I can tell you i had a friend who purchased land on the fringe of villages for the future and it paid big dividends , Dave go get it you will not regret it. BIG RISK BIG REWARDS 👍
I'd run away from a deal at £700,000 if it's worth £385K. No guarantees you could make those payments written into a contract . You could end up giving it back and losing the up front costs
Hi Joe. Wow poor Dave. I feel so bad for him. I hope everything works out for the Guy. James is looking well. Rob is funny. Great Podcast, Joe. Keep it up. Yourself and James make a great presenting couple. Nice one. 👌👏👏👏👏🇮🇪
Unlucky Dave the mortgage company will only loan on the valuation in case the business is no longer liquid. I would give it a swerve if you can’t negotiate a massive discount from the seller. 385k worth and 700k is a massive discrepancy. Build on a new sight and Don’t listen to Joe and emotional side of business.
I’d say inheriting staff from another person’s business could be problematic. You want to run it your way from the start. Re employ them after they’ve been made redundant if they’re good but make sure they’re on board with how you see the business moving forward. Good luck
I suggest you google TUPE (Transfer of Undertakings Protection of Employment). What you are proposing is specifically prohibited by this legislation. And any lender would check that you weren’t trying to do this
You cant make your staff redundant just because you are selling a business due to TUPE, Transfer of Undertakings. When you buy the business you have to continue their employment.
@@serenityinside1 One business folds, staff made redundant by existing owner, New business opens and hires who ever they like. Dave wants to buy the site and open his own business, not buy an existing business
Truth of the matter is can you find a comparable working bussiness of similar size, location and setup for that price. If not and this is a bargin otherwise be patient many deals to be had
Buy the business. Pay 400k take 51% and agree to buy additional 10% a year a fixed price then he still has income while you pull funds together. Alternative is you can find investor to help buy out also
Following your podcast, I've subscribed to Rob's channel. I'm thinking his subscriber numbers are going to rise significantly so perhaps a commision to you might be in order?Not too much though, maybe just the Ferrari?
If surveyors say its worth 380k that's all its worth so he really should sell it for the market value, jesus he's 65 yrs old 380k plus what he's got in the bank is a very nice retirement fund.
The seller wants BPR which gives a low CGT rate. He will not want payment plan if this is treated as income or falls into a tax year where Rachel Reeve has either abolished BPR or has increased CGT. He wants the cash in this tax year.
If you give almost double what a surveyor has valued it at, you'll regret it badly. You should have used this as a renegotiation tool, you're thinking with your heart not your head
Goodwill doesn't really matter in the car game, most sales are Internet so it's new people from all over virtualy all the time, if you've got a good rep you can just carry your name onto the new premises. If it's valued at 385k he's definitely going to struggle at nearly double, maybe bid him 400 to 450k at absolute best.
What are you getting for £300k of goodwill? It is something that is not quantifiable and at best it is a database of customers, the assets of the company are the property and fixtures and fittings which are what you base the valuation on (as the bank has done)....anything above that is simply a retirement gift that you will get no benefit from going forward.
dave you cant pay nearly double its value no matter how desperate you want it ! the country is tanking so be very careful and also if the banks bail in you will lose all your cash!
You obviously based your business model on 700k so in fact it being valued so much less is all good. Your ownly problem is you have sold your home. If you got a good price for it your in a good position. House prices are falling so good for you. Dont buy it just because you want to. Times are hard.
Rob tells a tale so well on his channel, Jo brings buying cars from auction to a new level. Keep up the collaboration chaps 👍
I think this is my new favourite podcast. Great insight into the motoring world at all levels. Keep up the good work 👌
James is a Legend proper down to earth chap Joe comes out with some proper funny one liners 😅😂
Dave is such a nice guy i hope he gets it sorted.
It's only worth what property is worth, goodwill is worthless
This dealer chat podcast is so interesting , informative and funny about the automotive industry and a great idea
Giving someone £315,000 for good will would make me wake up in a cold sweat.
It's like buying a car for 7800 when it's worth 3800, financial suicide.
Really love the podcast content, keep it up ❤
I can tell you i had a friend who purchased land on the fringe of villages for the future and it paid big dividends , Dave go get it you will not regret it. BIG RISK BIG REWARDS 👍
I’m a big fan of James Sinclair too, I also like listening to Jonathan Jay, he has some great ideas for purchasing businesses.
I'd run away from a deal at £700,000 if it's worth £385K. No guarantees you could make those payments written into a contract . You could end up giving it back and losing the up front costs
Hi Joe. Wow poor Dave. I feel so bad for him. I hope everything works out for the Guy. James is looking well. Rob is funny. Great Podcast, Joe. Keep it up. Yourself and James make a great presenting couple. Nice one. 👌👏👏👏👏🇮🇪
Unlucky Dave the mortgage company will only loan on the valuation in case the business is no longer liquid. I would give it a swerve if you can’t negotiate a massive discount from the seller. 385k worth and 700k is a massive discrepancy. Build on a new sight and Don’t listen to Joe and emotional side of business.
lovely stuff, the full fat version (1.5 hours) even better
dont pay 700k if its only worth 385k
Exactly.
I’d say inheriting staff from another person’s business could be problematic. You want to run it your way from the start. Re employ them after they’ve been made redundant if they’re good but make sure they’re on board with how you see the business moving forward.
Good luck
I suggest you google TUPE (Transfer of Undertakings Protection of Employment). What you are proposing is specifically prohibited by this legislation. And any lender would check that you weren’t trying to do this
You cant make your staff redundant just because you are selling a business due to TUPE, Transfer of Undertakings. When you buy the business you have to continue their employment.
You mean “ fire and rehire “ ? You know that’s illegal right ? 🙄
@@serenityinside1 One business folds, staff made redundant by existing owner, New business opens and hires who ever they like. Dave wants to buy the site and open his own business, not buy an existing business
It's worth noting because the government and king Charles don't want the ordinary people having their own car's especially petrol and diesel.
I would offer the owner the valuation money plus £50k on top for goodwill he aint gonna get anymore than that.
What a nightmare for him with valuations!! Like these podcasts mate
Come on buy that garage I've been looking forward to you getting it
4 up. Solid podcast. Devon to Yorkshire
Truth of the matter is can you find a comparable working bussiness of similar size, location and setup for that price. If not and this is a bargin otherwise be patient many deals to be had
Find a way Dave, owning property is the way 100%
Buy the business. Pay 400k take 51% and agree to buy additional 10% a year a fixed price then he still has income while you pull funds together. Alternative is you can find investor to help buy out also
Following your podcast, I've subscribed to Rob's channel. I'm thinking his subscriber numbers are going to rise significantly so perhaps a commision to you might be in order?Not too much though, maybe just the Ferrari?
Great get together works
Stressful job these days customer rights far greater
If surveyors say its worth 380k that's all its worth so he really should sell it for the market value, jesus he's 65 yrs old 380k plus what he's got in the bank is a very nice retirement fund.
Yes, people get get greedy and unrealistic.
Greed is a monster
Consider using your pension fund to assist with funding - if you have any monies invested
The seller wants BPR which gives a low CGT rate. He will not want payment plan if this is treated as income or falls into a tax year where Rachel Reeve has either abolished BPR or has increased CGT. He wants the cash in this tax year.
one of these four guys sounds just like Johnny Vegas!!
Joe now looking for a new mechanic 😂definitely wouldn't pay double what it's worth dave,great listen guy's 💪👍
If you give almost double what a surveyor has valued it at, you'll regret it badly. You should have used this as a renegotiation tool, you're thinking with your heart not your head
He absolutely is : fatal in business ! Selling his house ..ffs 😳
Given the state of the commercial property market then the vendor would be wise to just take the valuation.
Goodwill doesn't really matter in the car game, most sales are Internet so it's new people from all over virtualy all the time, if you've got a good rep you can just carry your name onto the new premises. If it's valued at 385k he's definitely going to struggle at nearly double, maybe bid him 400 to 450k at absolute best.
What are you getting for £300k of goodwill? It is something that is not quantifiable and at best it is a database of customers, the assets of the company are the property and fixtures and fittings which are what you base the valuation on (as the bank has done)....anything above that is simply a retirement gift that you will get no benefit from going forward.
Dreams are nice but don't pay the bills. It's worth £385k.....walk away.
From a Capital Gains point of view a ‘over time deal’ will suit the retiree from a tax saving POV.
Allowances are only 3k a year now so not a massive saving, after the budget they will probably disappear for good.
👍🏻
dave you cant pay nearly double its value no matter how desperate you want it ! the country is tanking so be very careful and also if the banks bail in you will lose all your cash!
It isn't worth £700,000.
Perhaps he could buy half and become a partner, and when he's ready to retire you could pay him of the rest of the cash well his shares😊
Try Mortgages for business, based in Kent, ask for David (The owner) and mention my name (Gyles Harry)
Personal financing is definitely the best route. The seller will find out that he won’t want to have £700k sitting in the bank in todays economy
You obviously based your business model on 700k so in fact it being valued so much less is all good.
Your ownly problem is you have sold your home.
If you got a good price for it your in a good position.
House prices are falling so good for you.
Dont buy it just because you want to. Times are hard.
Goodwill is what he earned today , ask yourself how you going to earn that back .
Its not worth 700k simple as that walk away
Why pay more than it’s worth???
Emotional purchase - people do it all the time 🙄
Vendor finance, buy the business for a pound.
Just 700.000 😂
STOP BEGGING!
Let’s hope it all works out well 👍.
Great podcast, I’ve done a few bits with Rob and he’s a great guy and man of his word. Going to try and do a deal with Joe on his cayman 🫣