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I’m definitely thinking about that too. I’d love to have a side hustle brick and mortar biz alongside my day job.

by itake 6y ago

rootsudo 6y ago
No you wouldn't. These businesses failed for a reason, buying them for pennies on the dollar helps on the cap ex but not on op ex, or payroll. But it would be fun.
- luckylion 6y ago
  They failed for a reason, but who hasn't gone into a shop that doesn't run well and thought "I know how to fix this", that'd be the chance. If I was rich, I'd personally buy a super market, simply because they do so many things that annoy me as a customer and I'd like to try and change them and see whether one can do better.
  - cgriswald 6y ago
    I know just such a store. I looked into opening a competitor, but the margins were extremely ugly and there were other complications. Years later by pure chance I became friends with someone who, another year later, I learned had worked at the store. He confirmed not only what I discovered for myself, but also that this particular store was basically a rich person’s hobby and probably didn’t actually make money.
  - raverbashing 6y ago
    "Doesn't run well" but maybe not for the reasons you think. Yes your local coffee shop might have some quirks compared to a local Starbucks but their lack of efficiency is not on the store per se, rather than Starbucks has: a) bigger leverage in rents b) effective lower corporate tax c) more streamlined supply chains And then you think, why are not people buying mom and pop shops and running them independently with high efficiency? Because it is hard
  - hiharryhere 6y ago
    Ever seen Marcus Lemonis on The Profit? Great TV show.
  - scarface74 6y ago
    And this is why you would lose your shirt. Supermarkets are low margin businesses.
MattGaiser 6y ago
I was less thinking about the side hustle and more that community members might (in rare cases) band together to buy shares in them or hedge funds could be convinced to buy them in bulk in appropriately packaged.
bcrosby95 6y ago
Brick and mortar isn't a side hustle. I know more than one person that lost their retirement savings trying to treat it as such.
rnotaro 6y ago
I could even pay you to get my business and it's debt. Closing business have creditors most of the time. You can't really buy them.
- MattGaiser 6y ago
  Creditors want their money back, so they might accept an offer.
  - greedo 6y ago
    Depends on their position. When my restaurant went under, we had a pretty hard lease with the landlord, and he wouldn't budge one iota. After 6 months of paying the lease, we were finally able to negotiate 15% off the remaining term.
- itake 6y ago
  You could sell me the assets and maybe employee contacts. I could also negotiate with the landlord new terms for a lease .

I’m definitely thinking about that too. I’d love to have a side hustle brick and mortar biz alongside my day job.

by itake 6y ago

I’m definitely thinking about that too. I’d love to have a side hustle brick and mortar biz alongside my day job.

No you wouldn't. These businesses failed for a reason, buying them for pennies on the dollar helps on the cap ex but not on op ex, or payroll. But it would be fun.

luckylion 6y ago
They failed for a reason, but who hasn't gone into a shop that doesn't run well and thought "I know how to fix this", that'd be the chance. If I was rich, I'd personally buy a super market, simply because they do so many things that annoy me as a customer and I'd like to try and change them and see whether one can do better.
- cgriswald 6y ago
  I know just such a store. I looked into opening a competitor, but the margins were extremely ugly and there were other complications. Years later by pure chance I became friends with someone who, another year later, I learned had worked at the store. He confirmed not only what I discovered for myself, but also that this particular store was basically a rich person’s hobby and probably didn’t actually make money.
- raverbashing 6y ago
  "Doesn't run well" but maybe not for the reasons you think. Yes your local coffee shop might have some quirks compared to a local Starbucks but their lack of efficiency is not on the store per se, rather than Starbucks has: a) bigger leverage in rents b) effective lower corporate tax c) more streamlined supply chains And then you think, why are not people buying mom and pop shops and running them independently with high efficiency? Because it is hard
- hiharryhere 6y ago
  Ever seen Marcus Lemonis on The Profit? Great TV show.
- scarface74 6y ago
  And this is why you would lose your shirt. Supermarkets are low margin businesses.

MattGaiser 6y ago

I was less thinking about the side hustle and more that community members might (in rare cases) band together to buy shares in them or hedge funds could be convinced to buy them in bulk in appropriately packaged.

bcrosby95 6y ago

Brick and mortar isn't a side hustle. I know more than one person that lost their retirement savings trying to treat it as such.

rnotaro 6y ago

I could even pay you to get my business and it's debt. Closing business have creditors most of the time. You can't really buy them.

MattGaiser 6y ago
Creditors want their money back, so they might accept an offer.
- greedo 6y ago
  Depends on their position. When my restaurant went under, we had a pretty hard lease with the landlord, and he wouldn't budge one iota. After 6 months of paying the lease, we were finally able to negotiate 15% off the remaining term.
itake 6y ago
You could sell me the assets and maybe employee contacts. I could also negotiate with the landlord new terms for a lease .