feel a little young and inexperienced to be jumping in to this - but i know this is my dream & an opportunity that i cannot pass up.

                    the information from you guys is invaluable - thank you so much.

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                    • #11
                      You were blessed to know now.....

                      Partnerships even with family can be very tricky....so I have heard. I think it may be for the best to try to go it alone. Natch, if you have not yet read from problems to profits you should. I don't even own the book yet but would get it in a hurry if I were in your situation.

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