I am looking at the option of buying a business.
Then having my LLC buy the property. Which I would lease back to my operating LLC.
I have mainly found and been looking at Gas Stations.
The idea of owning and operating a restaurant doesn't really interest me.
Anybody have any experience with this?
Gas Station owners pm me if you don't want to post.
What I have found conclusively is that with gasoline you are lucky to break even and then the real income comes from the convenience store purchases.
Looking out for contamination is a big thing.
Any other ideas for owner/operators.
Thanks in advance.
I can give you a pretty good argument against buying a business. The liability of that business comes with it. For example if that business happens to get sued, then you get that law suit.
I would look to buy the assets of that business, and create a clear seperation between you and the previous owner. That little trick has kept me from two legal actions that I know of.
Luckily for me, my wifes uncle is an accountant and he clued us in.
To your success
John as mentioned you do not want to assume the business.
The smaller businesses you are buying yourself a JOB. I look for businesses that make over 6 figures net and already have a manager and assistant manager built in as absentee owner.
You can't buy multiple businesses as an owner operator as you will run yourself ragged.
Unless you are buying a chain with a national advertising campaign (Like MCDonalds), or some kind of government issued license that is hard to get (Liquor License) Or even something like mineral rights.
Other than those few things, you're buying a lot of hot air. With most owner operated small business, the owner is the business. That is why most fail when the owner dies.
And "Non Competition Clause" LMFAO, try enforcing that when his cousin opens up the same business a block away.
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