Exactly.

First off, I'm a CPA/PFS, IAR, RIA, RR, MBA. Secondly, I started out life as a steel worker straight out of high school in 1973. I've worked in accounting firms, corporations [ended up being the Controller for a fortune 500 company], taught college full time for 5 years and have owned my own business for the last 15 years.

I cannot disagree with anything in any previous posts.

1] starting a business is much harder work than working for someone else.
2] getting a business to become profitable takes years.
~ therefore be able to live on your wife's income
3] starting a business takes a 'special kind of person'. You have to be able to work yourself, manage others and fulfill or outsource all the accounting and regulatory functions.
4] you'll never make it unless you LOVE whatever your business is/does because you'll hate all the BS that it takes to keep it going.
~ therefore find an area you love and learn it. Work for someone else in
that area and perhaps, look into buying it from them.

5] you can only afford to borrowing money if you don't need to borrow.

I don't say this to be rude but, you don't even know what you don't know yet.

It is good that you are ambitious and willing to roll up your sleeves, spend a few years finding what you want to do, then do it for a few years [saving as much $$$ as you can] before setting off.

I own a CPA firm and a Registered Investment Advisory firm.

Today, if I were 20 and thinking along the same lines as you are, I'd become a machinist, get my journeyman certificate and open up my own shop. It'd take you 5 years [minimum] to get to that point. During your apprenticeship, save up $100,000-150,000 and be networking, developing future customers.

Best Wishes,

First off, thank you and that is a very impressive resume.

^^These two things are the toughest to succumb to. It's a catch 22 similar to getting experience without a job/getting a job without experience.

I don't see that statement as being rude. It's actually a wake up call. I don't know what to expect, but I am looking for informative advice. I appreciate every bit I get and hope to be able to use it.

If you want to go in to a business with which you have no experience, I'd suggest that you get a job with a firm in a similar business for a year or two. I did not do that and still regret it.

Figure out what they do wrong and resolve to do better when you jump in the pool.

And revel in the bennies while you learn your craft.

Know your stuff. Sounds simple, but you'd be surprised. Know your product, know your employees, and make everything as streamlined as possible (without sacrificing quality!).

I'm definitely going to have to re-think this whole thing. It seems that purchasing a successful business is going to be the simplest way to go. Raising the funds for that and finding something I am familiar with and enjoy will be the tough part.

Thank you all.

I have a small, part time business...along with my full time job.
Since it's not my main money maker, I try to keep it simple.

Not sure what your goal is, but if I would take it slow.
You know what they say about trying to do too much too soon.

Not a business owner, but don't expense a 2016 4runner as a company car.

Edit: Might be asking for trouble haha.

Have you been watching Shark Tank? lol
I've been watching that show recently and it's been motivating me towards some sort of business, but like you, I have no idea what that would even be! I'm patiently waiting for the million dollar gadget idea to pop up

However, I do find it 'informative' seeing how some of the businesses are being managed, good and badly, and the key points that the sharks consistently work around.

I've actually watched several episodes of that show! Some of the people on there make me want to shake them until the brain reconnects. But there are some really great ideas too.

It seems every time I have an epiphany about a product that would do really well, I google it and find that it already exists.

Based on what I've read, I would recommend opening a franchise. Less stress, less pay, but more freedom as long as you play by their rules. This may not be what you are specifically looking for as far as the "freedom" aspect because you'd still have corporate players, but doing this will allow you to see the true insides of a business. You'd be following their established and proven policies/ procedures which gives you an boost for success.

After that, consider selling the business to a new owner and start your own "niche" business.


This still isn't something you can just jump into. So think long and hard if your willing to sacrifice the time and energy needed to get this on track. If you're expecting a quick bailout, consider the lottery.

I remember a few years ago I looked into opening another Zaxby's here. The original was here and its replacement was/is always packed out to the street. They've since opened another one, but I digress.

One of the requirements to apply for an opportunity to join their team was to personally have a net worth of $750,000.

I really have no interest in joining the restaurant business anyway, but that seemed a little extreme to me.

Wendy's is $5 Million. Obviously, not everyone that opens a Wendy's has $5M sitting around.


I'm curious... have you've even done any of your own research on the subject? Have you taken any classes? Maybe start there and you can decide if it is worth it to you.

I've done a little. I have a few buddies who've gone out and done their own thing. All but one has been successful. I've had several people wanting me to join them opening a business doing what I do now. I even ran it by my employer to see if I could come back if it didn't take off. He said no.

But I gotta tell ya, if it happened today, I'd probably do it.

Most franchises will require you to have a hefty net worth and $$$. Buying a successful business might be your best bet but you will have to get creative with buying this business. You will first need to find out if the owner is willing to do an owner financing for a few years as well as making sure the business as enough assets for you to get a business loan against. This should be able to get you in the door.

Stay away from anything food or drink related. (Restaurants or bars)

Here is an interesting business listing.

http://www.bizbuysell.com/Business-O...mpany/1255566/

Seller is retiring, this is a plus if true. Could be a way of talking them into making a little more if they do seller financing. The biggest issues I see on the surface is that there is no real assets to the company that you would be able to get a loan against as well as they are working out of their own home. I personally think the asking is out of line and if the Gross and Cash Flow is correct, the profit margins arnt that great. I bet the numbers are not as accurate as they should be.

http://www.bizbuysell.com/Business-O...luded/1259026/

If this is what you want to get into, it wouldnt be a bad opportunity. You would really have to dig through the years before to see how many clients/customers they have dealt with (You would basicly be buying clients/customers) 13 years is a long time to only have a GI of under $250k, prices might be too low. I dont see a cost of the rent, that could be a huge selling point or it could be a huge burden on the business. Owner financing for $30k, asset value of $20k (You would get a loan against it) and you come up with $30k would more than likely get this business for you.