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  Canada Immigration Forum > About Canada > Business > Buying an Existing Business - Based on my recent experience
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Buying an Existing Business - Based on my recent experience




chekram_04
Senior Desi
Member since: Nov 06




Posts: 427
Location: Mississauga


Thank you very much for sharing a valuable informations.:up:

 
Post ID: 175015 01-11-10 20:22:28
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


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

 
Post ID: 175024 02-11-10 08:25:24
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


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

 
Post ID: 175025 02-11-10 08:31:02
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manserwadekar
Senior Desi
Member since: Jan 09




Posts: 407
Location: All over place


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!


 
Post ID: 175031 02-11-10 09:54:39
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


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

 
Post ID: 175033 02-11-10 10:02:11
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hchheda
Senior Desi
Member since: Aug 05




Posts: 2241
Location: Woodbridge


Excellent post Dimple2001.
Good luck with your search.

:cheers:
Hiren


 
Post ID: 175038 02-11-10 11:28:49
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


Quote:
Originally posted by hchheda

Excellent post Dimple2001.
Good luck with your search.

:cheers:
Hiren



Thank you.

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Dimple2001

 
Post ID: 175041 02-11-10 12:10:23
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Maharaj
Senior Desi
Member since: Oct 02




Posts: 1721
Location: Brampton


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 ...

 
Post ID: 175045 02-11-10 13:05:23
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


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

 
Post ID: 175047 02-11-10 13:11:08
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mkannuri
Senior Desi
Member since: Nov 06




Posts: 409
Location:


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
Post ID: 175081 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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