For context I work at a small coffee shop . They have been established for 15 years… before Covid the business isness was VERY busy . The coffee shop to be at. During Covid the company had to switch managements and business began to decline . Right now it pays enough to operate and pay employees (this includes myself)
I’ve been working there for 2 years. I recently expressed to my boss I want to start my own business venture but I don’t know if the time is right . I love what I do and the neighborhood I’m in. I find a lot of joy in building and creating a community . She saw this and my dedication and hope for the place and offered me half of the business ess and profit made from it.
What am I getting myself into? I feel this offer is amazing and something I would really love doing. I’m young and don’t have much to loose… or maybe I do and that’s why I’m posting. I’m willing to invest 7k into the company but nothing more. But a lot of my time and dedication would be to bring business back in .
What do I need to think about ? Pros and cons?
You should not agree to take responsibility for any of this companies debt.
Why is the current owner just paying g 40k of credit card debt payments? Not a good sign. Using a cc as a stop gap occasionally and paying off right away is one thing, but building up a 40k balance ND not being able to pay it? Not good.
She is possibly just offering you this because the business is failing, and you leaving could be the last straw.
You can do it if you want but make sure you don’t take on any current debt. Look at all the numbers.