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Wedding in 10 weeks and suddenly offered a business!!

2

Comments

  • #32
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Have to be honest and say this really isn't a good idea in my opinion.

    You are buying nothing. No assets, nothing of value. The drivers can walk tomorrow. MyTaxi and other technology is killing the taxi base model. and it's an industry that's notoriously difficult to 'manoeuvre' in. For various unsavoury reasons.

    This guy is getting out quickly for a reason. Don't jump into his problems.


  • #33
    minikin
    Registered Users Posts: 2,980 ✭✭✭minikin


    Just to be blunt:
    You're getting help to pay for your wedding, indicates to me that you're not that great at managing personal finances.
    How will you successfully manage the finances of a business?
    More importantly - have you any experience managing a business?
    If the answer is no then do your future-self a favour and don't even consider it.


  • #34
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    minikin wrote: »
    Just to be blunt:
    You're getting help to pay for your wedding, indicates to me that you're not that great at managing personal finances.
    How will you successfully manage the finances of a business?
    More importantly - have you any experience managing a business?
    If the answer is no then do your future-self a favour and don't even consider it.

    I had 10k saved but the in laws wanted to contribute as per tradition so I spent 7k on a car. I saved that 10k in 6 months as well as keeping my small family in decent living. So your assessment of me is pretty assumptive.

    I don't think I'm being assumptive by stating you hold yourself in very high regard if you can judge people with so little info. And yes I have run a business before and was relatively successful (never needed to borrow).


  • #35
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    Bandara wrote: »
    Have to be honest and say this really isn't a good idea in my opinion.

    You are buying nothing. No assets, nothing of value. The drivers can walk tomorrow. MyTaxi and other technology is killing the taxi base model. and it's an industry that's notoriously difficult to 'manoeuvre' in. For various unsavoury reasons.

    This guy is getting out quickly for a reason. Don't jump into his problems.

    Summed up almost perfectly. If the drivers all, or most of them, walked then I'm up the creek. Well, to a certain extent as I can walk away too with some radio equipment which I can sell.

    But yeh, I'm entirely reliant on having drivers.


  • #36
    joejobrien
    Registered Users Posts: 470 ✭✭joejobrien


    Just picking up on the thread now.

    My comment, vendor in a hurry for quick sale .....let him off is my answer. Let them all flock to his door.
    If this is as good as it sounds others will pick it up. However I dont believe there will be many takers. You may find after the honeymoon the option might be still there. Dont dream of offering inexcess of asking price to just hold it, your on the backfoot from there on. Some time can often wash out a persons cards allowing you to make an informed decicison Use that time wisely.
    I also think you are buying a wage, Zero assets, any equipemet you may think you have is valueless.

    Finally, if its gone, there WILL be other opportunities, Use time to research other industries.


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  • #37
    minikin
    Registered Users Posts: 2,980 ✭✭✭minikin


    Darocketeer wrote: »
    I had 10k saved but the in laws wanted to contribute as per tradition so I spent 7k on a car. I saved that 10k in 6 months as well as keeping my small family in decent living. So your assessment of me is pretty assumptive.

    I don't think I'm being assumptive by stating you hold yourself in very high regard if you can judge people with so little info. And yes I have run a business before and was relatively successful (never needed to borrow).

    Don't take my post so personally, we don't know each other from Adam. My opinion was based purely on the information you supplied. Sorry if you didn't find it helpful, it was meant as cold hard truthful advice.

    The problem when you're starting up is that friends and family will be helpful and supportive, but if you don't get contrary opinions you're at risk of not objectively analysing the opportunity.

    Your assessment of me is quite wrong (but I won't take it personally, as you are making it based on one post on an Internet forum - just like I did!) I was in EXACTLY your position a few years ago - offered a business opportunity right before getting married. All I could hear was positive encouragement around me from friends and family. There was one contrary view from a businessman who advised me not to touch it with a barge pole. He was making his judgement based on the figures I gave him and on his assessment of me.

    I went ahead anyway, worst decision I ever made. Still trundling along in business but would have been much better off in employment. Running a business is not a good idea unless you're ruthlessly motivated.
    But at the end of the day it's your call and you'll be the one left carrying the can.

    p.m. me if you like, more than happy to have ideas hopped off me!


  • #38
    stingray555
    Registered Users Posts: 14 ✭stingray555


    The future of the taxi game is the apps. I am a taxi driver, and i know a lot of drivers who have left traditional taxi bases for the apps. There is nothing to prevent the 15 drivers you have from leaving your base overnight. Literally.

    I would walk away, especially if my big day was around the corner!!


  • #39
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    joejobrien wrote: »
    Just picking up on the thread now.

    My comment, vendor in a hurry for quick sale .....let him off is my answer. Let them all flock to his door.
    If this is as good as it sounds others will pick it up. However I dont believe there will be many takers. You may find after the honeymoon the option might be still there. Dont dream of offering inexcess of asking price to just hold it, your on the backfoot from there on. Some time can often wash out a persons cards allowing you to make an informed decicison Use that time wisely.
    I also think you are buying a wage, Zero assets, any equipemet you may think you have is valueless.

    Finally, if its gone, there WILL be other opportunities, Use time to research other industries.

    Spoken like a great poker player. I know it's negative from the outset but what if?


  • #40
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    minikin wrote: »
    Don't take my post so personally, we don't know each other from Adam. My opinion was based purely on the information you supplied. Sorry if you didn't find it helpful, it was meant as cold hard truthful advice.

    The problem when you're starting up is that friends and family will be helpful and supportive, but if you don't get contrary opinions you're at risk of not objectively analysing the opportunity.

    Your assessment of me is quite wrong (but I won't take it personally, as you are making it based on one post on an Internet forum - just like I did!) I was in EXACTLY your position a few years ago - offered a business opportunity right before getting married. All I could hear was positive encouragement around me from friends and family. There was one contrary view from a businessman who advised me not to touch it with a barge pole. He was making his judgement based on the figures I gave him and on his assessment of me.

    I went ahead anyway, worst decision I ever made. Still trundling along in business but would have been much better off in employment. Running a business is not a good idea unless you're ruthlessly motivated.
    But at the end of the day it's your call and you'll be the one left carrying the can.

    p.m. me if you like, more than happy to have ideas hopped off me!

    Damn son! Sorry for d judgement. Thanks I'll PM u later


  • #41
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    stingray555 wrote: »
    The future of the taxi game is the apps. I am a taxi driver, and i know a lot of drivers who have left traditional taxi bases for the apps. There is nothing to prevent the 15 drivers you have from leaving your base overnight. Literally.

    I would walk away, especially if my big day was around the corner!!

    Bring it on apps!!!


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  • #42
    Tails142
    Registered Users Posts: 2,103 ✭✭✭Tails142


    As someone who only gets a taxi a couple of times a month, I just use mytaxi to get one to the house and jump in one on the street to get home. I can't ever see myself phoning for a taxi ever again, the taxi base business in going the way of the dodo.


  • #43
    HeidiHeidi
    Registered Users Posts: 28,792 ✭✭✭✭HeidiHeidi


    Tails142 wrote: »
    As someone who only gets a taxi a couple of times a month, I just use mytaxi to get one to the house and jump in one on the street to get home. I can't ever see myself phoning for a taxi ever again, the taxi base business in going the way of the dodo.

    +1


  • #44
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    Tails142 wrote: »
    As someone who only gets a taxi a couple of times a month, I just use mytaxi to get one to the house and jump in one on the street to get home. I can't ever see myself phoning for a taxi ever again, the taxi base business in going the way of the dodo.

    Have to agree. Im the same. Any drivers I talk to tell me the app brings in most of their business.


  • #45
    TechieOldie
    Registered Users Posts: 5 ✭TechieOldie


    Darocketeer wrote: »
    Hi,

    We're getting married in 10 weeks. So far we've bought all the suits and dresses. We paid a total of €1,000 in deposits for the band, photographer and hotel (wine reception, dinner, and dj). The remaining balance due on these is €4,800. We still have to get flowers and rings. I'm hoping to spend no more than €1,000 on these combined. Family members are covering cars, bus and cake. We've budgeted in another €1,000 for miscellaneous extras (eg. toast round). So total left to pay is €6,800. Firstly, any thoughts or input on this?

    We have €4,000 saved and in laws giving €3,300. €7,300. So where's the problem right?

    Well, I've just been offered a business for €5,000. It's not very profitable right now (€1,200 per month) but has good potential. However, I have too much going on with the wedding and honeymoon (straight afterwards - only flights paid for!!) to put any investment in for advertising/marketing. So I would only make what it's making now until I can. It's wrecking my head what to do. Is it too risky??

    Also, the owner has other offers and wants out within 3 weeks from now for personal reasons.

    Help!!!

    I would agree with all the posters telling you to walk away. Please take their advice. Some guy wanting 5000k for a supposed business with no assets and falling customer numbers makes no sense and he/she wants a quick sale.

    Walk away, no run!

    Best wishes for the pending nuptials.


  • #46
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    missmatty wrote: »
    I'd be wary. This person is offering you a now-or-never deal at a time when they know you are distracted with your wedding. Maybe they are hoping there is some detail you will overlook in the middle of things and they will be long gone with the 5k by the time you figure it out. Generally if something sounds too good to be true, it is.

    I'd be wary of the timing of asking you as well. They know you have money for the wedding, they conveniently choose that moment to ask you. Bit too coincidental.


  • #47
    antoinolachtnai
    Registered Users Posts: 9,773 ✭✭✭antoinolachtnai


    You can buy a second hand taxi dispatching company any week of the year, easier and cheaper than a Skoda Octavia probably. I would not get too anxious about this opportunity.


  • #48
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    Really appreciate all d advise guys n gals. Far from having my head in d sand on d apps vs calling a taxi company (it even takes more time to write!) I'm standing on d highest dune because I'm surrounded by taxi drivers in and out of work. Majority have tried "well known taxi app" n have given it up. Most also have said they will never give up radio work as its more financially beneficial than said app. New drivers n city drivers I know are d exception to this though.

    Anyway, no update for u yet. Still up in d air...


  • #49
    antoinolachtnai
    Registered Users Posts: 9,773 ✭✭✭antoinolachtnai


    It doesn't really matter what taxi drivers (or anybody on the supply side) think at the end of the day. The issue is what the customers think and how they behave, and where the growth is.

    If you think it is a good business to get into, I would leave it off until after the wedding, and buy a taxi dispatching company when you get back.


  • #50
    zig
    Registered Users Posts: 1,206 ✭✭✭zig


    The figures don't add up here to justify the investment.

    If €1200 a month requires a full time worker which still has to be paid after the €1200, then even if the full time worker is only on minimum wage the company is losing almost €300 a month.

    This means you'll have no choice but to work even longer hours to make up the €300 meaning you will start to be on even less than minimum wage from an hourly rate point of view.

    Unless Im missing some sort of sudden growth opportunity which requires no extra work then I think you'd be better off with a job in Tesco.

    Being down €5000 and then down another €300 a month doesnt sound very appealing to me, especially right after getting married.


  • #51
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    No update yet. Quite close to happening though. Good news for me that mycaborsomething.ie are charging €2 call out now though. Feel really isolated mentally at this stage but have managed to seperate it from other things and even managing to get excited about wedding most of the time.


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  • #52
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    I'm at a loss why your going ahead with this.

    You come here for advice and pretty much every single person (of which most of us are business owners and experienced) says it's a bad move and to walk away

    Except you'd made your mind up obviously before you even posted here

    Honestly this is a crazy idea. You'll either be just paying staff wages and losing money or else you yourself will work all the hours god sends and make far less than the minimum wage.

    Seriously. This is a bad idea. Your all excited and your head is gone. Friends and family are nodding their heads and saying to go for it, you can do it etc etc.

    Good luck with the wedding though !


  • #53
    Digital_Guy
    Registered Users Posts: 241 ✭✭Digital_Guy


    This thread should have been over on page 1! Nobody sells a business for 5k unless it's worth....you guessed it - nothing!!

    If it was worth something he'd be keeping it, or selling it for way more. Because he knows himself it's worthless, he'll be happy to get anything for it - let alone 5k!

    Is 'feeling isolated mentally' where you should be coming up to what should be the happiest day of your life?! Over a 5 grand 'business'?

    Take a break and enjoy the run up to your big day. Once that's over and done then go back and carefully assess the market, and decide whether you want to get into this business. If you can get into it for 5 grand you can do it from scratch yourself!


  • #54
    stingray555
    Registered Users Posts: 14 ✭stingray555


    Oh dear, cannot believe you are going ahead with this so called business. Paying 5k for a failed business is beyond the comprehension of this taximan!!


  • #55
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    If the OP is not a troll this thread boils down to vanity and the inability to accept that this project is imprudent and senseless.
    Reading the OP's post content, it’s about the ego of a person who believes he knows best, one who has ignored guidance from regulars here who have a history of posting credible advice. The OP appears to be too lazy to check out past threads on acquisitions/valuing a company. No mention of warranties, no mention of indemnities, of a share or asset purchase agreement, no mention of cashflow, restrictive covenants (e.g. non-compete), etc. Clueless.
    I really feel sorry for the bride-to-be and even wonder how long this marriage will last if one side of it is so self-centred and stubborn.


  • #56
    Axwell
    Moderators, Business & Finance Moderators, Computer Games Moderators Posts: 10,461 Mod ✭✭✭✭Axwell


    pedroeibar1 wrote: »
    I really feel sorry for the bride-to-be and even wonder how long this marriage will last if one side of it is so self-centred and stubborn.

    No need for the personal remarks


  • #57
    whitesheep
    Closed Accounts Posts: 42 ✭whitesheep


    any update??

    Don't do it. If this business fails you will be liable for redundancy payments to long serving employees if it fails. Just be careful losing €5k not a big deal but redundancy bills can be massive!!

    I joined up especially to give you that pearl of wisdom!!


  • #58
    bucketybuck
    Registered Users Posts: 18,096 ✭✭✭✭bucketybuck


    Darocketeer wrote: »
    New drivers n city drivers I know are d exception to this though.

    Where will this taxi business be based? Can we assume from this that it isn't in a city?

    I'd second the point that it doesn't matter whether the drivers like the Apps, what matters is whether the customers are using them or not. For example I'm not much of an App person myself but damn sure I don't bother keeping taxi numbers any more.


  • #59
    BofaDeezNuhtz
    Registered Users Posts: 589 ✭✭✭BofaDeezNuhtz


    whitesheep wrote: »
    If this business fails you will be liable for redundancy payments to long serving employees if it fails. Just be careful losing €5k not a big deal but redundancy bills can be massive!!

    This is a very good point.
    The seller could be selling just off offload his responsibilities to long term employees
    instead of closing it down himself etc ;)

    I'm not sure OP is listening to anything here tho :rolleyes:


  • #60
    Darocketeer
    Registered Users Posts: 44 ✭Darocketeer


    Well I know I'm gonna piss a lot of people off here but I went ahead with it. It's going really well so far. 2 new drivers already n account contracts with 2 local health clinics. Should be able to hire another driver after the wedding n honeymoon with that additional work. Staff have all signed new contracts and seem delighted with new management. I am working lots of hours but have so far done well for it.

    I completely understand why so many of u were advising against it (even if 1 of u took it too far with your bride-to-be comment) because there really isn't much in the way of assets but likewise there is very little liability. In any case I am pretty much insured against all outcomes now anyway.

    I'm continuing to receive some excellent advise and preparing for tough times ahead. Now that it's done, any constructive advise will be very much appreciated.


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  • #61
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Darocketeer wrote: »
    Well I know I'm gonna piss a lot of people off here but I went ahead with it. It's going really well so far. 2 new drivers already n account contracts with 2 local health clinics. Should be able to hire another driver after the wedding n honeymoon with that additional work. Staff have all signed new contracts and seem delighted with new management. I am working lots of hours but have so far done well for it.

    I completely understand why so many of u were advising against it (even if 1 of u took it too far with your bride-to-be comment) because there really isn't much in the way of assets but likewise there is very little liability. In any case I am pretty much insured against all outcomes now anyway.

    I'm continuing to receive some excellent advise and preparing for tough times ahead. Now that it's done, any constructive advise will be very much appreciated.

    Best of luck with it

    No one here is ever being personal.

    Work your ass off and you’ll make a go of it

    If it fails but you’ve given it everything then you hold your head high and move on to your next venture !

    Respect.


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