Banana Stand
New Contributor
Hey guys, BananaStand here. I read Fastlane back in 2018 when a buddy gave it to me. Been picking up pennies ever since. Now, I've got quite the opportunity coming on...
My parents own a jewelry store in a small town in Wisconsin. Its paid for everything my entire life. A solid low six figures a year for my parents while also employing three people full-time and several part timers. My parents want to retire. My dad is turning 71 this year. For many years, my dad's been in negotiations with the goldsmith to have the goldsmith buy the place from my dad. Because of the virus and the years of back and forth negotiations, the goldsmith has definitively pulled his offer to buy the place. My dad can either keep it going in spite of the virus or he can retire and have a going out of business sale.
That's where the opportunity lies, my dad would sell me the place if I wanted it and I had a solid plan to run it. The catch is I live in New York City pursuing my lifelong passion of filmmaking (although I am so far unpublished though I have three complete screenplays I'm shopping). I do not wish to move back home. Since I was six, I've been writing. Also, since I was six, I've been involved in my parents jewelry store with the maintenance, sales, and marketing. I'm also the voice of the business on commercials. (I'm a trained voice actor) I work there every Christmas for the holiday rush so I know the business pretty well. Inventory systems and website are antiquated and would need to be addressed as well.
My question is: Should I pursue a remote ownership of my parents' jewelry business? I know I'd have to hire a new goldsmith because he will most likely quit as soon as I take over. What sort of plan should I have if I pursue this remotely? Are there any tools I can use? I know who I'd want in charge to manage the business on the ground. She's the current sales manager, who's been with the business for 18 years.
Do I even want this? I categorize my finances as struggling. I receive medicaid from the state of New York. However, I am mostly happy though more money would be nice. I currently own a dogwalking business, which barely covers my expenses. My passion for writing is immense and cannot be denied. However, I think I can bring a lot of positivity into my life and the world by having more money. Is there a way to do both writing and run a remote retail store without failing miserably?
Any help is appreciated.
My parents own a jewelry store in a small town in Wisconsin. Its paid for everything my entire life. A solid low six figures a year for my parents while also employing three people full-time and several part timers. My parents want to retire. My dad is turning 71 this year. For many years, my dad's been in negotiations with the goldsmith to have the goldsmith buy the place from my dad. Because of the virus and the years of back and forth negotiations, the goldsmith has definitively pulled his offer to buy the place. My dad can either keep it going in spite of the virus or he can retire and have a going out of business sale.
That's where the opportunity lies, my dad would sell me the place if I wanted it and I had a solid plan to run it. The catch is I live in New York City pursuing my lifelong passion of filmmaking (although I am so far unpublished though I have three complete screenplays I'm shopping). I do not wish to move back home. Since I was six, I've been writing. Also, since I was six, I've been involved in my parents jewelry store with the maintenance, sales, and marketing. I'm also the voice of the business on commercials. (I'm a trained voice actor) I work there every Christmas for the holiday rush so I know the business pretty well. Inventory systems and website are antiquated and would need to be addressed as well.
My question is: Should I pursue a remote ownership of my parents' jewelry business? I know I'd have to hire a new goldsmith because he will most likely quit as soon as I take over. What sort of plan should I have if I pursue this remotely? Are there any tools I can use? I know who I'd want in charge to manage the business on the ground. She's the current sales manager, who's been with the business for 18 years.
Do I even want this? I categorize my finances as struggling. I receive medicaid from the state of New York. However, I am mostly happy though more money would be nice. I currently own a dogwalking business, which barely covers my expenses. My passion for writing is immense and cannot be denied. However, I think I can bring a lot of positivity into my life and the world by having more money. Is there a way to do both writing and run a remote retail store without failing miserably?
Any help is appreciated.
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