Detailing Business - I want to finance a guy I know

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  1. #1
    TMG
    TMG is offline Junior Member
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    Lightbulb Detailing Business - I want to finance a guy I know

    Can't start a thread in the business section so this might be better placement.

    My wife has a lifelong friend who has these traits:
    1. Dumb
    2. Slow
    3. Can't hear very well (physical problem)
    4. Poor
    5. Hard worker (when he can hear)
    6. Very good detailer (he's passionate about it)
    7. (partner who can help detail too...but I don't even know the guy)

    Sew, I says to wifey, 'Wifey, do you think Bill would do good if I financed a detailing business for him?' She thinks its a great idear.

    My traits:
    1. I got the money, knowledge of business and asset protection - in fact, better than most people here
    2. No time to devote to this - just money
    3. Like to help him - he makes maybe $10k/year......and is ok with it
    4. Got wifey who can be administrator/babysit this guy(s) actions/accomplishments

    Reason I'm here:
    1. Like to get input from those of you with experience or looked into this business.
    2. Not worried about the money - but I'm not just giving it to this guy (if I lose 100%, I'm ok with that)
    3. Thoughts about what is fair as compensation (I run several successful businesses and know how to be a 'jew'...as everyone says I am)
    4. Profit? (actually, using several self directed Roth IRAs, I can profit at 0% tax rate - suck it IRS)


    So there it is. Simple. Please don't get off on tangents and bi!ching about writing styles. I'm honestly trying to help this guy out. He has experience
    detailing for years - but is just too stupid/depressed about not being able to hear. He is the typical low-income tenant in many of my low-end
    ($2500) houses. They will never have enough money to purchase one from me for a nice profit and great price to them ($8-12k).
    His strengths are his experience and hard work but his weakness is saving the money and running a business, which he won't be doing ANY of.
    He details on the side but he only makes $200-400/month from this as he has no business anything. It can be a mobile platform (I have enclosed
    trailers or can buy new ones) or I can purchase a garage/house to do it. I figured I would just try it out first and then put more money into it. Area
    of operation is middle-income $48k average and 25-35k vehicles value. Where I live, people with a BMW either have great credit or are leveraged to the hilt to own it. lol

    Ok, give me some thoughts/insights/b!tching/whatever and I promise to send you something special if your advice is top notch. Sorry, at this
    time I cannot give you a punch in the nuts.....but you can call me.

    James
    North Dakota area code
    339-8850

  2. #2
    DTS-Photo's Avatar
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    1. Dumb
    2. Slow


    Unless your going to sit next to him all day, don't do it.
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  3. #3
    Derek JCS's Avatar
    Derek JCS is offline Senior Member
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    Knowledge of business and asset protection: better than most people on here.

    So you need our advice on what again?... Come on, man.

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  5. #4
    Irelentless's Avatar
    Irelentless is offline Senior Member
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    Meah just another scammer........"I can lose money and I don't care" gtfo, no self respected businessman/self made person would ever say this no meter how much money they have........
    dotyy likes this.
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  6. #5
    One_Percent's Avatar
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    Seems like you've already got it all figured out, boss.
    dotyy likes this.
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  7. #6
    Timeman is offline Member
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    If you don't care about losing money, how about you loan me some for my business idea
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  8. #7
    TMG
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    Thanks for the replies - DTS especially.

    To the others: Your help in helping understand the detailing business is profound, no really. Scammer...,? Thanks, but your head is up your a$$. I simply don't care if I lose money trying/investing into this guy. Yes, I hate losing money but with any business you don't understand, you take that risk...hell even business you guys are part of lose money and you understand them well....so saying otherwise implies you've never lost money on a business.

    How much money would I be losing: Couple thousand? I have an extra truck, enclosed trailers, and business protection handled. Insurance, materials, power washer, vacuums/supplies - I don't have but in all honesty are not super expensive. Hell, I don't even know what detailers need.

    I've decided to put this in the 'maybe/maybe not' category. Helping this guy out with sales and mentoring is not something my business can handle at this time. I have employees that don't have the time to babysit on top of what they currently do for me....so if that changes I might help move this guy from poverty to a life of satisfaction. Thanks for being a$shats though and a real help for the L4P community.

    James

  9. #8
    Derek JCS's Avatar
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    Well considering you came in with the attitude that you know better than most people on here already, I'm not sure why you thought people would be willing to jump in and help. Calling the community a bunch of "a$shats" works well too.

  10. #9
    JonSav's Avatar
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    If he's passionate about it and you can control the business part why not try.

    I'm in the process of opening a detailing shop, building a warehouse in the next few weeks. I have a guy that is going to be there full time to run it since I am too busy with my other businesses. If it works and I make money great, if it flops who cares. If you're not scared to gamble a few bucks just go for it.

  11. #10
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