Taking over a business

robinph

Currently been out of work for a while and despite occasional interviews nothing has come up yet. Now last week I was offered the opportunity to take over a business from the parents which they will otherwise just shut down due to being a couple of years the wrong side of retirement age and don't want to wait any longer for a buyer to come along. Now it's a good business that has been growing about 20-25% a year without them really trying, over the last year the turnover went up 30% and they have also been turning business away during that time as they were expecting to shut it down. I've only had a couple of weeks worth of thinking over the offer though and am trying to figure out in my head if I even think I could make a go of it and just wanting to try and get more of an idea of what is involved in the running of a business and if I should make the jump into the unknown.

It's very different area of work than I've previously done, but that is not the challenge. It's the concept of running a business after only previously having been an employee that I'm trying to get straight in my head. There is no emotional atachment to the business from the parents or the rest of the family though, so me making a balls of isn't going to greatly annoy anyone, other than me. So an already running business, costs me nothing to take over, it makes money and is growing without much effort, but can grow more with some, and I currently don't have another job. But I seem to be a touch scared of saying yes to the offer so far.

Just looking for pointers on what I should know or be reading up on before I make the move if anyone has any to offer so that I can make a more comfortable descision?

Poly

Talk to your parents and your parent's accountant about tax returns, cashflow,wages etc.
Never mind reading, get in and learn (or relearn) the ropes the customers and suppliers, do a start your own biz course.

PCPhoto

you could always ...hire someone to manage the business for you

- if you currently dont have any interest in the business - this also allows you to have the time to actively search for other employment while still earning money....and could allow you to take on the extra work that the parents have previously turned away...expanding the business.

I'm sure someone out there might be suited and qualified to do the job and could be damn glad of the opportunity to earn money.

it could also be that your parents see that you are out of work and want to help you get back up and running - they probably have little interest in making a huge financial profit and the workload is not worth the return at their age

Gloomtastic!

The first thing to do is believe in yourself. Once you do that you can do anything.

Go for it!!!!

meislegend

The future of our country is dependent on entrepreneurs like you being successful.

There are lots of supports available, so you are never on your own.

have a look at www.theboard.ie or www.mentors.ie

The board could be exactly what you need as it gives you lots of advice and support

robinph

I doubt I'd ever have considered starting my own business. But this is an opportunity to run one that is already going along successfully and that is something which is never likely to happen again. It's not in a field that anyone would ever start doing because they have a love for that work, but is something that just kind of happened that my dad started it up a few years before retirement to get a bit of money coming in and it just kept going.

Been going through a bunch of numbers with the parents this week and seeing what it is that they actually do. For some reason they only seemed to remember that I didn't have a job and put that together with them having a business they wanted to retire last week as they were about to start shutting it down, that is mostly down to them assuming that I'd not want it though. I don't have any great desire to take it, but I would be foolish to not take it considering that getting other work isn't happening and now having seen the numbers it does look to me as if there is potential to make some money out of it, I can certainly have a desire to generate money for myself and I've never actually been bothered by the field of work done to get that money coming in and having just stumbled into various changes of work previously.

Maybe it's just the missing the step of creating a business from scratch, which I assume takes a long time of building momentum before you decide to do it, and I'm possibly feeling a little rushed into a position I was never expecting and the build up of motivation to create that new business. Maybe I feel I'd be cheating somehow.

At the moment I'm probably 99% going to take it, I just need to feel that I am making the right decision.

I am 100% just starting to talk rubbish now, guess I just need to get thoughts out of my head somehow.

Cheeble

robinph wrote: »

I am 100% just starting to talk rubbish now, guess I just need to get thoughts out of my head somehow.

Exactly what Boards is for!

From what you've told us, it sounds to me like you'd be 99% mad not to take it. Good luck whatever you decide.

Cheeble-eers

robinph

Cheeble wrote: »

Exactly what Boards is for!

From what you've told us, it sounds to me like you'd be 99% mad not to take it. Good luck whatever you decide.

Cheeble-eers

In the history of tricky descisions this doesn't rank particuarly highly alright. Just needing to make sure I feel right about the change to my life etc, and if putting it out partially before the boards.ie hive mind helps me clarify exactly what I'm thinking then that is boards.ie serving its purpose for me.

Thanks for listening.

Mr Clonfadda

Go for it.

you will have your parents to consult and if you don't like it in a year or two it might be easier for the business to be sold then or just closed.

Seems to be nothing to lose and a job to gain.

I'm sure your parents would work a few days a month to ease you into it

Good luck

The Apprentice

Im now off for 4 months during the summer .. Currently doing batchelors in business i,ll work for u free 40 hr week from next monday week.
Just Pay my dole is All i ask .. I,ll help u in any way also over the phone if that doesnt suit etc

Pm for details

TheCostumeShop.ie: Ronan

@RobinPH I'd highly recommend getting a Mentor given your position, someone who has been through it all and you can turn to for advice and peace of mind.

@TheApprentice - Fair play mate, I have the utmost respect for what you just did there. That approach / mindset to learning and experience will give you a huge advantage in life. I used to do exactly the same thing when I was in college.

robinph

Thanks for listening again guys. From further discussions with friends etc it's all looking positive and have had the suggetions of mentor type help from a couple of people as well, of course the parents being the cheapest and simplest source of support initially which I'll be making full use of.

@The_Apprentice: Fair play for asking, unfortunately due to various reasons it wouldnt be possible, but good luck with finding something.