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Natl. Champ DH Poser/Hack
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Discussion Starter · #1 ·
as most of ya know, ive been between jobs and have loosely mentioned the fact that ive been busy workin on new plans. those plans are the purchase of a small business or starting one from scratch. currently theres a purchase opportunity that im aggressively workin on but ya never know how these things will turn out till the papers are signed. obviously there are many on this forum who have done this or started fresh and its those people i come to for help. im learning plenty on my own and with the help of my girlfriend, family and friends but our talent only goes so far. as i get deeper into the details its clear i need the help of a strong mentor. my strengths are bein put to good use, my attitude is cautious yet positive, my mind is open and i have a new ink cartridge in my pen all ready to take notes.

those interested please pm or email me rather than use this thread as a means of detailed communication.
 

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I've never owned a small business before so I have no experience in that department, but I'm a commercial/consumer finance attorney, so if you have any documents that you'd like another set of trained eyes to peruse, just PM me. I owe you a couple of beers anyway. :p
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #3 ·
im sure ill need a biz attorney once the deal goes down but for now it sounds like yer expertise may be just what i need leadin into it. yer offer to help is huge! ill be in touch.
 

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Keep the banks in mind. Even if you don't end up getting a loan, the small business departments have a pretty keen eye towards letting you know if the figures being touted by the current owner of a business have any basis in reality or long-term sustainability. Those evil money-lenders come in handy sometimes! :D

I've had my own gig going for about 10 years now. I've been lucky, and NOTE THAT I AM NOT GIVING ADIVCE HERE, but I don't know how I'd ever go back to being a wage slave.

Hope your new opportunity works out, and gives you time to come out to the Columbia Gorge for some sweet singletrack sometime! When you get things up and running, make sure and post a picture of the business, preferrably in front of the couch, fireplace, of Ferrari 430!
 

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Premium Member
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Cant help from where I am sitting CC, but I for sure would support any business you were involved in realeted to cycling in general.... Have cruised this site for a long while now, your help to individuals is to be commended. You will have a power of support from the folks on this site...............

So loads of positive thoughts going to you from many areas of the globe, the world is indeed very flat...............

Best of luck.................:thumbsup: :thumbsup:
 

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I don't do PC
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7,401 Posts
Hey CC, Barb and I have our own business as you know, started it from scratch about 4 years ago and run it from the home, learned a few things along the way. Call me or pm me here if you want to talk. The flexibility of no boss and no set work schedule sure is nice, even when your swamped there is always time for a ride or whatever you want to do- as long as the business is coming in!!
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #7 ·
thanx for all the advice, or lack of in kosmos case. hehe. yer words of encouragment and offers to help at whatever level are truely cool. on a lame note, the type of biz im lookin at wont offer me alot of free time but other than rroeders home type, what does? 1 thing i can almost promise you is this will not get in the way of our little moab sleepover this oct. although i may not stay as long as hoped.

i see lots of regular lurkers on here. dont be afraid to speak up folks.
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #11 ·
be back soon.

ill be out of town and away from the comp till tues pm. candycorn lost a uncle so were goin up to say bye then stay for the 4th on a lake. im loosin 2 days of work time but like i was told today by a small biz owner, ya gotta take time off. keep the info commin and ill get back to ya tues night. till then, thans so much folks! i cant say it enough.
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #12 ·
home and happy. after the big deal, we had a great private celebration of sid's life at one of his sons pizza joint in a beautiful lakeside iowa town. while there i made some new friends ill be sure to see more of and was lucky to have rooms full of small biz owners who even under the less than ideal circumstances were very willin to share advice and visited with another guy who owns a place much like what im lookin at. i came back with a clearer picture and some good local contacts but im still a long way away from havin a handle on things. im serious about this endevor and serious about findin a way to show my appriciation to anyone who wants to step up and guide me through the prossess. those whove already pitched in will not be forgotten either. hope ya all had a great 4th!
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #14 ·
update and another plea for ideas.

im meeting with a SCORE mentor on monday mornin. i hope to have the financials, inventory totals and a rough draft of my biz plan in hand by that time. any further help and advice before then would be great.

the 1st commercial property appraisal, the one ive hired, is tenitively schedualed for late next week. additional vendors have been arranged and things are progessing. im feelin like my work here will lead to a succeesful outcome if the things outside of my control come together in a timely mannor. my sister said to me somethin one of our homer bretherin says, there is no try, there is only do. i believe this to be true. even if this plan falls through, theres plan b, already in the works.
 

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Dad
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187 Posts
CC, my $.02:

I've been involved with payroll tax for nearly ten years, and these are a few things I think I know.

1. If the IRS or IA sends you a nasty letter, don't ignore it (even if you only answer it with a response letter telling them you need more time to formulate a good excuse.) They hate being ignored more than just about anything.

2. Most of the tax information you'll ever need is available on the agency's website. Phone numbers, addresses, email addresses and forms are all going to be there.

3. Accountants and payroll services are an excellent way to farm out the tax work involved, but if they handle your estimates and for any reason don't deposit them, you are still on the hook.
 

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Natl. Champ DH Poser/Hack
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12,942 Posts
Discussion Starter · #17 ·
this could be good info smudge. consider it on the list. im currently dealin with a somewhat similar tax issue due to a (friend) tax preparers lack of follow through. in the end its my ass. know any good cpa's in iowa?
 

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Dad
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187 Posts
cactuscorn said:
this could be good info smudge. consider it on the list. im currently dealin with a somewhat similar tax issue due to a (friend) tax preparers lack of follow through. in the end its my ass. know any good cpa's in iowa?
Nope, I'm in CA, but I'm sure there are plenty of honest ones near you. Find one that rides mountain bikes.

Regarding your current issue, I often find that being very nice and playing a bit dumb works well to help resolve tax problems. Don't be afraid to ask the folks at the agencies what is the best way to get P&I abated.
 
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