These are great talks about buying a business from 2 very savvy businessmen that have owned and own several so I take everything they say very seriously. I’ve thought about possibly buying out another business to expand what I have but there are so many people out there that think what they have is worth way more than it is and they’ll say they do X amount of business but their books are so bad it would take weeks to figure that out. I’m just slowly but surely building mine up as I go and when I can get better stuff and do different things I do and when times are lean I just take on what my inventory and tools can handle. I think the hardest part in my experience is getting my name out there to more customers. Listening to tips and ideas from clk has been a benefit to me from the first video I saw and they get better every time. Thanks for all you do. #LockBoss
Love the Info, I have some "seasoned" Locksmiths in my area that would love me to buy them out. Without them even giving me an inventory I have a hard time taking them serious. #Lockboss life doesn't always make sense
I retired last year and found that i actually could keep my tools and just do side jobs because my equipment is older and ionly do commercial and residential. Couldn't get what i would have wanted for everything. My son is next in line for the equipment and has worked with me on most of the jobs. The customers know him and trust him. I have a property management company that can keep me busy as i want to be....i use the income to put some fun money in my pocket. I feel this was best for us. Passing the torch so he has a residual income......just my 2 cents.....great video and glad you guys are taking on the challenge.......#lockboss
A trend I see with most listings is that they are simply teaser ads. No one want to divulge financials in a craigslist ad, and any real discussions would be worth having once folks know you have a business for sale. Plus, you want to keep those not truly capable of buying a business or running one from wasting your time with illusions of grandeur. If you're in the market give 'em a call. If we've learned nothing from Pawn Stars you can always meet in the middle.
I'm in the process in buying a locksmith business (or job) I'm very excited but nervous at the same time I actually was wanting to get another 2 yrs of experience before I went on my own but this opportunity has fallen on my lap and I wanna pursue it thanks for this informative video. #LOCKBOSS
Some very good points made about small businesses being based on relationships with customers. I would be wary of buying a small business unless the current owner stayed on for at least several months to help smooth out some of those personal connections. Good topic guys. #Lockboss
Thank you Lockfather and PJ for another business purchasing advice video. Incredibly valuable info from both of your years of experience presented here. Would love to see you both create a cheat sheet for what to look for when looking at purchasing a locksmithing business. #Lockboss
Lol I can't help it but the beginning of this video was really funny to me. Your dad had the facial expression of dangit P.J. you got me on another one of these videos? He looked grumpy and like a lot was on his mind. lol Also I want that shirt you always wear so bad. I got a cut off t shirt from you all and I really like it yet I'm going to look like the next Billy lol. You are both very knowledgeable though. Loved hearing what you two had to say about all of this. #lockboss
My first concern was about the van. My questions would be about how long before you would need a new engine or transmission, etc. A serious #Lockboss would need these questions answered as it potentially might be a major liability right off the bat. The truck goes down, you go down...
basically you are buying a second hand van with used tools ,what is that value? as tools wear out ,the client list is a bonus,the website needs to be changed etc basically the price plus fixing tools and posibly having to replace tools,what is that cost it could end up being another $20-$30 thousand on top #lockboss
I right away thought what's he grossing just like Lockfather said also most people with the experience in this side of the business is already going to have what they need to make a living so unless they just want to add onto their fleet and an employee there's not going to be a lot of people going to take something in this price range on. I really doubt this moves at the listed price unless there is a lot more to it than what's described. Great video #Lockboss
I like getting other perspectives on this subject. You might also touch on inventory value. I've come across 20 year old inventory and they want new price. If they haven't sold it in 20 years, whats the chance of me selling. #lockboss.
I agree with the lockfather. The price is a little on the high side. More info should have been given. The cash only for me is a red flag because it is hard to get a loan from the banks these days. And if you do you may end up with a high interest rate. #lockboss
That's a tough one to sell. You really need to live in that area if you want to retain any of the customers, have extensive experience and 120,000 laying around. A 20 yr old Chevy van, limited amount of tools and minimal supplies, is not worth 120,000 in my opinion. #Lockboss
Another bussiness for sale for 120,000 $ with the Chevy express box van in Ohio. I’m not sure what my locksmith bussiness is worth. But I do know I would not let it go for nothing. It would b a chunck iofchange. Thanks James estep locksmith co. #lockboss#lockboss
Hey PJ, first, isn't my business and too far for me, but close enough to considered buying it for thr equipment. I had thr same question you and Pete had. But wanted to send it in for your perusal. #Lockbox #FramonBeatsHPC
Call me crazy, but I’d never buy another business based on their customer list. Just because I did business for a grocery store, doesn’t mean I automatically have all of their business. I’d only purchase van and equipment based on what I think its valued at. #Lockboss
Always love when the lockfather is on the show. #lockboss
Great addition to the CLK library of locksmithing! So much to learn from these videos weather you are buying or selling! #lockboss
These are great talks about buying a business from 2 very savvy businessmen that have owned and own several so I take everything they say very seriously. I’ve thought about possibly buying out another business to expand what I have but there are so many people out there that think what they have is worth way more than it is and they’ll say they do X amount of business but their books are so bad it would take weeks to figure that out. I’m just slowly but surely building mine up as I go and when I can get better stuff and do different things I do and when times are lean I just take on what my inventory and tools can handle. I think the hardest part in my experience is getting my name out there to more customers. Listening to tips and ideas from clk has been a benefit to me from the first video I saw and they get better every time. Thanks for all you do. #LockBoss
Love the Info, I have some "seasoned" Locksmiths in my area that would love me to buy them out. Without them even giving me an inventory I have a hard time taking them serious. #Lockboss life doesn't always make sense
I retired last year and found that i actually could keep my tools and just do side jobs because my equipment is older and ionly do commercial and residential.
Couldn't get what i would have wanted for everything. My son is next in line for the equipment and has worked with me on most of the jobs. The customers know him and trust him. I have a property management company that can keep me busy as i want to be....i use the income to put some fun money in my pocket. I feel this was best for us. Passing the torch so he has a residual income......just my 2 cents.....great video and glad you guys are taking on the challenge.......#lockboss
A trend I see with most listings is that they are simply teaser ads.
No one want to divulge financials in a craigslist ad, and any real discussions would be worth having once folks know you have a business for sale.
Plus, you want to keep those not truly capable of buying a business or running one from wasting your time with illusions of grandeur.
If you're in the market give 'em a call. If we've learned nothing from Pawn Stars you can always meet in the middle.
I'm in the process in buying a locksmith business (or job) I'm very excited but nervous at the same time I actually was wanting to get another 2 yrs of experience before I went on my own but this opportunity has fallen on my lap and I wanna pursue it thanks for this informative video. #LOCKBOSS
Great video PJ and Lock father, your opinion and insight is greatly appreciated. #lockfather
Some very good points made about small businesses being based on relationships with customers. I would be wary of buying a small business unless the current owner stayed on for at least several months to help smooth out some of those personal connections. Good topic guys. #Lockboss
The #LockFather is the best #LockBoss
I just closed my shop today because rent went way up now I’m 100% mobile with 3 vans feels great
Thank you Lockfather and PJ for another business purchasing advice video. Incredibly valuable info from both of your years of experience presented here. Would love to see you both create a cheat sheet for what to look for when looking at purchasing a locksmithing business. #Lockboss
Thanks PJ and Lockfather. I would imagine that anyone interested in buying the business would contact him to learn more about everything. #Lockboss
I really love this series, Keep them coming! #lockboss
Another great video breaking down options and considerations to buying a mobile locksmith business. Wonder #Lockboss insights. 👍
Lol I can't help it but the beginning of this video was really funny to me. Your dad had the facial expression of dangit P.J. you got me on another one of these videos? He looked grumpy and like a lot was on his mind. lol Also I want that shirt you always wear so bad. I got a cut off t shirt from you all and I really like it yet I'm going to look like the next Billy lol. You are both very knowledgeable though. Loved hearing what you two had to say about all of this. #lockboss
Great information on this I enjoyed watching this 1. #lockBoss
Super great advice on selling a locksmith business love the idea of the guide sheet to selling or buying. #lockboss
Very useful information. As a new locksmith apprentice I really appreciate your tips/ tricks and equipment review videos. #lockboss
Really enjoy the two of you going over business listings. Thanks PJ and LockFather. #Lockboss
My first concern was about the van. My questions would be about how long before you would need a new engine or transmission, etc. A serious #Lockboss would need these questions answered as it potentially might be a major liability right off the bat. The truck goes down, you go down...
basically you are buying a second hand van with used tools ,what is that value? as tools wear out ,the client list is a bonus,the website needs to be changed etc basically the price plus fixing tools and posibly having to replace tools,what is that cost it could end up being another $20-$30 thousand on top #lockboss
Great video Guys
Enjoyed that
#LOCKBOSS
Lots of good thoughts #Lockboss
Great info, thanks for the insight guys 👍#lockboss
Thank you for another educational video. #Lockboss
The other "mystery" machine is a FRAMON DBM-1 Flat Steel Key Machine- only real safe guys have that!! Like me! lol #lockboss #safeboss
Great information here! Thanks for sharing #lockboss
Great insights. Thanks #Lockboss
very informative you putting together a check list is a great idea #lockboss
I right away thought what's he grossing just like Lockfather said also most people with the experience in this side of the business is already going to have what they need to make a living so unless they just want to add onto their fleet and an employee there's not going to be a lot of people going to take something in this price range on. I really doubt this moves at the listed price unless there is a lot more to it than what's described. Great video #Lockboss
Great info here again .#Lockboss
Great show. #lockboss
Solid #lockboss info
Something tells me at least 50% of this business is with one customer...if that's the case...RUN...#lockboss
More Valuable #LOCKBOSS Information for Purchasing an existing business.
I would definitely do a bit more homework in buying into a business. Thanks #LOCKBOSS
Great video 👍 #lockboss
On another note it is USED equipment and that would cut the cost down also # LOCKBOSS
Thank You Both For Your Opinion On This Business And This Subject In General #lockboss 👍
#lockboss stuff
have a great day
I like getting other perspectives on this subject. You might also touch on inventory value. I've come across 20 year old inventory and they want new price. If they haven't sold it in 20 years, whats the chance of me selling. #lockboss.
Love the info thanks for sharing #LOCKBOSS
Lockfather is a #lockboss
I agree with the lockfather. The price is a little on the high side. More info should have been given. The cash only for me is a red flag because it is hard to get a loan from the banks these days. And if you do you may end up with a high interest rate. #lockboss
Very interesting topic thank you #LOCKBOSS
That's a tough one to sell. You really need to live in that area if you want to retain any of the customers, have extensive experience and 120,000 laying around. A 20 yr old Chevy van, limited amount of tools and minimal supplies, is not worth 120,000 in my opinion. #Lockboss
Another bussiness for sale for 120,000 $ with the Chevy express box van in Ohio. I’m not sure what my locksmith bussiness is worth. But I do know I would not let it go for nothing. It would b a chunck iofchange. Thanks James estep locksmith co. #lockboss#lockboss
Customer list base… under new management.. ..maybe work a notice… maybe a partnership…#lockboss
Hey PJ, first, isn't my business and too far for me, but close enough to considered buying it for thr equipment. I had thr same question you and Pete had. But wanted to send it in for your perusal. #Lockbox #FramonBeatsHPC
Personally I think they are asking too much and I don't know a whole lot. I think I would walk on this deal
#Lockboss
Yep, that is an expensive customer list. #Lockboss
2003 van? How many engines so far? #Lockboss
The seller left out so much info I have no idea but 120K sounds very optimistic. I am not charmed with the truck #Lockboss
I love you But please up you up your game
bring in a professional accountant who is a busies valuation specialist
I need you
fred
Call me crazy, but I’d never buy another business based on their customer list. Just because I did business for a grocery store, doesn’t mean I automatically have all of their business. I’d only purchase van and equipment based on what I think its valued at. #Lockboss
New subscriber here, I likey, #LOCKBOSS I found your channel by hearing Chris capune talking about you in one of his videos.