Quote:
Originally Posted by FlamesAddiction
Hey all,
So after thinking about it for a long time, I have come to the conclusion that I hate my job and I hate my career. Everyday I go to work, I fantasize about quitting. Fortunately, I have been able to save up some money in the mean time. My background is in Earth Sciences (as is my wife's, although she has some restaurant management experience).
An acquaintance of mine is quite wealthy and owns 3 pubs (I think his net-worth is around $4.2 million). Two of the pubs have the same branding and he wants to sell the third to free up some cash to put into one of his other pubs (which is larger than all three combined) and to expand his franchises. Right now, the pub he is selling is a money maker, but it has some issues because he has been hands off for a while. His bar manager runs it and he says the guy is an idiot.
It nets about how much I make right now at my job, but I think there is room for growth. I am thinking of quitting my career and buying it. In no way do I expect it to be easy and I am sure that it will be a parade of putting out "fires" non-stop, but part of me really wants to have complete creative control over something like this. I have been reading books about it and plan on using the same format and bookkeeper.
Am I insane to do something like this? Can any offer me sincere words of encouragement or advice? I am scared, but I really want to do it. But I am also a crazy person...lol.
|
Love that it's an established business with upside.
Out of curiosity, how are you planning to finance the purchase?
I deal with a lot of micro, small, medium and large corporates. The good ones have a lot in common no matter what the size. Managing debt is key, but even more important is managing your cashflow.