Trying to sell off my business for past 6 years. Need Advice small business |
- Trying to sell off my business for past 6 years. Need Advice
- Can I Take Stripe Payments In An Unsupported Country Using Revolut/Payoneer?
- I went through a lot of personal changes over the last 4 years while simultaneously opening my own business; I'm looking for advice, guidance and help with figuring out the last piece of this puzzle.
- Automotive shop in flux. Need advice from business owners with experience over 500k annually.
- New Employee Contract?
- Recommendation for on-demand field rep scheduling websites/software?
- Hit rock bottom due to civil unrest, things are better now, where do I start?
- Any UPS store owners here? Few questions
- Credit Card for my US business – non US resident
- What's your business problem? Share With us!
- How do I find an active partner that wants to dive in with me, what resources are out there?
- How to be prepared to leave an LLC, North Carolina.
- Mobile detailing
- Tracking inventory after it has sold?
- Is community management a good idea?
- Receiving pre-payment just before fiscal year end - is that profit?
- Need help tracking employees hours as supervisor
- Anyone willing to share their billboard advertising experience?
- Anyone have experience manufacturing with carbon fiber?
- How much should I spend on rent?
- Any recommendations for bookkeeping software for small businesses?
- Phoenix business for sale, could use some help or advise
- If You Were Going to Buy a Small Business in the Price Range of $500k to $2mm, Which Industries Would You Be Looking at?
- Am I overreacting? I am furious at an employee of my supplier.
| Trying to sell off my business for past 6 years. Need Advice Posted: 08 Nov 2019 01:49 AM PST I have inherited business when my dad passed away. I had good job and had to fly in another country and unknown business which was purely for emotional reasons. The business has huge debts which I was not aware and had to work my arse off to get ti off the ground. My dad used to steel fabricate for government and construction, I changed my the business model to low revenue and high margin, good cash flow business. My dad had problems with cash flow due to delayed payments from government and suppliers, I changed to multiple customers and cash on delivery to reduce risk. I overturned the company and had 5 years of continuous growth and profit. I did not want to stay long in this business as my heart was somewhere else so I started promoting to sell, got some business brokers. Got just 2 LOI in 2 years which did not go anywhere. I started cold calling potential acquirers and posting more ads getting leads but not going anywhere. My broker says though business is cash positive and good standing the revenue is below 1 milion dollars and that is reason it is not attracting major buyers. My question is what other ways can I solicit and get good for potential buyers? Business is located in good cosmopolitan city in Asia . I have tried posting in business for sale ads in many leading sites, soliciting via brokers and cold calling. I am now trying to post via google ads and see if it would work out. What would be alternate plan should I not get any buyer? I want to take some cash out. Any advice would be appreciated [link] [comments]  |
| Can I Take Stripe Payments In An Unsupported Country Using Revolut/Payoneer? Posted: 08 Nov 2019 01:19 AM PST Hi there! I'm in the process of launching my business (weight loss program created using wordpress, woocommerce and thrive architect) and I would like to replace the whole cart experience of woocommerce with ThriveCart. The problem is, however, that these guys only support Authorize.net, Stripe, and PayPal integrations. I have PayPal, but I'd like some way to process credit cars payments too. Authorize.net has some awful reviews + a $25 monthly fee that make me want to avoid it, and Stripe seems to be the holy grail of payment processors for most people. However, Stripe isn't supported in my country and I was wondering if it would be safe/legal/possible to connect Stripe to Payoneer or Revolut and use it that way. I tried emailing Stripe on the matter, but I've been pushed towards Stripe Atlas which also involves some tax fees that mightn't be suitable for the stage of my biz. Do any of you guys have any experience with these connections? Is it a risky path to take? [link] [comments]  |
| Posted: 07 Nov 2019 09:04 PM PST Hello! I apologize in advance - this will probably be a long one. I'll try my best to give a TL;DR. I feel like it is necessary to explain my past a bit and how I got to now in order to properly ask what I need help with, and that includes a bit of my personal life. I'm also going to try and keep this as anonymous as possible, I guess I have some personal hang ups with airing all of my business out there for the world to see, but I'll try my best to be specific as I can about what I do. So about 10 years ago in the aftermath of the housing crisis I was looking for work and I accidentally started down a career path which has lead me to owning my business today in that field. It was kind of a dream job for me at the time - I just didn't think it was something I could make a living with, so I was ok at first making as little as I did because I was young and didn't mind making peanuts to do something I loved. I don't want to be too specific, but lets just say i work in a specialized automotive repair field / fabrication industry. There isn't too many people who do that I do, so pay sucks, you have to work under the table for years, earn your stripes, do the jobs nobody wants to do, etc, etc ... it's tough. A few times over the years I stepped away, hated whatever else I was doing and then came back. It was one of the first things in my life that I enjoyed doing and came to me as second nature. I've worked for some great people in great shops but that all changed when I moved to the town I currently reside in. I guess this is where I'll bring my personal life into this a bit. Over those years while I was learning and growing, I wasn't the best human. I didn't do anything absolutely regretful or harming, but I wasn't taking care of me or the others around me. I had a fuck-it-all attitude out of high school and that I carried into my 20's right through until my early 30's. Several things happened which I wont get into here, but I got sober (and still am!) and moved. When I got here I was kind of lost, I needed to redefine who I was, and I decided to leave my industry behind and move into something more traditional. That lasted ... about 3 months. First off, when I got here I had to find a garage space to store my tools and parts. I found a community space with just enough room for my things for storage. Well, apparently there was no one in my town who did what I do, at least not well. When word got out that I was here, I started getting calls. I had just enough room to do some work, and as the months went on I was given the opportunity to swallow up more space as people moved on. I was trying to find work elsewhere, but when your phone is ringing, you pick up. so in a 4 month span, high off of my energy to start my life over, I filed for my LLC and started taking work in, started renting more space. I hit the ground running with the money I had from selling most of my things in the move - it wasn't much, but enough to build a website, buy some bigger pieces of machinery and pay rent while I established myself. That was 3.5 years ago. Business picked up at first and I was making decent money for someone who was used to making money under the table. I took an apprentice at one point, and that was great / enlightening. I have a steady customer base that grows every year, happy people, good friendships, happy and satisfied customers. I should add here that people in town know who I am - I've become somewhat of a face in the community, at events. Maybe I'm bias, but I honestly believe that people genuinely like supporting me - these see me as this grassroots business owner who is doing it himself. At about the two year mark, I wasn't happy. Bills were piling up. my slow season hit, I was sad and overwhelmed. I quickly realized that when I moved here and got sober, that instead of drinking, I filled that hole with work. I wasn't taking care of myself. I was in the shop too much, again not paying attention to those around me. So, I made a decision to go part time with the business and go and get a full time gig. I got a 9-5, paid my taxes, health benefits, paid vacation, the whole nine yards. I changed my diet, started going to the gym for the first time in my life, started a martial art, started getting proper rest. I started treating myself well. I'm in the best shape of my life, treating myself better than ever. I just hated my job. I hated punching a clock for someone else. So I quit and started doing what I love again. That was this past May. I made peace with a lot of things, I understand this is a job now. I leave at 5 and go to the gym. I make sure I eat lunch. i don't text customers back at 11:30 when I should be hanging with my partner. Now we come to the problem that I'm hoping you guys can help me with. I'm going to be as honest as possible with this - part of me not taking care of myself - besides the booze and pizzas - was the fact that I am TERRIBLE with money. I want to be better. I've tried budgeting. I've tried quickbooks and accounting software ... im just bad. I don't even know where to begin. My saving grace here is that I never took a loan or an investors money. I have maybe 4k in CC debt that I pay 4x the minimum on monthly and only add to it in emergencies. But money comes in cash, it goes in my pocket. CC payments i process through quickbooks, and end of year I pay myself nothing essentially and write off as much as I can. I usually operate with little to no money in my account, job to job. No savings. no reinvestment. when rent day comes, I'm sweating. I'm a great wrench but awful accountant. I feel like a huge part of my problem is that the money is coming in, but because im not allocating it properly I spend time fixing things or using this job to handle something else, or just feeding myself. If I want to grown and taking in bigger jobs I need more tooling, I need inventory, I need advertising. My credit score isn't great (read: fuck-it-all attitude), so I don't think a loan or line of credit is going to happen. Tax wise I think I'm good, I do my best to pile all my quickbooks data together and file that way, my expenses are so high but then I know that isn't going to help me get a loan ... I honestly have no idea. But I'm sick of living job to job, not being able to take even a few days off or go home and see my family. Something needs to change and I'm willing to make the effort I just don't even know where to begin. Thank you if you have made it this far! That's my story and any advice would be appreciated. books I should read? should I take a small business course? save and hire a CPA? business loan or no? I'm just so overwhelmed and I know I can do this - it isn't from a lack of potential business - it's just me breaking out of old shitty habits or lack there of. I'm just getting discouraged and I'm finding it hard to WANT to work when I feel like I'm under water. Thank you again!!! TL;DR: mechanic/fabricator started a business, stepped away to better himself in his personal life and came back to it. Overwhelmed with financial difficulty and needs guidance on how to right the ship. [link] [comments]  |
| Automotive shop in flux. Need advice from business owners with experience over 500k annually. Posted: 07 Nov 2019 08:00 PM PST Hi everyone. I run an automotive shop in a large North American city. Gross sales 1.2m. 4 tech staff, 1 sales staff, plus 2 owners who play both sides wherever needed. 2 city locations are operated by the same crew based on bookings. Monthly payroll is 32K Monthly bills are 13K Supplies are up and down. Average 20k. Business is seasonal. Drops as much as 70% from January to February. 2 major product/service lines. 1. Accounts for most of the profit and sales. 2. Beset by constant re-work, but still slightly profitable. Have experimented raising and lowering prices. We seem to be at market stability. Last winter we had to take out 100K loans to get through. This will be paid off by end of this year. I have whittled down spending a lot, but we are still barely squeaking by and I'm crumbling under stress. Any ideas from experienced folks would be appreciated. [link] [comments]  |
| Posted: 07 Nov 2019 08:44 PM PST Hi! [link] [comments]  |
| Recommendation for on-demand field rep scheduling websites/software? Posted: 08 Nov 2019 02:53 AM PST My business has mechanics that work in the field repairing cars. I don't have enough work to justify paying $50 monthly for apps like HouseCall Pro but it would be nice to have. Anyone have any suggestions? [link] [comments]  |
| Hit rock bottom due to civil unrest, things are better now, where do I start? Posted: 07 Nov 2019 02:01 PM PST I have a small replica oil painting business, selling hand painted replicas of famous/well-known paintings. Business was good until we had protests and unrest in my country a few years ago and as you can guess the market for those things completely died. Anyway, things are better now (in the country in general) and I have a large stock of paintings (around 250 pieces of varying sizes and prices) but I don't have a gallery anymore. I am considering ways to start selling again. I tried social media ads (instagram and facebook) to revive business with 0 success. I thought about maybe going to hotels to try to sell in bulk (?), any ideas about where I should be trying to sell or any ideas in general to initially offload this stock and maybe even start buying and selling again? [link] [comments]  |
| Any UPS store owners here? Few questions Posted: 07 Nov 2019 05:34 PM PST NJ, 27 years old, 5+ years working as an employee under my boss. What're the things I'd have to know in order to own a UPS Store here? I recently mentioned about buying the store from him (he's been on and off selling the place) and he said he 'bought' the franchise out right and if he ever sells it he'd rather sell it outright instead of a negotiation or payment plan, since I don't have the money to buy it from him. Recently, a long time customer stopped by today and jokingly asked if I 'own' the store yet. I teased the idea of owning one but not having the funds to do so. He seemed to know his stuff, after some small talk, and referred to his website rdrcapitalgroup.com. I don't wanna name names, but he's a partner of this site, and to be honest, sees potential in me (which is why he probably offered his help in the first place). I don't see any ill intent from him, but still.. it'd be nice to know where to start.. I'm just not too familiar in the financial part of this stuff and it's getting me stressed.. What would you guys do? Just looking for advice.. Thanks [link] [comments]  |
| Credit Card for my US business – non US resident Posted: 07 Nov 2019 10:46 PM PST I have my online business formed in the US and I'd like to get a US business credit card does anyone know how that can be done? I'm a resident of EU and the issue I face with US business cards is that you need a personal US resident address (damn patriot act!). Anyone knows what exactly that means – companies are very vague on the phone and some just say put your friends address, some want utility bills … and I don't want to break any laws! I'm not a US citizen, but my wife is and getting my mother in law address on that form and her forwarding my mail to EU would be doable. Who would you recommend I turn to? [link] [comments]  |
| What's your business problem? Share With us! Posted: 07 Nov 2019 09:50 PM PST Hello Business Owners! We would like to conduct a survey about Social media marketing and management problem in business Industry. https://forms.gle/cvvhFhfKjBCphmDW9 I would love your input to be solved! [link] [comments]  |
| How do I find an active partner that wants to dive in with me, what resources are out there? Posted: 07 Nov 2019 02:19 PM PST I've been applying to angel investing sites and emailing people futilely, a good waste of time. Does anyone have a recommendation on how to find a good business partner? Age old question I suppose, but for good reason. I patented a product, ran a successful crowdfunding campaign and have a ground breaking product that can be sold worldwide. I need to find a contributer that has experience in apparrel, bags and packs to help me connect the dots. [link] [comments]  |
| How to be prepared to leave an LLC, North Carolina. Posted: 07 Nov 2019 07:47 PM PST I'll try and make this as concise as possible. I am a partner in a 3 member LLC and I have been looking for other jobs recently because we don't bring in enough money to support myself and I don't know if we will get to that point (Have an interview next week that is very possibly my move). I have been working with this business for almost 2 years, a member for about a year. One of the partners is basically MIA, so it's myself and my roommate who do all the work, though I am relied upon for most everything we do and have built us to the point we are at. He has some anger issues though and I'm worried that when I tell him I'm moving on and want to leave he is going to cause a scene. I'm trying to figure out how to leave the LLC, I've been researching it but have been confused mostly. I'd like to have things ready so when I get the job, I can already be prepared to be disbanded from the LLC without him trying to interfere with anything. We don't have a lot of money in the bank, will likely have 7,000 when I might be looking to leave and I hope he doesn't try and make it a process for me to get my share. I don't know a whole lot about the technical business side of things, he always handled that, I do most all the work so that has been my area. Without me in the LLC it is probably destined to fail sooner or later but I'm ready to go. Thanks for any and all help. [link] [comments]  |
| Posted: 07 Nov 2019 07:43 PM PST Hey everybody, Im currently working at walmart and have decided to quit at the end of this month. Im 19 and have a pretty good knowledge on car detailing I was wondering if anybody could give me some advice, is there enough customers to have work every week? Thats the only thing im skeptical on, theres alot of mobile detailers in my town so competition is high, but i feel i have a better understanding of marketing then most. Is mobile detail worth it? Or should i keep working a normal job and save up my money for another business startup. Its gonna cost me about 3,000$ to get all the equipment i need. Thanks [link] [comments]  |
| Tracking inventory after it has sold? Posted: 07 Nov 2019 07:42 PM PST Do you still need to keep track of a product after it has sold? Im guessing not, but I feel that is somewhat unorganized. Im selling clothing by the way. Some advice would be appreciated, thank you. [link] [comments]  |
| Is community management a good idea? Posted: 07 Nov 2019 07:30 PM PST Well, lately been thinking about making a Comunity Management course since I got some idea related to social media and start by making a kind of portfolio with my family members that have business but haven't made the jump to making their business be part of today's media world.. But, is it something I could grow at in the future? I ask all this because I'm seriously having some ideas about working the media for politicians near my family too and even more stuff I will not talk about at the moment.. Is there someone making some money of it? Have you scalated as a CM? Is Marketing a good path? [link] [comments]  |
| Receiving pre-payment just before fiscal year end - is that profit? Posted: 07 Nov 2019 07:29 PM PST My small business just got awarded a contract that pays in monthly installments. I'll be receiving the first installment at the end of December, but will not be able to spend barely any of it before the Dec. 31st fiscal year end. Will this be considered taxable profit, or is there a special case for money that's received this fiscal year to cover expenses in the next fiscal year? I can't for the life of me find a straight answer to this online. I'm in the US. [link] [comments]  |
| Need help tracking employees hours as supervisor Posted: 07 Nov 2019 07:20 PM PST Hello all, So I just became supervisor at my job and I would like an application to be able to track my employees hours, is there such things? I see a lot of website but i'm so unsure which one to use or fits my needs.. just want to be able to track my employees hours and making sure they do not go above 40 hours a week and their availability, like 1 employee isnt available Monday to Wednesday [link] [comments]  |
| Anyone willing to share their billboard advertising experience? Posted: 07 Nov 2019 07:04 PM PST |
| Anyone have experience manufacturing with carbon fiber? Posted: 07 Nov 2019 06:19 PM PST One of my businesses is a very small manufacturer and im tinkering with the idea of offering a carbon fiber option rather than our usual aluminum and titanium offerings. Can anyone inform me on its practicality, easy of use, ect? [link] [comments]  |
| How much should I spend on rent? Posted: 07 Nov 2019 05:46 PM PST If I am in a service based industry, what percentage of my revenue should be spent on rent? I know this is someone subjective/open ended, but curious to know what the group thinks. [link] [comments]  |
| Any recommendations for bookkeeping software for small businesses? Posted: 07 Nov 2019 05:27 PM PST I'm in the process of starting a small business selling various products, basically e-commerce via different online channels including a WooCommerce website. This s my first business and I'm a newbie to this stuff, but trying to be forward-thinking and figured it's a good idea to use a bookkeeping software to stay organized. I'm not entirely sure how useful it would be yet but I at least want to be able to track expenses and sales in an organized way. It feels like using Google Spreadsheets could get messy very quickly. So I want to ask what software solutions you use to organize your business finances, and why that one? Been googling around and while I find many suggestions for different software I'm not really sure what is suitable for me. As mentioned I at least need to track business expenses and sales, perhaps inventory-tracking, and possibly some kind of WooCommerce integration would be nice. Any other features that you find useful for small business owners? [link] [comments]  |
| Phoenix business for sale, could use some help or advise Posted: 07 Nov 2019 05:13 PM PST hi, I'm kinda new to reddit so I apologize if I'm doing this wrong, but I have a family business we need to sell in the Phoenix AZ area. We've been around for over 10 years and are profitable and established already. Its just me and my parents running the place and my parents health is declining... The store is a bit much for just me to run on my own, we are wanting to just part ways and sell it. please if someone is interested or can point me in the right direction I'd be very grateful. Thanks [link] [comments]  |
| Posted: 07 Nov 2019 11:13 AM PST Getting out of investment banking and looking to buy a business. Ideally it would be a well established business with some growth upside. Lots of baby boomers looking to retire right now, so some good opportunities to be had. If you were in this position right now, what types of businesses would you be looking at? [link] [comments]  |
| Am I overreacting? I am furious at an employee of my supplier. Posted: 07 Nov 2019 05:10 PM PST I have been a customer of this supplier for 5 years now. I make 90+% of my purchases from them and I'm forecasting to have made $400,000 of purchases from them between Feb 19 and Feb 20. I think they're excellent at everything, except the 1 person I work closely with... The girl who recently started working there and is dedicated to managing accounts within my area. I think she's lazy, never takes the initiative and just pure incompetent. Everything she does for me is done so begrudgingly. I hold her accountable (I don't want to go into detail but she definitely is) for several delays and costs incurred since I've worked with her in the past 4 months. Another avoidable cost incurred today and it feels like the straw which broke the camels back. I have totally lost all confidence in her and don't want to work with her anymore. [link] [comments]  |
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