Buying an Existing Business - Based on my recent experience
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chekram_04
Senior Desi
Member since: Nov 06
Posts: 427
Location: Mississauga
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Thank you very much for sharing a valuable informations.
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01-11-10 20:22:28 |
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dimple2001
Senior Desi
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere
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chekram04, ash20 and imwhoever:
Thank you.
I really hope more immigrants try the route of being independent business owners and wish them all the best.
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Dimple2001
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02-11-10 08:25:24 |
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dimple2001
Senior Desi
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere
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Just to give you an idea of the expenses I incurred in this venture:
Lawyer expenses - $1412.50 (5 hours at $250 plus HST to prepare and revise LOI)
Gas and courier - Appr. $150.00
I monitored the expenses carefully and kept it to minimum by reviewing most of the financial and legal documents myself before I was going to have the lawyer/accountant review. I was going to let them review only the portion I could not understand or were too complicated.
Legal and accounting expenses can add fast if one is not careful.
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Dimple2001
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02-11-10 08:31:02 |
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manserwadekar
Senior Desi
Member since: Jan 09
Posts: 407
Location: All over place
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Took a while to appreciate how important and amazing information you put together solely because it is not easy to digest what you have gone through over months. Bad that deal did not go through as you planned for but I would say this experience is no less valuable. This is an asset.
Why not start a business consulting of your own? I am sure many of CDs will be more than happy to be your clients.
Keep it up and good luck with the new business!
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02-11-10 09:54:39 |
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dimple2001
Senior Desi
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere
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Quote:
Originally posted by manserwadekar
Took a while to appreciate how important and amazing information you put together solely because it is not easy to digest what you have gone through over months. Bad that deal did not go through as you planned for but I would say this experience is no less valuable. This is an asset.
Why not start a business consulting of your own? I am sure many of CDs will be more than happy to be your clients.
Keep it up and good luck with the new business!
Thank you. My own business from scratch is in the plans in addition to plan B and C and so on, but I am thinking over a good strategy to pursue that.
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Dimple2001
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02-11-10 10:02:11 |
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hchheda
Senior Desi
Member since: Aug 05
Posts: 2244
Location: Woodbridge
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Excellent post Dimple2001.
Good luck with your search.
Hiren
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02-11-10 11:28:49 |
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dimple2001
Senior Desi
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere
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Quote:
Originally posted by hchheda
Excellent post Dimple2001.
Good luck with your search.
Hiren
Thank you.
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Dimple2001
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02-11-10 12:10:23 |
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Maharaj
Senior Desi
Member since: Oct 02
Posts: 1721
Location: Brampton
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This is Excellent. Needless to say that Best info put in recent times and indeed one of the best ever on CD.
STICKY PLEASE !!! ... (if it is not already)
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Mumbai Maazi Ladki ...
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02-11-10 13:05:23 |
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dimple2001
Senior Desi
Member since: Apr 04
Posts: 2873
Location: Western Hemisphere
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Quote:
Originally posted by Maharaj
This is Excellent. Needless to say that Best info put in recent times and indeed one of the best ever on CD.
STICKY PLEASE !!! ... (if it is not already)
Thank you.
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Dimple2001
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02-11-10 13:11:08 |
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mkannuri
Senior Desi
Member since: Nov 06
Posts: 409
Location:
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This is an eye opener for me by neglecting few points mentioned in your post. Hats off to you dimple for backing off on the deal which is not satisfied your reasearched points.
It does not matter how well you know the business and how well you know the seller, just strictly follow the due diligence mentioned in this post.
In my case its too late, but hope other CD's will keep these experiences in mind for any existing business purchase.
Btw, It would be wonderfull if some one post new home purchase and old house purchase along with the experiences.
Currently i am in the market and sitting on the fense :-)
Once again thank you and god bless you dimple.
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MK
Last edited by: mkannuri on 03-11-10 10:23:11 |
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03-11-10 10:21:35 |
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Contributors:
7wonders(1) Ash20(1) AshwaniG(1) booradleysmart(1) chekram_04(1) dimple2001(23) dudewheresmycar(1)
happywoman36(3) hchheda(1) imwhoever(1) jonav(1) Maharaj(1) manserwadekar(1) mkannuri(1)
newboyo(1) peacock1(1) people99(1) tamilkuravan(1) web2000(1) |
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