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Not exactly a business... I have a long time family friend that has done very well for himself in life. He started a company that travels nation wide that inspects and renovates water towers. His sales on average were over a million a year. He's long since retired. He called me yesterday and told me that if I sold all his equipment for $50,000 he'd give me $1,000. It's over a million dollars of equipment if bought new. EVERYTHING needed to do tanks, just hire a crew and your set. He's old (70) and tired and just wants to get rid of it.
Well crap, quite frankly I want to buy it all. Problem being I don't know anything about the industry. I have considered asking him if he could show me the ropes and train me. I've also considered buying it all and then working for somebody else to learn the industry. I could do water tanks, sandblast and weld on ships, it doesn't matter. He's equipped to do it all, in an industry that's still very high in demand.
Any other advice and ideas on how to approach this situation? It sounds better than something else I've been considering, and that's buying a local lumberyard for a million worth 1.5 million in assets and an established customer base. Same here, the owner is just tired and wants out of it.
Well crap, quite frankly I want to buy it all. Problem being I don't know anything about the industry. I have considered asking him if he could show me the ropes and train me. I've also considered buying it all and then working for somebody else to learn the industry. I could do water tanks, sandblast and weld on ships, it doesn't matter. He's equipped to do it all, in an industry that's still very high in demand.
Any other advice and ideas on how to approach this situation? It sounds better than something else I've been considering, and that's buying a local lumberyard for a million worth 1.5 million in assets and an established customer base. Same here, the owner is just tired and wants out of it.
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