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  1. White8

    Hold or Sell?? 100k profit on Duplex

    I'm a big fan of the long term hold. Leverage what you have and buy the next. I know of a small complex built here in 1972 for $12,500 that's worth $1.3m and would sell in a few days. The one across the street was 1976 for $26,000 and would go for $1.5m
  2. White8

    Starting an Electric Company

    I bought a shop in Oregon just before the "Great Recession" Some things to consider: 1. Does your state allow a Journeyman to run his own shop? In Oregon, each shop must have a supervising electrician who has x number of hours in the industry and passes an additional test. I know some...
  3. White8

    Opportunity to Buy B&M Biz for $575k

    In my experience with buying someone else's business: 1. Books can be cooked. A valuation is based on data given to the person doing the valuation not hard data. Even a CPA will tell you that someone who is familiar with the company can bury data so deep that it would be hard to find. What...
  4. White8

    Brand Recognition Problem

    I'm an electrical contractor and have contacted my former general contractor customers and although most have been polite they are not particularly interested in coming back. One summed it up the best when he said he didn't have anything against me, he just likes the other guy.
  5. White8

    Brand Recognition Problem

    Already in the process...
  6. White8

    Brand Recognition Problem

    A few years ago I purchased a business. The seller's son stayed with the company for a period of time as an estimator and then left to concentrate on a competing business that he purchased despite a non-compete (which should be resolved in a few months..). Along with stealing all of the...
  7. White8

    Real Estate Buying first warehouse.... words of wisdom?

    That seems high to me for warehouse space. I would take a look at loopnet and as well as craigslist and see what else is out there. I'm sure if you talk to the right people there are properties that have been either on the sale or lease market that have been sitting for a long time...
  8. White8

    Question on Whole Sellers and Retailers

    The biggest thing to remember with wholesale is it's just that, whole sale meaning most manufacturers only offer that level of pricing to companies that can buy in quantity. That quantity might be a case, a pallet, or a container. If you have the capital to sit on inventory for a period of...
  9. White8

    building business systems - recommendations?

    Regarding estimating, give your estimator a range of profit margin and then give him a percentage of the profit on each sale. It's amazing how people hold margin when there is a benefit to themselves. It also takes some load off of you. I have also shared my cost per hour with some trusted...
  10. White8

    Is He Crazy?????

    Be sure to check on local garbage franchise laws. Someone opened a 1-800 Got Junk franchise in my area and within about six months the local garbage companies had him shut down because he was in violation of the franchise agreements they had with the city.
  11. White8

    Where to find REAL investors?

    At this point you have 50% of nothing and if you invest $10k you could potentially end up with 100% of a negative $10k. I'm not a fan of partnerships but if you can't write the code and don't have the cash, this would seem like a really good option especially if you can get him to take less...
  12. White8

    I think I got screwed

    Sorry to hear that you're having a bad time too. Housing isn't a problem as my Dad was a developer and Mom has the last set of apartments he built so I have a free apartment in exchange for helping her with the property. I've also really cut staff to the bone but expenses are still fairly high...
  13. White8

    I think I got screwed

    No wife, no kids, no girlfriend. My mom lives close by and my dad died seven months before I bought this thing. As far as my health, my blood pressure is now a consistent 160/100. I'm no longer actively flying as my flight surgeon would give me a lot of grief over that blood pressure. It...
  14. White8

    I think I got screwed

    It's been several months since my last post and business has been dead slow and I don't see it improving in the next few years as the housing market here is horrible. There was a recent article showing home values for the area have dropped another 10%. I contacted the lender Friday to see if...
  15. White8

    I think I got screwed

    Thanks for the reply. I have my CPA working on it and plan to try to go from the angle that the broker cooked the data to make the business look much better than it was. When I showed the office manager his spreadsheets several months ago she said that it wasn't accurate. Hopefully he or...
  16. White8

    I think I got screwed

    So basically I'm just F%$#ed. I just can't see how it can go from +$370k to -$130k in two years without any changes from me. Hell, the seller is even still doing some part time estimating.
  17. White8

    I think I got screwed

    I've gone back to my original CPA who is very competent. At the time I was using my Mom's CPA as we were going through my Dad's estate and it was easier to use one CPA due to the complexity. I was also able to get Mom to switch to him too. I agree, and if push comes to shove, maybe the IRS...
  18. White8

    I think I got screwed

    I did have my CPA at the time review the financials and he didn't see anything that bothered him but thinking back, I don't think he spent much time with it. I did see the tax returns as did my CPA. There had been quite a bit of maneuvering to avoid taxes so it was difficult to match the...
  19. White8

    I think I got screwed

    Oh, she is definitely going. I've disliked her for some time and this is just the topping on the cake. I'm just waiting to see what the depth of her involvement is so if there is legal action, either civil or criminal she doesn't completely see it coming and run. It would also be helpful to...
  20. White8

    I think I got screwed

    The business I bought two and a half years ago has never lived up to the financials I received and had reviewed by my CPA at the time and the lender. A month ago I noticed an anomaly in Quickbooks and sent the current file as well as a file that "wasn't used" by the business broker to determine...
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