Home Forums Starting your journey Transition from Partner/company to sole trader

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  • #999868
    opalbin
    Member
    • Total posts: 6

    I have been part of a small company for 11 years now, there are 4 people involved but I am the only one who runs our wholesale/retail opal and jewellery shop, 6 days a week. I cut and polish (one other partner does help with that) I do 100% of our opal carvings, I design all the jewellery, sell, do bookwork and have managed to win 6 international jewellery and design awards. I also pay 4 lots of wages, super, work cover etc…My wages over the 11 years have been below poverty rate! Not a good look for what I am trying to do now!!
    I also run our mining company, pay all the expenses, bookwork, find parts etc etc etc…
    The mining has not produced in over 2 years, two of the partners work very minimal hours, sometimes not at all! one of those is my ex and I am trying very hard right now to close the company down and buy the premises myself. I feel like the shop is and has been successful solely due to me and my talents. I have 2 partners that are happy to close up and get paid out, both are very happy for me to purchase the building (I live in the attached 3 bedroom house too).
    My issue and what I ask advise for is getting a loan….I need $350,000 but banks and lenders seem to work loans out purely on wages! I have an annual turnover of around $300,000 and would save over $140,000 per year without my partners. I have lined up consignments and a person to help buy rough stock. Is there anyone out there who has managed to get a loan under these circumstances? any advise? and other ways to procure the money??…apart from winning the lottery!!?
    I paid off our first loan as a company buying the shop and some mines, over $500,000 in 6 years, during which time we also bought and I ran another tour company (the workload got too much for me and I received no help from the others so we sold it after 4 years). I am highly respected in my industry, one of the best master opal carvers in Australia and have amazing and wonderful feedback (and many many return customers) … so I know there is no issue with paying off any loan, but how do I get around the banks way of looking at me?

    #1221661
    steve201
    Member
    • Total posts: 278

    You probably need to look outside banks to other lenders if you’re going to borrow money for business.

    I may have some suggestions that could work for you.

    do you have a reliable and up to date accounting records?

    do you have three months of solid bank statements?

    feel free to let me know in a private message.

    thank you

    #1221662
    opalbin
    Member
    • Total posts: 6

    Hi Steve201.
    How do I private message you??

    #1221663
    LucasArthur
    Participant
    • Total posts: 3,158
    opalbin, post: 267854, member: 81654 wrote:
    Hi Steve201.
    How do I private message you??

    Just click on his name (the link or this https://www.flyingsolo.com.au/forums/index.php?members/steve201.13649/) and in the pop up box it says “start a conversation’

    Cheers
    Jason

    #1221664
    steve201
    Member
    • Total posts: 278

    Please see above

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