Less than a year ago the owner opened a second pizza shop and I’ve been running it since. Unfortunately, it isn’t turning a profit or even breaking even for him and now he is pretty much out of capital. From our estimates we are off by about $130 a day on breaking even. So I guess he is losing about $4,000 a month ($3,900). I’m currently on salary for $48,000 a year or I guess $4,000 a month. It comes out to about $14-$15 per hour. We are doing roughly $11,500 a month in sales. At this point, he seems to just really want out. And would rather just lose the $2,200 or so a month on the lease. He said he would sell the business and the equipment to me for $25,000. So basically just the cost of the equipment. I feel like this would be a decent opportunity for me to take a chance if it were not for the biggest problem looming over my wife and I’s head. We do not like the city the store is in. In fact we more dislike it than like it. We both agree that we don’t want to raise our kids here and we would like to be out of the city within two years at the most.
I guess one of my other options could be just buying the equipment and storing it until I am ready to open my own place. And what are the possibilities of buying and working the store and then moving it in a year or two? I know that if I buy it and run it I can obviously kiss my $4,000 dollar salary good bye. The owner keeps saying I will be making money because I’ll be working it. Obviously I won’t lose as much as he is but I think I will be lucky to earn $500-$1000 by the end of the month. That is a huge pay cut. He says that the insurance and payroll taxes will be substantially less since I will be the primary employee.
I know there are many more details that probably need to be known, but that is a start. As for his other store it is doing well probably $40-$45 thousand a month. But down from the pre-recession days of $48,000 per month sales.
I also have a fun interview for a food sales rep position with Sysco later this afternoon.
Thanks in advance for your input.
I guess one of my other options could be just buying the equipment and storing it until I am ready to open my own place. And what are the possibilities of buying and working the store and then moving it in a year or two? I know that if I buy it and run it I can obviously kiss my $4,000 dollar salary good bye. The owner keeps saying I will be making money because I’ll be working it. Obviously I won’t lose as much as he is but I think I will be lucky to earn $500-$1000 by the end of the month. That is a huge pay cut. He says that the insurance and payroll taxes will be substantially less since I will be the primary employee.
I know there are many more details that probably need to be known, but that is a start. As for his other store it is doing well probably $40-$45 thousand a month. But down from the pre-recession days of $48,000 per month sales.
I also have a fun interview for a food sales rep position with Sysco later this afternoon.
Thanks in advance for your input.
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