• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

  2. Forum *Official* Book Discussion
    Can't Hurt Me by David Goggins

    The forum has voted to discuss this book. Grab it, discussion begins soon!
    Can't Hurt Me, by Goggins

NOTABLE! How to Buy A Ferrari for $20K

Discussion in 'General Entrepreneur Discussion' started by biophase, May 13, 2011.

  1. frieden70
    Offline

    frieden70 Bronze Contributor Speedway Pass

    Messages:
    150
    Likes Received:
    155
    Joined:
    Nov 24, 2012
    Rep Bank:
    $736
    This is EXACTLY why I say consult with an attorney prior to entering any sort of a biz agreement with anyone.

    Don't just trust the bullshit legalzoom ones (not saying you did). They are literally sh*t based on what my attorneys tell me.

    I know it sucks if you're just starting and think you don't have a lot of money but having a proper agreement IN WRITING can save your a$$ down the road.

    In my agreement, for example, I hold all the cards and the control. I own the majority of the company and if we decide to split, the partner can either name a price that I'm comfortable with or we get the business valued and that's the price that's paid. Period.

    I hate paying attorneys just like everyone else but getting everything set up the right way can save a lot of these headaches down the road...
     
  2. UKSTEVE
    Offline

    UKSTEVE PARKED

    Messages:
    1
    Likes Received:
    0
    Joined:
    Apr 7, 2015
    Gender:
    Male
    Rep Bank:
    $21
    I am based in the U.K. and I was wondering if any of you have successful, passive, automated websites in America (serving only US customers) who might be interested in licensing a 'clone' of the business to be run in Europe. I would be happy to pay an upfront fee (say 25% of value) and then 25% of profits ongoing for the right business. You would have full access to it and it would be run exactly as the original bar a few tweeks for currency etc. In return I would run it in this territory and source product as appropriate. Anyone interested? (FiveStar?)
     
  3. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,960
    Likes Received:
    84,808
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $357,670
    Admin Post
    I'm bumping this for a reason...
     
    Greg R and MoneyDoc like this.
  4. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,986
    Likes Received:
    25,590
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $171,916
    I didn't understand why until I read my original post. On it!! Will make a post later today. :)
     
    Doctor. IM, Greg R and MoneyDoc like this.
  5. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,960
    Likes Received:
    84,808
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $357,670
    Admin Post
    Actually it's not the reason you're thinking (my apologies for bumping it up with respect to your recent "activities") but I look forward to reading whatever you report!
     
    Greg R and Neng Her like this.
  6. ryanbleau
    Online

    ryanbleau Bronze Contributor Speedway Pass

    Messages:
    177
    Likes Received:
    394
    Joined:
    Jun 22, 2014
    Gender:
    Male
    Location:
    Lake Havasu City , Az
    Rep Bank:
    $2,295
    Speaking of Ferrari's I went to the 488 Pista Spider launch party at the W last month. Kind of cemented me moving to Scottsdale.
     
  7. The Abundant Man
    Offline

    The Abundant Man Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    879
    Likes Received:
    1,008
    Joined:
    Jul 3, 2018
    Gender:
    Male
    Rep Bank:
    $5,153
    Some rich guy owns a car museum over there. Full of old classic cars.
     
  8. sparechange
    Online

    sparechange Gold Contributor Speedway Pass

    Messages:
    1,162
    Likes Received:
    1,286
    Joined:
    Nov 11, 2016
    Gender:
    Male
    Location:
    Canada (Vancouver/Calgary)
    Rep Bank:
    $3,810
    I wanna know where he found a 2006 360...
     
  9. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,986
    Likes Received:
    25,590
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $171,916
    It was an 03. typo.
     
    sparechange likes this.
  10. 2legit2quit
    Offline

    2legit2quit New Contributor

    Messages:
    12
    Likes Received:
    11
    Joined:
    Dec 9, 2018
    Gender:
    Male
    Rep Bank:
    $57
    man, so much amazing info in this thread...
     
  11. ZeroTo100
    Offline

    ZeroTo100 Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    261
    Likes Received:
    406
    Joined:
    Feb 2, 2016
    Gender:
    Male
    Location:
    New York City
    Rep Bank:
    $2,237
    Lol I wonder if there’s still similar deals out there today on businesses for sale...1x-1.5x?

    Lot of great stuff in this thread.
     
  12. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,986
    Likes Received:
    25,590
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $171,916
    MJ, let's hear your story!
     
  13. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,960
    Likes Received:
    84,808
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $357,670
    Admin Post
    Still compiling...
     
    YoungPadawan and André G. like this.
  14. Jeff Noel
    Online

    Jeff Noel Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    239
    Likes Received:
    351
    Joined:
    Oct 26, 2018
    Gender:
    Male
    Location:
    Quebec, Canada
    Rep Bank:
    $1,577
    I need to read more on the process of purchasing an existing business. This thread really got me interested (maybe not for a Ferrari to begin with, but a nice Kia (lol) ?)

    All the businesses for sale in my area are exotic restaurants (sushi, chinese food, etc.). From what I heard from my friend who owns a restaurant, it's a LOT of work to manage that kind of business, especially in the state they are (really old buildings - 1940s).

    Does anyone have interesting books or ebook or anything on the subject of purchasing an existing business ?
     
  15. Argin Gerigorian
    Offline

    Argin Gerigorian Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    37
    Likes Received:
    162
    Joined:
    Dec 23, 2017
    Gender:
    Male
    Location:
    Los Angeles
    Rep Bank:
    $761
    Wow that's a great price for $100k, what website did you buy the business off of?
     
    Jeff Noel likes this.
  16. YoungPadawan
    Online

    YoungPadawan Miles to go before I sleep Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    330
    Likes Received:
    762
    Joined:
    Nov 7, 2015
    Gender:
    Male
    Rep Bank:
    $1,234
    Man @biophase , you are a rockstar. I've been reading through your old blog and this reminds me of the website that you started to buy yourself a pair of hiking shoes. An excellent value-adding philosophy to have. :thumbsup:
     
  17. Jeff Noel
    Online

    Jeff Noel Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    239
    Likes Received:
    351
    Joined:
    Oct 26, 2018
    Gender:
    Male
    Location:
    Quebec, Canada
    Rep Bank:
    $1,577
    I don't know if it's similar in the US, but here in Canada, most RE agencies list commercial properties and also businesses for sale. There's probably websites dedicated only to the business part, but I didn't find any (didn't really search either).
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page