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A friend in the small town I live in is offering me & a few others to 'take over operations' for his small?
business. It is a shop that sells "Silver, Gold, Beads, Jewelry, Textiles & Folk Art from". He has asked I incorporate a travel agency (I am educated to be an agent, simply have not gone into business since graduating). He wants to travel & use me as a home base for when he is gone. What type of questions/answers do I need to find to determine if this is a good investment of my time? I understand that's a pretty broad question, but he sprung this on me & I'm feeling suddenly overwhelmed with the thought of taking over. He wants me to run the business with a 2 or 3 others, who will assist me with things such as internet sales & the food bar that he has recently installed. I have managerial experience....education in business operations....travel....I am simply stunned & can't focus on where to start organizing myself. Any tips??????
First and foremost you have to find out what the financial prospects are for you in this enterprise. Is he offering a salary? Is he offering partial ownership? A Partnership? An Hourly wage?
Then you need to decide if the work is worth the prospective payout. If this is a partnership or you will become part owner of the business, you need to know if the travel he wants to do is business related or personal. If it is personal, you need to know that the company won't be paying the bills. That impacts your interest in the company. If the travel is for business, you need to know what the benefit is to the company related to this travel. Essentially, he has to justify the expense with expected and reasonably attainable increases in revenue.
Ask him to take a look at his books for the last 3 years. Look for trends. Is he gaining or losing sales? Are the sales flat, or the same now as 3 years ago?
What authority wil you have to make operational changes that you feel are in the best interest of the company?
These are just a few of the questions that immediately come to mind. Take some time and think about it. It may be a great opportunity, it may not. Do your homework and ask questions before you jump into something you are obviously not 100% sure of.
Good Luck!!
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