here is an expience i had the other day, took a while to think about it and still can`t figure it out.
some guy puts an ad on craigslist says "free woodworking business health problems force situation "(or something like that) under the business section. of course I respond, so I talk with this guy on the phone for about an hour and a half, he seems genuine and all.
so I take most of my sunday (home show`s around the corner and my pats are still winning) and drive the 65 + miles to go see and talk with this guy.
What a really honestly nice guy this guy is, he actually reminds me of my grandfather in looks and stature. he reels off his product line and I am impressed, this guy makes some beautiful stuff and real honest to goodness quality (i know a little about woodworking quality).
In my mind (later my wife said the same thing) why are you giving this business away? the business is easy worth at least 300K why not sell it and move on?
well after about 2 hours the guy says "so how much capital would you be willing to invest?" being ever patient that I am I asked " what are you looking to accomplish?" he tells me of his expansion plans and needs both a working partner and someone that can invest in growth.
I explain to him I am starting a business (at least the thrid time) and really don`t see me funding another enterpise. I go on to say as much as I would love to be involved I just don`t see how my product line and his could synergise ( i made that word up). so this guy (and by now I should say is in his 70`s) now explains that he can`t get a business loan because of his age, he can`t sign a 5 year lease (expansion) because of his age, but feels the need to grow.
so I apoligise (I guess because he was older than me) and again tell him I am knee deep into a startup with simular yet different objectives, and I really don`t see how we could beniefit each other, but surely you have others interested.
so this guy goes through with me the others 5 in total that are coming to visit, so this guy has one picked out as the "cash cow" without "the where with all", would I be able to work in the business if he got the other guy to provide some "sheckles".
thats about where I left saying "please call me and let me know how this all works out or if there`s anything I can help with"
so the questions I pose are these,
- was this guy fair in posting a free business?
- is this a common way to attract angle / partners?
- what should I do if this guy calls me back?