Buying an Existing Business - Based on my recent experience

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dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 02-11-10 08:25:24

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

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 02-11-10 08:31:02

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

manserwadekar
Member since: Jan 09

Posts: 407
Location: All over place
Post ID: #PID

Posted on: 02-11-10 09:54:39

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!

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 02-11-10 10:02:11

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

hchheda
Member since: Aug 05

Posts: 2245
Location: Woodbridge
Post ID: #PID

Posted on: 02-11-10 11:28:49

Excellent post Dimple2001.
Good luck with your search.

Hiren

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 02-11-10 12:10:23

Quote:
Originally posted by hchheda

Excellent post Dimple2001.
Good luck with your search.

Hiren

Thank you.

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Dimple2001

Maharaj
Member since: Oct 02

Posts: 1721
Location: Brampton
Post ID: #PID

Posted on: 02-11-10 13:05:23

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 ...

Contributors: dimple2001(23) dudewheresmycar(1) Maharaj(1) newboyo(1) booradleysmart(1) mkannuri(1) imwhoever(1) people99(1) Ash20(1) peacock1(1) chekram_04(1) tamilkuravan(1) jonav(1) manserwadekar(1) web2000(1) 7wonders(1) hchheda(1) AshwaniG(1)

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