Hi I am a recent college grad with a Finance degree from Montana State University and I have wanted to hit the fastlane all my life. I have new opportunities via a 97 year old family business and a retiring uncle. The family business is an office supply and office furniture store located in historical downtown Bismarck, ND. My father and uncle are partners in the business. I don't know if me buying out my uncle would not be my ticket to the fastlane since 100k/yr is about the most I could make.
My fastlane vision starts with me either selling the business (which basically means selling our book of business) or moving it to a warehouse. I say this because the store front is not used like it once was. In the past 10 years, 98% of the business transactions have consisted of the customer placing the order to us, we then order the product from our distributor and have the products shipped to us the next day. Once received, we promptly deliver the customers their order. The storefront now consists of your basic office supplies and some office furniture. I would say on average, maybe two to three customers walk in the store a day and maybe one actually buys an item while the majority will place an order and pick it up the next day or have it delivered. The storefront has become a beautiful waste of space.
The fastlane road map I have been thinking about starts with the building itself. The location is in historical downtown that has had a recent renovation boom and the nightlife has made its way back in the form of restaurants and bars. Our building is two floors and is the perfect size for a restaurant. I know this isn't something new or innovative, but since North Dakota has the best economy in the US, the type of restaurant I am thinking about would be high end and based on magnitude and not scale. The other restaurants in the area are averaged priced so mine would be different.
I estimate the sale of our business would cover about 50-75% of what I need to turn the building into a restaurant. If I moved the business to a warehouse I would have higher income from the business itself, but would need to raise a lot more capital in order to transform the building, plus I would be involved in two businesses at the same time and I learned from MJ that two businesses before you have hit the fastlane is a no no.
Feel free to give me your advice on my situation. Do you think this will get me to the fastlane or should I go back to the drawing board?
If you don't think this thread belongs here, let me know where I should put it (I am a newbie).
My fastlane vision starts with me either selling the business (which basically means selling our book of business) or moving it to a warehouse. I say this because the store front is not used like it once was. In the past 10 years, 98% of the business transactions have consisted of the customer placing the order to us, we then order the product from our distributor and have the products shipped to us the next day. Once received, we promptly deliver the customers their order. The storefront now consists of your basic office supplies and some office furniture. I would say on average, maybe two to three customers walk in the store a day and maybe one actually buys an item while the majority will place an order and pick it up the next day or have it delivered. The storefront has become a beautiful waste of space.
The fastlane road map I have been thinking about starts with the building itself. The location is in historical downtown that has had a recent renovation boom and the nightlife has made its way back in the form of restaurants and bars. Our building is two floors and is the perfect size for a restaurant. I know this isn't something new or innovative, but since North Dakota has the best economy in the US, the type of restaurant I am thinking about would be high end and based on magnitude and not scale. The other restaurants in the area are averaged priced so mine would be different.
I estimate the sale of our business would cover about 50-75% of what I need to turn the building into a restaurant. If I moved the business to a warehouse I would have higher income from the business itself, but would need to raise a lot more capital in order to transform the building, plus I would be involved in two businesses at the same time and I learned from MJ that two businesses before you have hit the fastlane is a no no.
Feel free to give me your advice on my situation. Do you think this will get me to the fastlane or should I go back to the drawing board?
If you don't think this thread belongs here, let me know where I should put it (I am a newbie).
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