whats best offer him a % share or pay it back, what sort of interest would you want on £10k per month ontop of a repayment ?
either that or i'm going to have to sell my Indy
i'm going to open a new shop, but i'm short by about £10K, not wanting to borrow from the bank i'm going to ask the old man whos not
short of a few £££ by a long way.
whats best offer him a % share or pay it back, what sort of interest would you want on £10k per month ontop of a repayment ?
either that or i'm going to have to sell my Indy
He is your old man, say you'll vist him in the care home when he is old
See if you can get interest free and spread the payment over 2 year/3 years that means he helps you but he does get the money back
If he'll do it as a loan then do that. No need to give equity away if you don't have to. Friends and family are the best source of funds like this.
pay him back
If he has a share then he might get interested in the running of the company or even worse tell you how wrong your doing it…perfect recipe for
disaster
I agree - pay him back rather than give him a share. I would offer him some sort of interest on top, not sure what, but look at what rate you would
have to pay a bank, then look at what rate he could get from putting his dosh in a savings account, and make a judgement. Something which helps you
out while not ripping him off would seem "fair".Of course, he may say forget the interest
It might be worth mentioning that years ago I went into partnership with my father to build a small housing scheme. Although I never borrowed money
from him, we did share the cost of machines and the like. To be honest it drove me totally nuts, where I'd be wanting to get one type he'd
be wanting something totally different or didn't need that particular thing now or he’d totally miss the point and claim we didn’t even need it!
etc etc We had many heated arguments and fall outs over so many things that it just wasn’t working and he was also always taking my tools…very
annoying. Fortunately I haven’t been disowned but there is no way I’d go through all that again, keep your company yours.
[Edited on 28/2/08 by Mr Whippy]
Yep, pay him back.
I always recall Anita Roddick needing a modest sum to open a shop and gave a large equity share to the investor. Several years later and millions of
pounds richer she ended up giving away a huge fortune.
Ref payments - why not plug the details for a 10K loan into money supermarket and see what the best deals on the market are ref interest etc.
Yep, a definite 'pay-back' not an interest in the shop. 
Ok he is your dad, but 10k is a hefty wack.....so, try and find out what interest he is currently earning on his 10k and offer him a wee bit more, so
he would only gain and not lose by lending you the money, more of an incentive for him to lend it to you...... IMHO of course
Fozzie
Offer us on here a £5 share each. No one would end up with a large enough share to warrant having a say.
You offer us a discount (as you do from time to time) and we call it quits.
I'd be up for it.
My experience is that it is better to get it from a bank. I know they are despicable people underneath it all, but you will need to prove to them that your venture is going to work before they go lending you anything. AND more importantly to yourself. It has a much better chance that way.
quote:
Originally posted by Richard Quinn
Offer us on here a £5 share each. No one would end up with a large enough share to warrant having a say.
You offer us a discount (as you do from time to time) and we call it quits.
I'd be up for it.
quote:
Originally posted by Mr Whippy
quote:
Originally posted by Richard Quinn
Offer us on here a £5 share each. No one would end up with a large enough share to warrant having a say.
You offer us a discount (as you do from time to time) and we call it quits.
I'd be up for it.
great idea, we could also mention 'our' company to others and save on advertising costs. I will off course expect at some point in the near future a company Ferrari and a reserved parking space.
quote:
Originally posted by triumphdave
quote:
Originally posted by Mr Whippy
quote:
Originally posted by Richard Quinn
Offer us on here a £5 share each. No one would end up with a large enough share to warrant having a say.
You offer us a discount (as you do from time to time) and we call it quits.
I'd be up for it.
great idea, we could also mention 'our' company to others and save on advertising costs. I will off course expect at some point in the near future a company Ferrari and a reserved parking space.
Yes like it!
and a big oak desk and a fancy swively leather chair
quote:
Originally posted by Mr Whippy
It might be worth mentioning that years ago I went into partnership with my father to build a small housing scheme. Although I never borrowed money from him, we did share the cost of machines and the like. To be honest it drove me totally nuts, where I'd be wanting to get one type he'd be wanting something totally different or didn't need that particular thing now or he’d totally miss the point and claim we didn’t even need it! etc etc We had many heated arguments and fall outs over so many things that it just wasn’t working and he was also always taking my tools…very annoying. Fortunately I haven’t been disowned
[Edited on 28/2/08 by Mr Whippy]