Invest in Daniel thread

Redwolf698 · **Posted:** Thu Nov 20, 2008 8:13 pm

Well this is the deal.

Right now I am looking at automotive service centers. Specifically I am looking at an underperforming transmission shop. There's a lot I could do with the location, the building and the customer base. If this is the one, I need to buy out one partners family. He passed away earlier this year and this is why the business is not performing very well, as he was the "business brains" of the operation.

I've been calling on indpendent retailers for 10 years in the NC SC & VA areas and I know some of what it takes to be a success. It's an awful lot o hard work to get out there and do the things your competition is NOT doing, but it's what I want to do, I want to work for myself.

How much do I need? Well I am trying to get as much as I can. Will I be an offroad friendly servicer and a good source for supplies and stuff? HAHAh...Good one.

If anyone is actually serious about this, or knows someone who is, please contact me directly...

rescu2000 · **Posted:** Thu Nov 20, 2008 9:06 pm

Try PROSPER online. It is a web site that allows you to write a blurb about why you need money, business plan, etc and then private people contribute to the cause (as a loan) until you get the amount you need. Once you get fully funded, they cut you a check. You could then even take small contirbutions from multiple people on message boards (through the PROSPER system) and everything would be tracked automatically. Just a thought that might get you where you need to be. The web site already has thousands of users who might (or might not) contribute also.
Rescu2000

Another thought if you are mechanically inclined, innovative, and can fabricate. You might be able to solve a Innocentive problem and get the money. Innocentive is a web site where companies post problems that they want solved and offer rewards from $5,000 to $1,000,000 and if they select your solution, you get paid. Some problems are just where you have to submit a paper. Others require that you actually build something.

LoganSix · **Posted:** Fri Nov 21, 2008 9:42 am

Interesting.

I have a friend, who is shipping out shortly, who was interested in starting up a partial restoration / small automotive shop. Basically, he wanted to provide the service of cleaning up cars for restoration by their owners. This would allow the owners to start the restoration without having to do all the nasty parts. Kind of a jump start on the home project. Also, we talked about building MG style cars. But, like I said, he's shipping out for activity duty soon and won't be back for awhile. I bring it up, because even though there is a transmission shop next to me, I see that the other repair shops are trying to do as much as they can to have business and having a diversified business would be beneficial towards overall success.

I like the PROSPER idea, I'll have to look at the site. I don't have a ton of money. I'm guessing you will need at least $50 - 100k just to start your own business. With loan restrictions as they are, it might be tough. So, having people pool their money to help you get started is one way to go.

LoganSix · **Posted:** Fri Nov 21, 2008 10:25 am

I would say that PROSPER would be the easy way to go. However, it looks like nobody new can offer to lend money until they get some legal issues cleared.

rescu2000 · **Posted:** Fri Nov 21, 2008 11:53 am

Ah, are they having problems? I had seen the site advertised on TV and went to check it out one time. It seemed like a novel and innovative solution to an age old problem. I hope they get it worked out.
Thanks,
Rescu2000

LoganSix · **Posted:** Fri Nov 21, 2008 1:43 pm

I think it has to do with taxation of investment returns.
Not a big issue. They are still allowing current investors to invest, just not adding any new ones at the moment.

Redwolf698 · **Posted:** Sat Nov 22, 2008 2:36 pm

hm...

I visited the prosper sight, and while they mention business loans it doesn't seem to be specifc to buying an existing business. I will do some more looking around.

Dean - the "clean up" business your friend was looking into, it's big part of a lot of small shops I have seen and been a part of. They typically help source the major items, matching engines, new tops, etc.

I will not be creating a 4x4 fab shop, let the Carolina Rock Shop's and Down East Offroad handle that. I'm not going after a specific market like that, but rather a general repair.

In business you have to be diverse of you will never create new revenue streams, never fill the loss of old ideas going stale. Diversify or Die as we said in the DIRECTV business.

Redwolf698 · **Posted:** Mon Nov 24, 2008 9:13 pm

One of my old neighbors was a banking VP here in the triangle area. I just found out that she was the banker for the business!

It looks like I am going to have to sell the current owners on the concept of owner financing. Hm, I have to sell something, imagine that!

LoganSix · **Posted:** Tue Dec 02, 2008 9:22 am

Redwolf698 wrote:

Dean - the "clean up" business your friend was looking into, it's big part of a lot of small shops I have seen and been a part of. They typically help source the major items, matching engines, new tops, etc.

So, does that mean you want me to talk to him about a possible partnership? He used to do plenty of car work before his current job. And, I guess it all depends on the president-elect on how long he'll be overseas.

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