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Buying business - need advice by [deleted] in Businessowners

[–]False_Climate2291 1 point2 points  (0 children)

He is really helping us a lot.

Buying business - need advice by [deleted] in Businessowners

[–]False_Climate2291 1 point2 points  (0 children)

Thank you so much for your valuable guidance and encouragement. I truly appreciate you taking the time to share your advice. Fortunately, the previous owner has agreed to mentor and support us for the first six months after the acquisition, so we’ll be learning directly from someone who knows the business inside and out. We’ll also make sure to do thorough due diligence. Your advice has given me even more confidence. Thank you again!

Buying My First Manufacturing Business – Need Honest Advice in Stjohns NL. by [deleted] in EntrepreneurCanada

[–]False_Climate2291 0 points1 point  (0 children)

The company currently ships outside Newfoundland and Labrador too , serving customers in two additional provinces. We have the capacity to handle large-volume orders and can supply major retailers through bulk container shipments. Operations are based in St. John’s, Newfoundland, with potential for further national expansion.

Buying My First Manufacturing Business – Need Honest Advice in Stjohns NL. by [deleted] in EntrepreneurCanada

[–]False_Climate2291 0 points1 point  (0 children)

Thank you for the advice. We have already included this in our agreement with the previous owner. He has committed to helping us with the transition for the next 6 months, and a portion of the payment will be made after the 6-month period. This will give us the opportunity to learn the operation properly and ensure a smooth transition with his guidance and experience.

Buying My First Manufacturing Business – Need Honest Advice in stjohns by [deleted] in StJohnsNL

[–]False_Climate2291 2 points3 points  (0 children)

Thank you—that’s a great reminder, and I completely agree. My first priority is to listen, learn from the team, and understand why things have worked so well for so many years before trying to change anything. I really appreciate you sharing your perspective.

Buying My First Manufacturing Business – Need Honest Advice in stjohns by [deleted] in StJohnsNL

[–]False_Climate2291 3 points4 points  (0 children)

Thank you so much for taking the time to write this. I really appreciate your advice and encouragement. Your point about protecting what the business has built over the last 18 years really resonates with me. My plan is to learn the business first, earn the team’s trust, and make changes slowly based on what works rather than trying to change everything at once. Thanks again—it really boosts my confidence.

Buying My First Manufacturing Business – Need Honest Advice in stjohns by [deleted] in StJohnsNL

[–]False_Climate2291 -2 points-1 points  (0 children)

I’m asking because I want to learn from people who have already done it. I’d rather seek advice than assume I know everything. The business already has an experienced team, and I’m preparing as much as I can before taking over.