| Author |
Message |
Martin (Miami348ts)
Advanced Member
Username: Miami348ts
Post Number: 2584
Registered: 5-2001
| | Posted on Wednesday, August 07, 2002 - 10:15 am: | |
Frank I second.
I believe it is crazy to invest into anybody's business and not be involved. That is why bar owners are always in the bars, 7-11 have video surveillance over the cash registers and so forth.
If you do this gaet your office set up in the shop to overlook everything.
Martin
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David Feinberg (Fastradio2)
Junior Member
Username: Fastradio2
Post Number: 127
Registered: 4-2002
| | Posted on Wednesday, August 07, 2002 - 7:32 am: | |
Frank,
I owned a high-line Euro import repair/restoration shop for 15 years...and still do some of this work (myself), as a break from my real? career. If you'd like, I'll give you a call later on today...
David |
Horsefly (Arlie)
Junior Member
Username: Arlie
Post Number: 129
Registered: 5-2002
| | Posted on Tuesday, August 06, 2002 - 3:19 pm: | |
I also heard of a similar situation with one of the larger local used car dealerships. It seems that one of the two partners was skimming money without the other ones knowledge. I heard the total was several hundred thousand dollars. As to being a passive owner,...when the cat's away, the mice will play. |
Cmparrf40 (Cmparrf40)
Member
Username: Cmparrf40
Post Number: 369
Registered: 3-2002
| | Posted on Tuesday, August 06, 2002 - 12:51 pm: | |
Frank,
I just witnessed a similar situation, the "passive" owner has lost $800,000 in the last year.
This was due to inept management and theft. Do not be passive. Review bank accounts every month, have a payroll service (like Paychex) make sure taxes are paid.
This is a very short answer to a long question. If you do it, keep 100% control.
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Frank Parker (Parkerfe)
Intermediate Member
Username: Parkerfe
Post Number: 1179
Registered: 9-2001
| | Posted on Tuesday, August 06, 2002 - 12:43 pm: | |
Anyone out there that owns one please give me a call at 770.564.2600 x4402. I have the opportunity to invest in one with an ex-Ferrari dealer service manager. He is a great mechanic and has been trained in Italy on Ferraris and Maseratis. He has 20+ years experience. I want to know if I can make any money as a passive owner who will do no work other than mayby assisting with payroll/taxes ect.... |