I'm taking over my friend's detailing business!

HotWhipT/A

HotWhipT/A

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My day job is suppose to be trading stock, but I'm just starting out and taking it slowly, especially in this choppy market. I've been working with my friend part time. He owns his own detailing business and has built up a good amount of clients over the last 4 years.

So he gets a call from a very wealthy client of his and wants to hire him full time at 60K a year! That's kinda hard to pass up. This client has a warehouse of cars and is always getting new ones, not to mention he has his own race team and several records. Unfortunately my buddy will have to move a few hours away and doesn't want to just give up his business and let down his clients. This is where I come in. I'll be taking over his business for the most part. It's going to be more like a partnership. He'll be leaving his shop, van, and detailing supplies with me. He's also going to be paying for the gas and supplies I use. He'll get 40% of all the money I pull in. I won't really have any business expenses and I can still day trade when I'm at the shop! I'm pretty excited! I have the skills and knowledge, but I also have a 4 year business degree to really take his company to a higher level.

What do you guys think? Does this sound like a great opportunity or what?
 
HotWhipT/A said:
My day job is suppose to be trading stock, but I'm just starting out and taking it slowly, especially in this choppy market. I've been working with my friend part time. He owns his own detailing business and has built up a good amount of clients over the last 4 years.

So he gets a call from a very wealthy client of his and wants to hire him full time at 60K a year! That's kinda hard to pass up. This client has a warehouse of cars and is always getting new ones, not to mention he has his own race team and several records. Unfortunately my buddy will have to move a few hours away and doesn't want to just give up his business and let down his clients. This is where I come in. I'll be taking over his business for the most part. It's going to be more like a partnership. He'll be leaving his shop, van, and detailing supplies with me. He's also going to be paying for the gas and supplies I use. He'll get 40% of all the money I pull in. I won't really have any business expenses and I can still day trade when I'm at the shop! I'm pretty excited! I have the skills and knowledge, but I also have a 4 year business degree to really take his company to a higher level.

What do you guys think? Does this sound like a great opportunity or what?
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I've heard this song and dance before. Don't be discouraged if it doesn't pan out. Plus 60k split 60/40 doesn't leave much if it will require all of your time
 
Sounds like you will have the best of both worlds! Will you be able to handle it all yourself or do u have guys that will be working for you? Congrats on the opportunity !
 
As I heard it stated " the only ship that won't sail is a partnership
" but I do hope this does work.
 
Did he say anything about splitting 60K?
Flash Gordon said:
I've heard this song and dance before. Don't be discouraged if it doesn't pan out. Plus 60k split 60/40 doesn't leave much if it will require all of your time
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HotWhipT/A said:
So he gets a call from a very wealthy client of his and wants to hire him full time at 60K a year! That's kinda hard to pass up. This client has a warehouse of cars and is always getting new ones, not to mention he has his own race team and several records. Unfortunately my buddy will have to move a few hours away and doesn't want to just give up his business and let down his clients. This is where I come in. I'll be taking over his business for the most part. It's going to be more like a partnership. He'll be leaving his shop, van, and detailing supplies with me. He's also going to be paying for the gas and supplies I use. He'll get 40% of all the money I pull in. I won't really have any business expenses and I can still day trade when I'm at the shop! I'm pretty excited! I have the skills and knowledge, but I also have a 4 year business degree to really take his company to a higher level.

What do you guys think? Does this sound like a great opportunity or what?
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Rsurfer said:
Did he say anything about splitting 60K?
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The areas in bold may help answer your question. Especially the area in Red
 
Good luck man sounds like a good opportunity. Also, I think you misread Flash. His friend is making 60k at his new job, the current detailing profit will be split 60/40 but with all expenses paid and all the initial startup costs covered and a solid client base already built it seems like a nice deal. Just make sure you can perform to the same quality as your buddy and you'll do great!
 
Danathin said:
Good luck man sounds like a good opportunity. Also, I think you misread Flash. His friend is making 60k at his new job, the current detailing profit will be split 60/40 but with all expenses paid and all the initial startup costs covered and a solid client base already built it seems like a nice deal. Just make sure you can perform to the same quality as your buddy and you'll do great!
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Oh, my bad :redface:

If thats the case I wouldn't split anything with him :/
 
I believe the split is more than fair since so many costs are covered by his buddy who built the business and the flexibility he will be afforded to continue day trading. Could be a very successful venture if everything is handled correctly.
 
Danathin said:
Good luck man sounds like a good opportunity. Also, I think you misread Flash. His friend is making 60k at his new job, the current detailing profit will be split 60/40 but with all expenses paid and all the initial startup costs covered and a solid client base already built it seems like a nice deal. Just make sure you can perform to the same quality as your buddy and you'll do great!
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Exactly! I can do the same quality of work as him.
Flash Gordon said:
Oh, my bad :redface:

If thats the case I wouldn't split anything with him :/
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Why is that?

Danathin said:
I believe the split is more than fair since so many costs are covered by his buddy who built the business and the flexibility he will be afforded to continue day trading. Could be a very successful venture if everything is handled correctly.
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That's what I'm thinking. Not to mention some other perks.
 
Who is going to pay for the cost of running the shop?? Rent, electricity, insurance, advertising, phone, internet, re supplying the supplies? The devil is in the details. If you think the business is a good investment offer to buy it outright. Remember every $100 wash and wax you labor over is $40 in your buddies pocket. It's hard maintaining a business (even an established one) when your giving away forty cents on every dollar you earn.
 
Sounds like a win, win for both of you. Your friend has a hell of a lot more to lose then you do. It's his reputation, so I hope you don't let him down.
HotWhipT/A said:
My day job is suppose to be trading stock, but I'm just starting out and taking it slowly, especially in this choppy market. I've been working with my friend part time. He owns his own detailing business and has built up a good amount of clients over the last 4 years.

So he gets a call from a very wealthy client of his and wants to hire him full time at 60K a year! That's kinda hard to pass up. This client has a warehouse of cars and is always getting new ones, not to mention he has his own race team and several records. Unfortunately my buddy will have to move a few hours away and doesn't want to just give up his business and let down his clients. This is where I come in. I'll be taking over his business for the most part. It's going to be more like a partnership. He'll be leaving his shop, van, and detailing supplies with me. He's also going to be paying for the gas and supplies I use. He'll get 40% of all the money I pull in. I won't really have any business expenses and I can still day trade when I'm at the shop! I'm pretty excited! I have the skills and knowledge, but I also have a 4 year business degree to really take his company to a higher level.

What do you guys think? Does this sound like a great opportunity or what?
Click to expand...
 
I'll pay you to work for me, and all I have to do is pay for supplies and gas. Thats a win win for your buddy. You do all the work,run the business, deal with the customers, and all I have to do is buy supplies and I get a 40% return. Thats great for me.

If his business is that good, why don't you just buy him outright and not have to split the profits. Seems like its no risk for him, and up to you do all the work. Or why don't you just start up your own detailing shop and swoop up his old customers. Yes, I know he is your friend, but this is business and your in it to make money and he is going to make more money where he is at. He is double dipping and your holding the bag.
 
I agree with the post above.


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It's a bit more complicated that what it seems like and we really haven't worked out all the details. Its not official yet. He's covering all the expenses of the business. Yea I'm doing the work, but its really not that bad. I don't want to completely take over the business. Hell, it'll be up to me if want to disband the business over time. If I wasn't around, he would just have to leave it completely. This and day trading is my income. Basically I can work as much or as little as I want as he is just a one man show. Not a bad gig.
 
So you'll essentially be playing the role of an employee, full time detailer/manager/marketing specialist/purchasing agent/janitor etc. Not too bad if you just want to coast with his current clientele and trade in your spare time. I've also heard it said if it seems too good to be true it probably is. Deals like this usually mark the end of the friendship in one way or another.
 
Yes, with virtually no boss. He is first and for most a good friend than a boss. This my opportunity to both of what I love. That being detailing and day trading.
I'd like to get to a point where day trading is my main form of income. At this time, I don't have a job and I have been staying out of the market right now because it's rough and I can't afford to lose much. I'd like to keep the detailing business going, but more of me just supervising and having other workers eventually. He's 26 and I'm 25. I just graduated college and moved back home. He's got an apartment with a 2 year lease. I'll be moving into his apartment and he's paying half the rent. Winning!
 
Point 1. Everyone should be happy for HotWhip in what may be a good venture for him and the lifestyle he wants.

Point 2. He has a business Degree so he can probably figure out the finances to make sure it is fair.

Point 3. I'd be basing what everyone is making off the profits that are being brought in, not on turnover. If the business is functional then the turnover will cover all costs and you can decide how to fairly split the profits.

Congrats, hope it works out and you can both find happy ground to grow/keep the business.
 
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