So I have been presented an opportunity and would love to get the feedback from the community.
A few of you may have read my thread about flipping cars a while back: https://www.thefastlaneforum.com/general-business-discussion/23241-flipping-cars.html
As a side gig I had been buying used cars and flipping them for a small profit. I put the whole thing on the side to go after some other opportunities that never panned out, and have recently been presented with another opportunity. I was also running under the radar and didn't plan on pursuing it as more than a hobby.
Well, recently the guy I used to work as a auto tech for wants to go full-time with the used auto business, but doesn't have the time while running his repair business. He's been running his shop successfully for over 25 years, and is someone I trust to do this with.
He already has a dealers license, a building, a huge customer base, and all the equipment we could ever need to repair the cars. He is also a successful entrepreneur in the industry. I on the other hand would bring the time, ability to recondition and repair the vehicles, and do everything related to the sales side. Both of us have bought and sold cars on the small scale.
My dilemma is that to go full time in this, I would be giving up a 60k + job with full benefits and start from scratch. Having never done this, I'm a little hesitant.
Dealing used cars specifically will likely never be a "fastlane" business, but with some a$$-busting we may be able to turn a 200-300k a year operation. My goal would really be to get into the financing part of it though. I figure if we get a couple hundred cars out there over the course of 2-3 years we would have some nice cash flowing in.
I am trying to decide if I should just stick it out in corporate America and continue to look at other fastlane opportunities, or take this one and run with it. For this specific business I am confident that I would never find a more perfect opportunity.
Any advice from you guys would certainly be appreciated as I try to go over this one in my head.
A few of you may have read my thread about flipping cars a while back: https://www.thefastlaneforum.com/general-business-discussion/23241-flipping-cars.html
As a side gig I had been buying used cars and flipping them for a small profit. I put the whole thing on the side to go after some other opportunities that never panned out, and have recently been presented with another opportunity. I was also running under the radar and didn't plan on pursuing it as more than a hobby.
Well, recently the guy I used to work as a auto tech for wants to go full-time with the used auto business, but doesn't have the time while running his repair business. He's been running his shop successfully for over 25 years, and is someone I trust to do this with.
He already has a dealers license, a building, a huge customer base, and all the equipment we could ever need to repair the cars. He is also a successful entrepreneur in the industry. I on the other hand would bring the time, ability to recondition and repair the vehicles, and do everything related to the sales side. Both of us have bought and sold cars on the small scale.
My dilemma is that to go full time in this, I would be giving up a 60k + job with full benefits and start from scratch. Having never done this, I'm a little hesitant.
Dealing used cars specifically will likely never be a "fastlane" business, but with some a$$-busting we may be able to turn a 200-300k a year operation. My goal would really be to get into the financing part of it though. I figure if we get a couple hundred cars out there over the course of 2-3 years we would have some nice cash flowing in.
I am trying to decide if I should just stick it out in corporate America and continue to look at other fastlane opportunities, or take this one and run with it. For this specific business I am confident that I would never find a more perfect opportunity.
Any advice from you guys would certainly be appreciated as I try to go over this one in my head.
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