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?
It is all about the price and who gets to cash who out. If the owner sets a ridiculous price you’ll have to put a lot of sweat equity in, and then you’ll need to double it or even more to buy him out!
Arrange to meet with the owner’s accountant so they can give you a financial overview of the business. You should also look at getting some free Small Business Agency help via their SCORE program https://www.sba.gov/local-assistance/resource-partners/score-business-mentoring You may also want to look at going to a community college for business classes or if you already have a degree going for your MBA if you really want to grow this business big time.