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  • #983422
    ScrendTrend
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    Hi everyone!

    My husband and I want to buy a business we can run together.
    My husband currently works as a sales manager for a publication selling advertising space, and I am a graphic designer currently working as public relations executive for a pub/restaurant.

    We don’t know what type of business we want to buy. We do know we want to buy rather than start a business. I have started businesses before and I know the issues involved, and we can’t afford to not have cash flow from the start.

    We have 2 small boys, so we don’t want to be working 7 days a week, but we understand some more work may be involved, especially in the beginning, but we want the lifestyle aspect also.

    I suggested we buy a printing/graphic design company, however my husband isn’t convinced it’s a good idea due to the economy etc.

    I am a very creative person and enjoy crafts, sewing, knitting, painting, obviously graphic design, social media marketing, event planning, woodwork, really anything creative that allows me to use my hands and keep my mind active.
    My husband is into cars, any and EVERY sport, especially golf and football, music, video games. He is great at sales, he makes his customers feel special and important, like they’re his top customer. He understands their needs and makes them feel comfortable. I’m sure there’s a lot more that I haven’t thought to mention, but they are the things they immediately come to mind.

    We basically want something we can both be passionate about, is a solid investment in this economy where people are cutting back on unnecessary expenses, has good turnover/earnings to owner, and enables us to have time for our family. We aren’t afraid of hard work and longer hours so long as our kids don’t suffer in the process.

    Businesses we’ve currently been looking at are newsagency/lotto as my husband believes the lotto side is a safety net, however I think we would both get incredibly bored in this line of work and its a waste of our respective skills.

    We’re also currently looking at a wedding decorations/events company and the other is a kids indoor play centre. Both of these companies excite me. My husband isn’t convince about the events company but he likes the idea of the kids play centre, except he’s not sure this particular one is secure.

    Can anyone suggest any other businesses that you think would suit us? I’m getting desperate and at the end of my tether trying to find something that will suit us both. Please help!

    Thanks,
    Carly

    #1142225
    Anonymous
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    Hi Carly,

    Thanks for sharing your story with us, and welcome to Flying Solo.

    I hope that you pick up some helpful ideas by hanging out with us here.

    All the best,
    Jayne

    #1142226
    ScrendTrend
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    Thanks Jayne,

    I hope I do too!

    Thanks,
    Carly

    #1142227
    DavidThomas
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    Hi Carly,

    I have sent you a PM with details.

    #1142228
    Stuart Ayling
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    Hi Carly,

    Great to hear you so excited about options and working with your husband. Can I make a few observations.

    You seem to be looking for business options on an emotional level. While thats OK, you certainly need to be enthusiastic about what the business does, don’t make the mistake of overlooking the importance of financial stability and viability. A few of the options you said you had considered (newsagent and printer) have been reportedly facing ongoing tough times. Not just due to economy but moreso technology which is a long term issue.

    Maybe you should consider buying into a franchise. They can show a track record and give you lots of support.

    Hope you find something suitable.

    #1142229
    ScrendTrend
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    Thanks for the feedback. We definitely don’t want a franchise, as while I know the positives of franchises as far as support etc., we don’t want to be locked in. Especially with marketing etc. as obviously I would like to do that myself and not have to wait on approval from head office. Plus we want to work for ourselves so we have the independence, and with a franchise we’d still have to be answering to someone else.

    Thank you for your response and I completely understand your view with franchises, and I know it may be more of a risk, but we believe the benefits will far outweigh this if we choose the right venture.

    And I agree I have to keep reminding myself that even though I love the idea of a particular business, if it’s not looking stable we have to move in.

    Can anyone recommend someone to do due diligence that is reasonably priced or do you think this is something that could be done myself?

    #1142230
    Stuart Ayling
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    ScrendTrend, post: 162728 wrote:
    Thanks for the feedback. We definitely don’t want a franchise, as while I know the positives of franchises as far as support etc., we don’t want to be locked in. Especially with marketing etc. as obviously I would like to do that myself and not have to wait on approval from head office. Plus we want to work for ourselves so we have the independence, and with a franchise we’d still have to be answering to someone else.

    Thank you for your response and I completely understand your view with franchises, and I know it may be more of a risk, but we believe the benefits will far outweigh this if we choose the right venture.

    And I agree I have to keep reminding myself that even though I love the idea of a particular business, if it’s not looking stable we have to move in.

    Can anyone recommend someone to do due diligence that is reasonably priced or do you think this is something that could be done myself?

    I know what you mean about franchises. I used to work for one of the major oil companies and did franchise renewals and recruitment of franchisees. If you don’t want to follow an existing system then a franchise isn’t a good idea.

    Maybe you should be speaking with a business broker? They know what businesses are for sale and might have some other tips for you. From what I know business brokers (bit like real estate agents) tend to specialise in a geographic area.

    A piece of advice I heard from a business broker is that one of the most important things you should do is have an accountant look through the books of any business you might be considering before you commit.

    #1142231
    ScrendTrend
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    Yeah I definitely agree about getting an accountant to do this. Can anyone recommend someone? And also what cost I’d be likely be looking at with this?

    #1142232
    topdog
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    ill add that running a business is all consuming ….

    if that phones ringing you need to answer it doesn’t matter if its 6am 9pm sat sun public hol etc , that email on your desktop needs replying to as your website says we”ll get back to you in 24hrs , that quote needs typing otherwise client walks , that invoice needs chasing up otherwise you don’t get paid , those bills need paying (and theres many!!) insurances eg public liability/workers comp, income protection x2 (partner) car ,tools etc , making sure your advertising up to scratch be it online-SEO or PPC , tv,radio, local papers, flyers , shop front etc , then how to figure out whats working and whats not , and that’s before any staff -hardest “thing” to manage is people !!

    also having defined roles as husband and wife these can get blurred how many times have you walked into a take away shop with husband wife working all over each other making your lunch getting orders wrong or doubled up and arguing , or even just walking in and feeling the tension eg you marketing etc running the business why he works in the business eg makes the sandwichs or printing the lotto , whos stacking the shelves who ordering magazines etc etc you get my drift

    not trying to sound negative in the above just stating fact and letting you know what your in for :) business is rewarding but youll work bloody hard for it .

    unless you come up with a great idea no ones fdone yet or find a niche market , then of course youll tell me 1st hahahhaha

    you both sound very motivated and committed just make sure what ever it is you go into you enjoy it have a passion about it , otherwise it will just turn into another “job” which is why you want to run a business anyway right coz you don’t want just another job .

    hope any of that helps

    cheers

    #1142233
    ScrendTrend
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    Thanks topdog!

    Yeah I understand where you’re coming from and appreciate your input.

    I agree it has to be something we both love and that’s why I’m trying to steer him clear of lotto. I know I can’t get passionate about that. I mean it would be almost as bad as “would you like fries with that?”

    I started my own cake decorating company from home a couple of years ago and I was very successful. To the point I had to start turning customers away. I couldn’t keep up with the orders and I was doing all nighters a lot. But I loved it and was passionate about it. It never felt like work. I still do it a bit, but doing it from home was hard. I didn’t have a dedicated space for it and it was starting to take over my home. The wedding/event company I’m looking at offers cake decorating also. So I could start it up again with the added bonus that besides the baking aspect I could do all the decorating at the business premises. I still have loyal customers that have become like friends that keep commenting its a shame I’ve stopped, so I’d have those customers back plus any that may have or want to use this company’s services. I can see all the positives of that business from my perspective, however my husband can only see the “wedding” aspect and thinks he doesn’t have a place in that industry. I pointed out they already have existing clients in the corporate events sector, which he has a lot of experience in, but he’s not convinced. Are there any “male” roles in the wedding industry that I haven’t thought of? He doesn’t really have an industry that he’s truly passionate about. He’s only looking at lotto for the safety net which I’m not convinced will still be there in the future with them pushing for it online.

    I mean to be fair obviously I’m looking at things that interest me, but I’m hoping to find something or at least make him realise that one of these things will fit us both.

    #1142234
    Past-Member
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    Further to what Top Dog says – I’d like to add some food for thought. Working together is hard – it is not something that will bring you together. It may tear you apart. One person can end up doing almost everything and resent the other who thinks that they are contributing but may not be as much as the other.

    My husband and I have separate businesses. He has staff, I do not. However, we talk about both at home freely. I could not work with him. I am happy to discuss his work and be one of his suppliers, but I need to do what I find interests me and I need to feel independent. You may not feel that way, but I think it’s a healthy attitude.

    We are both incredibly supportive of what each other does; we just don’t want to work in the same business together.

    So, maybe you should be looking at two complementary businesses. You and your cake decorating; your husband at something he loves. And use each other as sounding boards/board meetings of two at home.

    When you do this, remember to make time for a ‘date lunch’ or dinner once a week as a permanent habit. We have done so for the past 17 years – otherwise time will just blurr and pass too quickly. It’s really important. Cheers.

    #1142235
    ScrendTrend
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    That’s where I see the event company working. As although it’s the same company, I could be doing the wedding side and he do the corporate. We have independent roles, and duties, but are still part of the one company. With the added bonus that if we have something we need time off for, then the other can still cover their workload temporarily.

    Oh and we do have weekly date night already. We have 2 kids, so we made a point of getting them babysat so we can go have couple time away from the kids once a week. I agree it’s too easy for time to get away and our lives were becoming “mum and dad” rather than “husband and wife” so I can only imagine when business is added to it, so we will definitely make a point of keeping that routine.

    Thanks for your input.

    #1142236
    Jenny Spring
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    Hi Carly

    My 10 year business is for sale and it might be just what you are after.

    It would suit a creative person, who wants a lifestyle business. There is s ops for someone with good sales ability to build the corporate side which has not been explored completely. It is online and only has overheads of $370 per month. It has excellent profits.

    It is an online business and has 2000 customers, 3500 Facebook.

    My number is 0403 654 968. I’m in Perth, so don’t call to early ;)

    I’ll be happy to provide full details outside this forum

    Jenny

    #1142237
    ScrendTrend
    Member
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    Hi Jenny,
    I will send you a text. I’m also in Perth. Thanks!

    #1142238
    BonVie
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    Hi Carly

    We’ve been going through something quite similar so I’d love to know what you’ve decided to do. There’s so much to consider, isn’t there?

    All the best.

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