Would you sell your car(s) to buy a business?

[WILMASBOYL78]

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Hey Tom,
From reading Marks post Im getting the feeling he is trying to finance this without creating more personal debt. Otherwise, by putting up the house he would have the most cost effective way to keep and get everything he wants as cheap interest only loans could be used. Without knowing more details like long term zero paychecks for a while its tough to make a call. I think the basic question is, Would you sell your cars in order to take a risk in hopes of a better more secure life. I think most would.

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Good point Sam, it is hard to walk in another man's shoes. I hope his business is successful. I have known a lot of guys who sold too quick and regretted it. Just wanted to throw out a few ideas for consideration. Good luck Mark, with whatever route you take.

wilma

[Born30YrsLate]

If it were me I would definitely say YES...my ultimate goal is to own my own business eventhough my love is for these cars...

[Zedder]

Thanks guys for all of the thoughtful responses and well wishes. I really do appreciate it. Going through a job loss like I did this summer is a really humbling experience and not something that I would wish on anyone. However, I believe all things happen for a reason and I'm sure there are many lessons to be learned from the experience.

I agree with most that the cars should be sold if it allows me a stronger position in the business and I am prepared to do that. I don't care for personal debt, so borrowing money for something "fun" just isn't somthing that I would likely do.

I do believe in the business and think it has tremendous upside potential, so if the cars must go, they will. However, I am proposing a sweat equity arrangement in addition to my cash investment, so we'll see if I can at least keep one of them this way

Thanks again guys, I'll let you know what happens

[92646]

If I can add my 2 cents. When I worked for the phone company with all the security that a large corporation offered its employees back then. I remember a 30 year employee saying that you will never get rich working for somebody else. About 10 years ago I sold a 1967 R/S Z/28 project car that was granada gold with black deluxe interior, cowl plenum air cleaner and factory gauges for $9,500.00. I sold the car to a buddy so I could buy a house by the water for my family in Huntington beach and I never regretted that choice.
Mark Sheppard

[Canucklehead]

15yrs ago i was in the same boat and i sold my cars to buy a buisness. After years of hard work and several buisnesses later (it seemed as one became successful another chance to buy another came up) i was glad i did it. Although i missed my toys i would'nt have had time to enjoy them anyways as my schedule was quite full running several buisnesses. Now i am finally managing to free up time and money i will soon be back into it with a better chance to get what i really want with the time and money to enjoy them.

[djunod]

Sell the cars... you won't have time for them anyway once you have your own business, not for a few years anyway.

[SamLBInj]

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Sell the cars... you won't have time for them anyway once you have your own business, not for a few years anyway.

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You got that right, 18 years for me but that includes throwing a family in the mix