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Franchise Building, Entrepreneurs, Business Leaders, & Innovators Discussions Are you interested in starting your own lawn care franchise or are you interested in buying into one? Let's talk about different franchise opportunities and how to build your own franchise. Also we discuss different entrepreneurs who inspire us!

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Franchise Building, Entrepreneurs, Business Leaders, & Innovators Discussions

Are you interested in starting your own lawn care franchise or are you interested in buying into one? Let's talk about different franchise opportunities and how to build your own franchise. Also we discuss different entrepreneurs who inspire us!
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  #11  
Old 07-21-2012, 08:32 PM
willshome willshome is offline
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Just thinking out load but what if
he keeps the business "open" and you subcontract all the work, 50% of billed you are paid the other 50% pays off the loan balance. this way if you lose a customer you can still make payment.
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Old 07-21-2012, 08:34 PM
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That's what I was thinking. I always lose at least a few customers each season which are usually the ones that only call every so often instead of getting on schedule. But I figure there is great potential for profit even losing some customers and still gives me an opportunity to market myself in all the new areas I will be in for potentially growing more! I am trying not to let the big numbers cloud my thinking because I would still want to provide quality service to all the new customers. I am going to negotiate that price for sure because I am interested to know where he came up with that number and how he actually values everything. He did say another company was meeting him on Wednesday to look thru all his paperwork and make an offer so I told him I wanted to meet on Monday or Tuesday!
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Old 07-21-2012, 08:37 PM
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hmm that's good thinking out loud. That would definitely give me the opportunity to do the work pay the loan and not have total obligation if it did not work out like planned. I am going to talk to him about many options and that is one I will definitely suggest. I thought about maybe a "down payment" on the business because I know he is moving but said he can't move until he gets money from the business. So I somewhat feel I have some control over the sale except that there is another company looking into the sell too
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Old 07-22-2012, 07:46 AM
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Buying a customer can be a big risk, He could help that alot by talking to his customers and letting them know he is turning over his business to someone else and assure them that they will be taken good care of...That way you could get thier reaction upfront...
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Old 07-23-2012, 07:40 PM
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He did say he would let customers know there would be a change in ownership which I was considering keeping the company name since they are pretty established and said all there customers were from word of mouth. My business is mainly on the commercial side and that is where I focus most of my attention right now. So I was thinking just keep that one side as a residential company. I dont know may help on taxes too
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Old 07-26-2012, 03:46 PM
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Well, paper work is now being done to transfer ownership to me! I will be making payments over the next 6 months to ensure that customers are not just going to all leave with me out all that money. Made an offer for down payment and the other company backed down! I should start on the 58 new accounts at the beginning of August
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Old 07-27-2012, 11:14 AM
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Congratulations to you! Keep us posted on how the transition goes and how it feels to add all those new customers.
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Old 08-21-2012, 05:05 PM
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Well after week 2 of doing all the new customers I met a lot of nice people that were happy to have a good service continue. The old company was doing the properties in 4 days with 2 people and we are knocking it out in 1.5 days with 3! So everything is definitely going right! Long hours and hard work will soon pay off. Equipment was a little bo bo, exmark pump went out.. But I wasnt really counting on the equipment that much.
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Old 08-22-2012, 11:55 AM
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That is great news! Now with this experience you have had, what advice would you have for others considering doing this?
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Old 08-23-2012, 03:05 PM
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So far my experience is going well. Customers are all nice and happy about the change going smoothly and I am happy that we are able to take care of the new properties in about 1.5 days each week instead of the 4 days it was taking the last 2 guys. Equipment we bought with the company is not in the best shape that I thought it was in, 2 weeks later and the hydro pump went out on the exmark 48. Sucks but the equipment was not really what I was interested in. Only problem I am having is one of the previous owners is calling behind me and checking to see if customers are happy. I had to call him and let him know that was not ok because it is not his business anymore.
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