You Too Can Own A Franchise
By : melvin polatnick | ID: 51517 | Views : 190163 | Words: 1043 | Rating : Not Rated My last few attempts to go into a small business were failures. I lost over a hundred thousand dollars of the money I inherited from my uncle Henry. But now I had more business experience and was going to give it another shot. There was a newspaper stand for sale that I noticed while reading the business opportunity section. It was in a commercial building and the owner was asking one hundred and twenty five thousand for it. The ad also said that it was a small gold mine. Since I am not a quick learner I thought it was something that I could handle. The next day I had a meeting with the owner.
He told me a sad story about his health. In the last six months he had two heart attacks and the doctor told him that he should retire or he would have another one. His wife was begging him to retire despite how good business was. So he made a decision to put his newspaper stand up for sale. He said that he also sold coffee, candy and cigarettes and that his income was over one hundred thousand dollars a year. But in order to avoid paying taxes he declared only twenty two thousand on his tax returns. He also said that the top three floors of the building were empty, and there was an insurance company with over two thousand employees that were interested in renting it. When that happened the volume of his newspaper stand would double. He demanded cash for the business. The next morning our lawyers met and I handed him a bank check for one hundred and twenty five thousand dollars.
Business was pretty slow and I thought it was because of the summer when lots of people were on vacation. It was only when the summer was over and there was no pick up in business that I became worried. But I thought things would work themselves out when the insurance company rented the top three floors. With their two thousand employees my newspaper stand would do well.
The top three floors were rented by a company that imported saunas from China and they used it as a warehouse. They had only thirty employees instead of the two thousand I had expected. Latter I found out that there was never any insurance company that was negotiating for the top three floors. I was also told that the former owner of my business purchased a supermarket. He tricked me into thinking that he was in poor health so he could sell me his business. I was in a state of shock and out one hundred and twenty five thousand dollars. A few weeks latter I sold the business for ten thousand dollars and I was lucky to get that.
If my uncle Henry knew how stupid I was he never would never have left me in his will. But experience could turn stupidity into wisdom and I wasn’t going to give up until I became a successful entrepreneur. The next few weeks were spent reading the business opportunity ads. I had a gut feeling that the next business I bought would be a good one.
I was disgusted with myself after losing close to a half a million dollars of the two million my uncle Henry left me. It wasn’t because I was a stupid man but only because I was picking the wrong businesses to go into. On the advice of a close friend I went to a business broker whose experience spanned over twenty five years. He was a man in the mid- sixties with the look of wisdom painted on his face. After filling out an application which asked me about my business experience and assets he carefully studied it. Tears began flowing down his cheeks and he said that he was going to help me. He said that my problem of becoming a business success was based on my fear of investing a large sum of money. Then he reached into his desk and showed me a colorful brochure, it was about a new TV Plasma franchise. It had photos of their flagship store in a large western city. The store was beautiful and so was its merchandise. I asked him to tell me more about it. He said that it must be seen and the company would pay my airfare and a two day stay at a luxury hotel. I soon was on an Airjet and shortly afterward I bought a TV Plasma franchise for seven hundred and fifty thousand dollars.
The TV Plasma franchise store was opened in the center of my cities business district. After the opening ceremony in which the national anthem was sung I cut the ribbon and was in business. I had a fully trained staff of three employees and all I had to do was to watch over them. We sold four flat screened 40 inch plasma television sets with a price tag of eighteen hundred dollars on our opening day. After closing time I took my staff out to dinner for a celebration.
The second week in business we sold only two thirty inch plasma flat screens and one forty inch one. It was a bad week and hopefully we would do better in the future. Sales never got better and with a rent of ten thousand dollars a month I was going into my personal funds to keep the store open. After nine months of almost no business I threw in the towel and declared bankruptcy. I sold out my inventory to pay the creditors. My losses were over a million dollars and a broken spirit.
After losing most of the money my uncle Henry left me in his will I came to the conclusion that I was not born to be a businessman. I asked my old boss for my handyman job back. He hired me on the condition that I would never discuss my business failures with him. Since he was in business himself he needed to have a positive attitude. I agreed and became a successful employee.
melpol
He told me a sad story about his health. In the last six months he had two heart attacks and the doctor told him that he should retire or he would have another one. His wife was begging him to retire despite how good business was. So he made a decision to put his newspaper stand up for sale. He said that he also sold coffee, candy and cigarettes and that his income was over one hundred thousand dollars a year. But in order to avoid paying taxes he declared only twenty two thousand on his tax returns. He also said that the top three floors of the building were empty, and there was an insurance company with over two thousand employees that were interested in renting it. When that happened the volume of his newspaper stand would double. He demanded cash for the business. The next morning our lawyers met and I handed him a bank check for one hundred and twenty five thousand dollars.
Business was pretty slow and I thought it was because of the summer when lots of people were on vacation. It was only when the summer was over and there was no pick up in business that I became worried. But I thought things would work themselves out when the insurance company rented the top three floors. With their two thousand employees my newspaper stand would do well.
The top three floors were rented by a company that imported saunas from China and they used it as a warehouse. They had only thirty employees instead of the two thousand I had expected. Latter I found out that there was never any insurance company that was negotiating for the top three floors. I was also told that the former owner of my business purchased a supermarket. He tricked me into thinking that he was in poor health so he could sell me his business. I was in a state of shock and out one hundred and twenty five thousand dollars. A few weeks latter I sold the business for ten thousand dollars and I was lucky to get that.
If my uncle Henry knew how stupid I was he never would never have left me in his will. But experience could turn stupidity into wisdom and I wasn’t going to give up until I became a successful entrepreneur. The next few weeks were spent reading the business opportunity ads. I had a gut feeling that the next business I bought would be a good one.
I was disgusted with myself after losing close to a half a million dollars of the two million my uncle Henry left me. It wasn’t because I was a stupid man but only because I was picking the wrong businesses to go into. On the advice of a close friend I went to a business broker whose experience spanned over twenty five years. He was a man in the mid- sixties with the look of wisdom painted on his face. After filling out an application which asked me about my business experience and assets he carefully studied it. Tears began flowing down his cheeks and he said that he was going to help me. He said that my problem of becoming a business success was based on my fear of investing a large sum of money. Then he reached into his desk and showed me a colorful brochure, it was about a new TV Plasma franchise. It had photos of their flagship store in a large western city. The store was beautiful and so was its merchandise. I asked him to tell me more about it. He said that it must be seen and the company would pay my airfare and a two day stay at a luxury hotel. I soon was on an Airjet and shortly afterward I bought a TV Plasma franchise for seven hundred and fifty thousand dollars.
The TV Plasma franchise store was opened in the center of my cities business district. After the opening ceremony in which the national anthem was sung I cut the ribbon and was in business. I had a fully trained staff of three employees and all I had to do was to watch over them. We sold four flat screened 40 inch plasma television sets with a price tag of eighteen hundred dollars on our opening day. After closing time I took my staff out to dinner for a celebration.
The second week in business we sold only two thirty inch plasma flat screens and one forty inch one. It was a bad week and hopefully we would do better in the future. Sales never got better and with a rent of ten thousand dollars a month I was going into my personal funds to keep the store open. After nine months of almost no business I threw in the towel and declared bankruptcy. I sold out my inventory to pay the creditors. My losses were over a million dollars and a broken spirit.
After losing most of the money my uncle Henry left me in his will I came to the conclusion that I was not born to be a businessman. I asked my old boss for my handyman job back. He hired me on the condition that I would never discuss my business failures with him. Since he was in business himself he needed to have a positive attitude. I agreed and became a successful employee.
melpol
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