O.T.- Thinking about going partners and buying an established tuxedo store...

Iceman · Dec 19, 2006

Co-worker/friend who is an EXTREMLEY hard worker has an uncle(and a another partner) who I know, who is getting out of a 40 year old tuxedo business. This business has been in the same hands since it's inception. These guys want to retire and would give us quite a deal as they are overall good guys and family members with my buddy.

They have over $300,000 in inventory and another $100,000 or so in presses, etc... They want 150k or so for the business. It's more or less a tuxedo rental place with local outlets (places to measure you at) all over the area and they order from the warehouse, which we are looking to buy(we also split the profits with the 10 outlets who use the 40 year old company name).

Alot of thinking/researching to do and still a far fetched idea but seems to be a pretty good deal as they would train us for a few months on every aspect of the job. We would probably still keep our current posistions at our current jobs as I am his boss and we have a nice little gig going on right now.

I know it is a little out there but was wondering if anyone knows anything about this line of work/business.

blueedwards · Dec 19, 2006

dude, that is hilarious. almost did the exact same thing 5 years ago but, got talked out of it. good luck

Iceman · Dec 19, 2006

blue edwards said:
dude, that is hilarious. almost did the exact same thing 5 years ago but, got talked out of it. good luck

you regret it?

blueedwards · Dec 19, 2006

no, not really. i will probably go in on something some day but...the whole retail aspect scared me. too much bad stuff can happen. i am a risk avoider...unless of course you show me a bad line.

Iceman · Dec 19, 2006

blue edwards said:
no, not really. i will probably go in on something some day but...the whole retail aspect scared me. too much bad stuff can happen. i am a risk avoider...unless of course you show me a bad line.

yeah me too. I am usually all talk no action but one of these days I may swing for the fences.

blueedwards · Dec 19, 2006

Iceman said:
yeah me too. I am usually all talk no action but one of these days I may swing for the fences.

i encourage you to do so. not sure about anything in retail though...success rates aren't as high as if you bought a manufacturer that has a diversified customer base, etc. of course, the cost would be higher...

good luck to you.

Iceman · Dec 19, 2006

blue edwards said:
i encourage you to do so. not sure about anything in retail though...success rates aren't as high as if you bought a manufacturer that has a diversified customer base, etc. of course, the cost would be higher...

good luck to you.

I already have a great paying job right now and not sure if I could juggle both but almost looking for a new challenge. I hope being partners with this guy would help push me into looking deeper into it instead of just dreaming about it.

Fishhead · Dec 19, 2006

ICE--Your thread topics never cease to amaze me......just when you think you've seen it all, up pops another gem.

mj23 · Dec 19, 2006

Ice nice Green business!!

Iceman · Dec 19, 2006

Fishhead said:
ICE--Your thread topics never cease to amaze me......just when you think you've seen it all, up pops another gem.

been slowing down lately haven't I? I notice Choptalk has some doozy's lately.

Weird time of the year or something.

roach23 · Dec 19, 2006

If you live in a town with a large African American commuinty, you can make tons of loot if you carry white, yellow and powder blue tuxes.

ClipJoint · Dec 19, 2006

roach23 said:
If you live in a town with a large African American commuinty, you can make tons of loot if you carry white, yellow and powder blue tuxes.

:lol:

X-Files · Dec 19, 2006

Ice goes into retail by Dec31/07 +5000

Becomes moderator at Rx by then +2000

Goes FT pro gambler by end of '07 +1000

Quits his present employment in '07 +500

SSI · Dec 19, 2006

be careful going into business with anyone, friends and relatives especially.. whole slew of problems can occur.......

however being in business for yourself, is the right path....... i quit a pretty good job 11yrs ago, to buy a convenience store and have never regretted it.... i have no partners however......

just be careful, if he gets into financial trouble, the business is in financial trouble and ultimately you may be in financial trouble........... have you ever read Dave Ramsey's "total money makeover" book, he has some interesting points about going into business with anyone..

LivingOffGamblinMoney2 · Dec 19, 2006

Yea pretty funny when Roach says it but when LOGM says same thing everybody hates. Bah Humbug

Iceman · Dec 19, 2006

SSI said:
be careful going into business with anyone, friends and relatives especially.. whole slew of problems can occur.......

however being in business for yourself, is the right path....... i quit a pretty good job 11yrs ago, to buy a convenience store and have never regretted it.... i have no partners however......

just be careful, if he gets into financial trouble, the business is in financial trouble and ultimately you may be in financial trouble........... have you ever read Dave Ramsey's "total money makeover" book, he has some interesting points about going into business with anyone..

Yes I have read the book actually on your reccomendation, I liked it but don't remember the part you are talking about. I will have to go back and look.

The guy that I would be partners with is my in as it is his family he/we are looking at buying the business from. I have worked with the guy (I am his boss) for 3 years and he is a top notch worker and has a decent amount of money stashed away. The only downfall is he is terribily cheap and I could see that possibily causing a big probem.

SSI · Dec 19, 2006

there are a lot of problems that can arise..

your business loans will be personal loans....... one example of a problem, lets say his 16yr old son gets drunk and has a car wreck killing several people..... he is sued, his business is sued, you are sued..

lets say his wife has a crack problem and runs him into endless debt, without him knowing it...... dont think that cant happen....... he is bankrupt, the business is then bankrupt and possibly your bankrupt......

these problems can happen or something like it............

Doug · Dec 19, 2006

Iceman said:
I already have a great paying job right now and not sure if I could juggle both but almost looking for a new challenge. I hope being partners with this guy would help push me into looking deeper into it instead of just dreaming about it.

Giving up the crab fishing in the Bering Sea ?

GreenDoberman · Dec 19, 2006

Iceman should buy an ice cream truck. It's a natural with the name. I can picture "Pop Goes the Weasel" playing over and over, some little kid crying to get his "Bomb Pop" and a big-ass satellite on the roof of the truck.
The poor kid can't get his Bomb Pop, cuz Iceman is busy staring at the Don Best screen screaming "Just a minute you damn kid, I'm trying to middle the Poin-settia Bowl".

kid44 · Dec 19, 2006

Make it an LLC so you are not personally responsible for any debt. You may lose any collateral for any loans you might need if they default.

Partners are really tough. Never know what can arise. Think it through carefully especially all the negatives. People tend to only look at the possible financial gains and not research the negatives. Pepare to work your ass off to get it working.

I have had my business for 15 years and its allot of work. Had several offers for partners but always refrain because I know I will make it or not on my own effort.