Please give me some advice...I'm about to buy a small business.?

I'm going to buy a small business for 12k. I need advice.?


I know how to run the business because I have been working there for four years. I just don't know anything about finances or what I need to do to get started. I will have a partner and we are splitting the costs 50/50. It's a kiosk at a mall but it brings in a lot of money. Any tips or advice. We are going to pay the owner off in a period of 3 months 4k a month. The rent is 2,050 and we pay on commission. I want to do everything right and by the book. There is no franchise fee we buy wholesale from a distributer out of Richardson, Texas. The product is $3 a package and it sells for $20-$30. I have been doing this for 4 years and managing the one that I am about to purchase for exactly a year. Mall overage is 2% and insurance, phone, and credit card is about $400. On an average with me working by myself I make about $2,000 a week and from that I get 30%. So I make $600 a week with my commissions.Please give me some advice...I'm about to buy a small business.?
you seem to know exactly what your doing- dont second guess yourself, you really sound like you have the right mind frame. just do itPlease give me some advice...I'm about to buy a small business.?
One VERY important piece of advice...





If you haven't already, put in place a solid partnership agreement with definitive exit strategies. This may be the best investment you make in this venture. See a good lawyer.


Btw... I am not a lawyer but an independent small business owner myself.





Good luck with the venture!
It seems that you have the nuts and bolts down. I also think you should nail down a partnership agreement. What seems so clear before you start suddenly may seem very unclear later on.





Also, you need to figure out what you're going to do when you need to step away from the business for a while. Make sure that you have reliable help to fill in when you're not there. Otherwise, you've just bought yourself a job, not a business. I would strongly suggest you read the E-myth, Revisited. It's an excellent book about what it means to be an entrepreneur, as opposed to just a business owner.





Good luck on your venture!
You are on the right track. Define the partnership (duties,responsibilities so forth) also the exit program if or when needed.


Ask for flexibility if you find you cannot handle 4K/month





www.SCORE.org Retired Executives with free advice.


www.SBA.gov Small Business administration also free.
www.legal911.info


You will need to use our law service it is very low cost.