Start Your own Shop

Apr 25, 2018 12:12 PM - 787 Views Create A New Thread

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Looking to venture into having my own shop, love to hear opinions...
Hello, name's Chris. I'm new to the site and like what I see. I am reaching out to the community for both professional and hobbyists alike. I hope this is the appropriate place to ask for insight.

I have an opportunity to take over some one's shop here in the North East (NY. NJ, PA, DE) area that specializes in Corvettes. I myself have been rebuilding and customizing corvettes ever since I was a kid. I know the car and process well. I have also worked on other cars, but primarily corvettes and muscle cars of the 60's and 70's. The financials seem to be in order to allow me to take over and have positive cash flow and then look to expand with the few ideas I'd like to implement to make the shop grow.

I am an engineer by trade, have a family and think I'm burnt out in my industry. As much as I am looking at the cool factor of the business, I am regarding this as a business venture and one that will need to pay my bills.

So with all that said, I'd love to hear feedback on if it sounds like a solid venture. And any advice on breaking into new markets and what people do and do not like about custom shops.

Thanks to all...

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  • jimmothershead
    May 13, 2018 at 1:11 PM

  • Chris......I could not have done with out Rosina, my lady of 60 years next week, May 20. Her moto was "hire 10, fire 9"
    410 535 1933

  • jimmothershead
    May 13, 2018 at 12:36 PM

  • after all that gloom, here comes the but.........
    the finest business with the greatest customers was STREET ROD WORKS. Rods built and Rod components for sale all over the planet from 1957 to 2000.
    Also, be certain to double read all the great input the other Car Nutz have given you in this forum.
    Need more input ?
    Jim, School of Hot Rod Hard Knocks since 1957, when coat hanger was hi tech.
    410 535 1933, 410 535 1932

  • jimmothershead
    May 13, 2018 at 11:53 AM

  • Chris
    1. What ever you grossed on your 2017 1040, have it in the bank
    2. Be prepaired for 24-7-365
    3. I have been in court 23 times in 57 years. 21 we debt collections. 21 judgements but never got a nickle = you can not get blood out of a turnip. 2 times plaintifs were "frivolous without merit". Won, but had to pay our corporate attorney.

  • jimmothershead
    May 13, 2018 at 11:45 AM

  • Chris........more
    8. Do NOT change the name. You are buying the GOOD WILL= repeat and referral is a key to success. One of our bands STARZ who we got from back yard birth day parties to mega out door concerts in 2 years, wanted to change their name after a injunction with Aucoin Production aka KISS, in Asbury Park Convention Center. I had them play anyway. WRONG...publicity doubled their concert fee. Fight ensued, name changed = they went down the toilet.

  • jimmothershead
    May 13, 2018 at 11:38 AM

  • Chris..............continued..........
    1. Why is business being sold ?
    2. Any IRS or other liens ?
    3. Silent partners ?
    4. What does the deal include ? Debt, inventory, cash in the bank, cash receivables, real estate, good will, judgements, vehicles, employees
    5. Corporation, LLC, proprietorship, Mom & Pop ? Who are principles ?
    6. Get a 10 year "non competitive clause"
    7. Product liability insurance ?

  • jimmothershead
    May 13, 2018 at 10:58 AM

  • Chris............continued..........
    With Street Rod Works, we took checks for many years. Some times shipped parts before the check arrived or cleared the bank.
    Today - CASH, USPS money order, or Pay Pal before the item is shipped.

  • jimmothershead
    May 13, 2018 at 10:53 AM

  • Chris...........continued.........
    Rental ready to change light bulbs and "the check is in the mail " = sold 1988

  • jimmothershead
    May 13, 2018 at 10:51 AM

  • Chris
    1. 1957 I opened CHEVY SPECIALTIES/Street Rod Works merged with the Hot Rod Garage in 2000.
    2. Opened Custom Electrical Contracting 1969. Sold 1978
    3. 1972 opened Royal Palm Ice Company, Van and Chopper shop. Sold 1978
    4. 1974 opened Goodies Galore, Rock music management and promotions. Sold 1978.
    5. .........7 other business since 1951.
    6. 1978, threw away the watch & said good bye to 84 employees.

  • will547
    May 6, 2018 at 8:46 PM

  • A man is only as good as his word. Nothing else matters. Have your accountant check out the financials and also have the contract written up by a lawyer. There are many traps when buying an existing business. Talk with some of his old customers and see what they have to say about the current owner.

  • 32 Dodge
    Apr 25, 2018 at 2:13 PM

  • My advice is a business one. (I have experience buying businesses from others.)
    Hire a good Accountant and a good Attorney! This is where most folks make their mistakes. The money spent here is always worth it in the end.

    You say the financials SEEM to be in order............make sure the professionals agree with you.
    This is general business advice I would give to anyone buying someone's business.

    I don't know much about the Corvette market, I will leave that up to others here who do !

    If all checks out, Go for it, you will never work another day in your life.

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