Hi everyone,

I am a student and a part-time employee at a small shoemaking shop. My boss is planning to retire soon and he is looking for a buyer for his business. I have been working at this shop for 3 months now and I really enjoy it. I have learned a lot from my boss and I have a good relationship with the customers.

I have always dreamed of owning my own business and I think this is a great opportunity for me. However, I don’t have enough money to buy the business outright. My only income is the salary I get from working at the shop.

I am wondering if anyone here has any advice or experience on how to buy a business from your boss. Is there a way to finance the purchase with a loan or a partnership? How do I negotiate a fair price and a smooth transition? How do I prepare a business plan and a budget?

I would appreciate any help or guidance you can offer. Thank you for reading.

  • kcsstrategy@alien.topBEnglish
    1·
    10 months ago

    I would ask him to stay on as a silent partner for a while. There is so much you don’t know since you’ve only been in for 3 months. A business like this is very hard to sell so I wouldn’t worry about a line out the door. Is he in good health? Can you count on him being around? Is there any debt? Are you in a lease? What assets does the business own? The other thing to remember - and this is shitty - if he can’t sell the business then the business will just close. Leaving a space, and a clientele who wants the service. You could wait for that day and scoop it all up at a discount. However, I don’t recommend that as your first choice. The first choice would be continued mentorship, a silent partner, and he gets a monthly or annual payout from you for his help.