Ever bought into an existing business?

Any major decision that doesn't involve much thought is a scary proposition.

You have to weigh all the pros and con's. Sometimes it's not so easy to come to a decision, but when you do, at least you know you've made a decision based on as many factors that you can think of.

I'm sure some wise person has said what I've tried to say here in a more clear and concise fashion.

 

Just the foreman and myself. How the control split would end up? I don't know. I haven't approached either the Boss nor the foreman about this, I'm just "feeling things out" at this time. But everyone involved beneath the surface of this game has kept me informed as to how things look now. That's why I could potentially get into this at this time.
The foreman would work himself to death, that's his style. But he'd also want to reap all the rewards, that's also his style. He has had a tendency to discount the work involved getting him work. He got a glimpse this evening.
He wanted some prints to work on over the weekend, so he could bid a job. He told me tonight he couldn't get past page 8 of the spec. book. So I schooled him.
This was a very minimal bid sheet, but it frustrated the heck out of him. The project is in Vail, they are hard to comply with but....I know how to deal with and what to do. He just kinda' looked at me as I explained how it works. He'll learn, or not. That's where I come in. Just not sure I want to.
Thanks all, good stuff but I've got wood to bring in and hit the sack. JB

 

Right there is a warning indicator(and a big one), as to how this potentially all plays out. The last thing I would want to end up with is a partner who is not totally up to speed with all phases of the business, and who has tendencies to be self centered enough to want ALL of the carrots @ the end of the day. That being said, I no doubt do not know all of the in's and out's of this particular situation. Sounds like he is one of those guys who needs to be re-educated to the fact that there is no "I" in the word teamwork...........

 

1.5 to 2.5 million is not going to make 2 partners happy financially at the bottom line. look at the financials, divide by 2, not worth it.

 

You probably know this, but I would advise getting an accountant involved as well as a lawyer-tell them what you need as far as the financials and the control and have them draw up draft agreements. If the other party agrees ok, if not, then it's not for you.

 

Just a quick update- not happening. Not at all. No way in heck. And this thread is dead.

Thank you all for the insight and experience. JB