Hi all. I currently work for a small business (4 employees), and my boss is nearing retirement age.
Since I have been here the longest he offered it to me and I eould pay in installments.
I am leaning towards not buying it, but wanted a second opinion (or however many I get). I don’t know the first thing about evaluating a business deal and I doubt I could afford a contract lawyer. Also he has all these stipulations for selling (i.e. I told him if I did take over I would want to make everyone remote, he says he wouldn’t sell unless it was in the contract that the office stays open). Any thoughts/advice appreciated.
Underrated comment. That was a big detail I noticed too.
Owning a business you’re going to find little pitfalls where for whatever reason you need to cough up some money for unexpected expenses. It’s important to have some sort of baseline so you have a bit to work with if you hit a snag. Also, where would the money to purchase come from? A loan is certainly a possibility but comes with strings, and cost, (especially with current interest rates) so tread lightly