Quote (FMX_89 @ Jun 2 2016 11:03am)

I don't think I have the time to begin to get acquainted with a game like PoE after reading a beginners guide. Maybe I should set aside some time for it though... it would be a welcomed stress relief. On a bit of a personal note I've been struggling to maintain a work/life balance since October. I had already accepted the offer for my new job and my Father passed away suddenly at 48. I have a 20 year old sister in a $40k/yr private college going straight through for a masters in speech/language pathology and a 17 year old brother set to start at Clemson next year for an Agricultural engineering degree (random I know.) Luckily my position allows me to work as many hours as I want. So between 60 hour work weeks and our Facebook motorsports group taking off to the tune of 300 people I have had no time for myself. Add on my shit wagon breaking down and all of the people in that group who want tunes and builds specced... I'm a prime candidate for an early heart attack lol

Quote (jimmyhoud @ Jun 2 2016 02:19pm)

Now all you need to do is open your own business with 4 locations like I have. I literally have to force myself to get away and take time for me / family. I work 10 hour days (down from the usual 12-14) and then come home and work in the shop for a couple hours. Play with the kiddos for an hour or two and the fall asleep to start all over again the next day.

Quote (FMX_89 @ Jun 2 2016 12:28pm)

I'm still working towards buying that business we discussed before. She said she will be ready to sell in 2 years or less. That is part of the 60 hr week thing. 50 hrs would cover what I need to make and be comfortable but I'm tired of being an employee. I've always felt I was destined to be self employed. My dad was a successful home builder and both sides of my family are largely self employed. I did talk her down on the price. She is willing to do $100k and seller finance the rest. Probably 1.5-2mil@5%. I'll have 50% down for an SBA after I pay off the 5 acres of land I bought a few years ago. That is what I'm working on now. The extra $1200 a month from the extra 10hrs a week should pay it off by the end of the year. Taxes are killing me though. That $1200 feels like it should be a lot more.

Quote (jimmyhoud @ Jun 2 2016 02:35pm)

I vaguely remember the circumstances. IS it a possibility for you to get into that business now and start working there?

The only reason I say this is because the SBA is much much more willing to lend to someone that is already established in the business and essentially running it. When you get ~6 to 9 months out from planned purchase date hit me up. I'll save you a few headaches jumping through the process of the SBA hoops.

The biggest thing is going to come from her side though. She and you need to make sure he books are cleaned up. 99% of business owners write back personal things into business expense. That 20-30k every month she loads up on going out to eat, dry cleaning, vehicle loans, etc all show as a loss and the more profit she can show on the bottom line of her books the better chance you have at approval, as well as a lower rate. If your bottom line to SBA loan ratio is under 15-20% you are golden. If it's 60% or higher, even that 50% down may not cover... They are a pain in the dick on anything over 2 million.

Quote (FMX_89 @ Jun 2 2016 12:57pm)

I'd only be looking for a $100,000 SBA loan with $50,000 down. We are supposed to be sitting down to look at the books soon. She was originally wanting $400,000 + seller finance the balance. Sales price is the same but she is financing more of it. The sales price is 1 years gross profit. The last 3 years it has been $1,500,000-$2,000,000. My wife works there as the director of market operations. She runs the business, the owner does the high level schmoozing. The biggest change in profitability will be the office. She bought the office building they are in and has paid it off. We would need to lease it from her for a while. I haven't seen the books yet but from what I do know she seems to be clearing about $400,000 a year on a bad year. Her finances seem to be in good order. She is a finance major and has a really good CPA that comes highly recommended from other people I know. I would love to do it without the SBA loan but it would take me a few more years to save up another $50,000 without selling off a bunch of shit I really don't want to sell.

I will continue working where I'm at since I make 70% of our household income. I need to pull some contract trickery since everything we own is in my name. I want to set it up so I am liable for the SBA loan and my wife is liable for the seller financed portion. If we pay the SBA loan off ASAP we should be just fine even if the business failed. For that reason I'd like to keep working where I'm at to maintain my pay and benefits until the dust settles and we see how much we really have left after the $34,000/mo in loan payments :rofl:

Quote (jimmyhoud @ Jun 2 2016 05:20pm)

Oh fuck that. In that case get an SBA and blanket in the building, and a few months working capital... Would be the best thing you ever did. I couldn't tell you if that's a good price or not though. Since the owner is financing you really can't say much... Put your wife and you in an LLC Holding Company and make her 51% owner. File jointly for the sba if she's got the history in working there.

Quote (KoJ @ Jun 3 2016 07:40am)

fmx got me all curious now i wana know what it is