keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on May 19, 2021 9:46:35 GMT
I lost a friend earlier in the year, after I declined to lend him £6k "to pay his tax bill", a mutual friend tells me he's now put his business into liquidation, and the expected return is about 5p in the £. So i may have been lucky, or perhaps he would make arrangements to repay me, but I have doubts.
Another friend asked me to setup a business venture with him, I declined after looking at his existing business, and quizzing himabout the business plan.
It transpires we would be equal partners, but I'd be doing 90% of the work, and I felt it would soon get out of hand in terms of stock and effort. The idea was connected with doing house clearances and then selling the better items via a rented shop. my main issues were he had assumed we would have the shop open 6 days a week, and that we could do the clearances during the week. The business plan assumed I could do the clearances, run the shop, and do the books. Nothing in the plan allowed for the cost of a vehicle to do the collections or an employee to assist me to lug larger items, also no allowance for the cost of dumping unsaleable items, cleaning items up etc.
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alibaba
Member of DD Central
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Post by alibaba on May 19, 2021 10:15:35 GMT
Wise decision, a bank manager once said to me "never employ family or friends and a partnership is the hardest ship to sail". of course I ignored his advice.
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Post by bernythedolt on May 19, 2021 10:47:26 GMT
I lost a friend earlier in the year, after I declined to lend him £6k "to pay his tax bill", a mutual friend tells me he's now put his business into liquidation, and the expected return is about 5p in the £. So i may have been lucky, or perhaps he would make arrangements to repay me, but I have doubts. Another friend asked me to setup a business venture with him, I declined after looking at his existing business, and quizzing himabout the business plan. It transpires we would be equal partners, but I'd be doing 90% of the work, and I felt it would soon get out of hand in terms of stock and effort. The idea was connected with doing house clearances and then selling the better items via a rented shop. my main issues were he had assumed we would have the shop open 6 days a week, and that we could do the clearances during the week. The business plan assumed I could do the clearances, run the shop, and do the books. Nothing in the plan allowed for the cost of a vehicle to do the collections or an employee to assist me to lug larger items, also no allowance for the cost of dumping unsaleable items, cleaning items up etc. Reminds me of when Del Boy was invited to Australia by his mate Jumbo, to become his business partner... Del: I'm gonna be an equal partner, Rodney, with the business split right down the middle, and that Jumbo, he's gonna get 51% of the shares. Rodney: How's that an equal partnership? Del: Well I dunno, do I? I s'pose I'll get 51% of the shares an' all.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
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Post by keitha on May 19, 2021 21:24:15 GMT
I lost a friend earlier in the year, after I declined to lend him £6k "to pay his tax bill", a mutual friend tells me he's now put his business into liquidation, and the expected return is about 5p in the £. So i may have been lucky, or perhaps he would make arrangements to repay me, but I have doubts. Another friend asked me to setup a business venture with him, I declined after looking at his existing business, and quizzing himabout the business plan. It transpires we would be equal partners, but I'd be doing 90% of the work, and I felt it would soon get out of hand in terms of stock and effort. The idea was connected with doing house clearances and then selling the better items via a rented shop. my main issues were he had assumed we would have the shop open 6 days a week, and that we could do the clearances during the week. The business plan assumed I could do the clearances, run the shop, and do the books. Nothing in the plan allowed for the cost of a vehicle to do the collections or an employee to assist me to lug larger items, also no allowance for the cost of dumping unsaleable items, cleaning items up etc. Reminds me of when Del Boy was invited to Australia by his mate Jumbo, to become his business partner... Del: I'm gonna be an equal partner, Rodney, with the business split right down the middle, and that Jumbo, he's gonna get 51% of the shares. Rodney: How's that an equal partnership? Del: Well I dunno, do I? I s'pose I'll get 51% of the shares an' all. His view was his idea was equivalent to me doing a lot of work
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sd2
Member of DD Central
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Post by sd2 on Jun 1, 2021 9:43:20 GMT
On two occasions I have used friends as builders, in both cases they bodged the jobs. The second one constantly. Yes I hired him multiple times. Each time "I need money for the kids". I was a duck of course in hiring them. I use a bloke up the road now. The one I use now is so fussy he sends me potty. But doesn't a brilliant job.
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Post by elephantrosie on Jun 18, 2021 21:48:41 GMT
recently a friend asked me to lend her 2k. It was for her bros business, which has not been doing well.
after few days of reflection, i decided not to. she doesnt seem to be keen to push up her savings or earn more.
dont put people around you in troubles just for your convenience. do your best before you ask for help!!!!
i now apply a non-negotiable blanket rule to all friends: i do not lend money out. happy to share financial education, but no money from me.
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Post by Deleted on Jun 19, 2021 7:21:39 GMT
I had similar, a nephew want me to invest in a property and explained how much money I would make. He has never made any money and has no money. I asked what be the first step, buy a ruin in an auction. Have you ever been to an auction? No but I've seen them on TV.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Likes: 2,308
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Post by keitha on Jun 19, 2021 8:41:00 GMT
I've been to both goods and property auctions
after a while with properties you get to recognise the faces, and know what a property will sell for.
Some of the property auctions were filmed for "Homes under the hammer" people desperate to get on TV were bidding way above the pre sale estimate. I can remember one where one well dressed woman bought 6 properties in sequence scattered over about a 30 mile radius. All at what I thought were silly prices, 5 of the 6 reappeared in the next auction.
goods auctions are hilarious many people omit to factor in the commission, VAT on the commission and (sometimes ) VAT on the lot. Watched one with some Big tents in it with £550 RRP tickets on them. most sold for about the £500 mark, add in the VAT £600, buyers commission at 15% £675, VAT on the commission £690, no longer a bargain.
But then on the other hand I recently got 6 brand new and boxed Samsung smart things hubs for £20 including commission and VAT, they will sell for about £60 each.
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travolta
Member of DD Central
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Post by travolta on Jun 19, 2021 14:50:29 GMT
I dont have any friends...........
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
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Post by keitha on Nov 30, 2022 17:39:07 GMT
I've been to both goods and property auctions after a while with properties you get to recognise the faces, and know what a property will sell for. Some of the property auctions were filmed for "Homes under the hammer" people desperate to get on TV were bidding way above the pre sale estimate. I can remember one where one well dressed woman bought 6 properties in sequence scattered over about a 30 mile radius. All at what I thought were silly prices, 5 of the 6 reappeared in the next auction. goods auctions are hilarious many people omit to factor in the commission, VAT on the commission and (sometimes ) VAT on the lot. Watched one with some Big tents in it with £550 RRP tickets on them. most sold for about the £500 mark, add in the VAT £600, buyers commission at 15% £675, VAT on the commission £690, no longer a bargain. But then on the other hand I recently got 6 brand new and boxed Samsung smart things hubs for £20 including commission and VAT, they will sell for about £60 each. AARGH todays auction was loads of Christmas decorations etc. me being canny I've paid on average < 25% of RRP all in, I saw items with an RRP of £30 make as much as £25, durr Muppets 25 + VAT = £30 Plus Commission £3.75 £33.75 Plus Vat on Commission 65P = £34.40. my best Bargain had RRP of £59.88 and I got it for £4.14
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