Taking over an existing business

[printer67]

Hello all!!! I am a brand new member of this forum and I come here seeking guidance and advice from other business owners. Let me tell you my story. I have been an employee of several Printing companies for over 25 years. I recently have been employed by my friends company doing computer to plate prepress, and graphic design for over 7 years. Recently my friend and owner of the company passed away from a freak illness. Myself and the other 2 employees that worked for the company have continued to run the company after his death. We decided that as a threesome we would try to purchase the equipment and carry on the business. As we have come to learn more about the finances of the existing company we have decided to dissolve the old company and start a new S Corp under a new name and management. It turns out that the former owner was deep in debt and the company was barely surviving. Without his previous debt our accountants project the company as being very profitable. Here is the problem. The three of us collectively can run the day to day operations of the company, but none of us have any business experience. The company does about $750,000 to a million in sales yearly. We are relying on the advice of our accountant right now when it comes to financial and business dealings. Does anyone have any advice on how we should move forward. The three of us know this can work but are unclear what our next step should be. Sorry if this post is a little vague and rambling but it has been an emotional and confusing time.

[huggytree]

$1,000,000 isnt very much for a small business....i think (3) people couldnt handle that size that dont have alot of knowledge, but its large enough that if you make management mistakes you'll be done for....so dont make mistakes

is one of you a good salesman???? friendly and quick on his/her feet???

is one of you good at making decisions and thinking things through from start to finish quickly?

a business that size will need a full time salesman...will you do it or hire someone?

i think being good as business is something you have inside you or you dont......most businesses fail .....odds are yours will too....realize that before you start..the odds are against you....

some people can create success every time they try and some people cant create any success....decide if the company is worth the risk and if each of you has the skills and DRIVE to succeed....

there's probably a reason your old boss was almost out of business...figure out what that reason was....otherwise you'll repeat it....

i was in printing for 9 years of my life and still know many people in the industry...i know the industry is shrinking and profit margins are too....

what kind of printing do you do?

[Negotiator]

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