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  • Profile photo of ksheatherksheather
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    @ksheather
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    July 1, 2003 - 8:30 am

    Thanks very much for that!

    Profile photo of ksheatherksheather
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    @ksheather
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    July 1, 2003 - 6:45 am

    Yes it is a good idea :) Read my lips!

    Profile photo of ksheatherksheather
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    @ksheather
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    July 1, 2003 - 6:45 am

    I’m thinking about writing my own software, PS I was at the richmastery seminar last night in Canberra.

    Profile photo of ksheatherksheather
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    @ksheather
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    June 30, 2003 - 1:56 am

    I would think that as its only an offer, its completely up to you. Until you exchange contracts, they cant hold you to anything surely?

    Profile photo of ksheatherksheather
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    @ksheather
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    June 30, 2003 - 12:51 am

    If you setup a discretionary trust it is at the discretion of the trustee, if you make yourself the trustee that would be you.

    The beneficiaries would only receive the benefits that the trustee decides to give them.

    Thats my interpretation of the information that I’ve heard anyhow :)

    Profile photo of ksheatherksheather
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    June 29, 2003 - 2:54 am

    As it will be used to aid you generating taxable income it is deductible in my opionion.

    Profile photo of ksheatherksheather
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    June 28, 2003 - 6:43 am

    Mail sent..

    Profile photo of ksheatherksheather
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    June 28, 2003 - 4:15 am

    Stuart,

    Thanks for your advice I also consider speaking to random franchisees a key consideration in the due dillegence process, and I will defintely be doing this.

    Once I have spoken to several franchisees, and provided I am satisfied with what I hear, I will then get my accountant to advise me on the fiancial aspects of the deal, and determine what structure I will adpot for the purposes of asset protection and tax minimisation.

    I also plan on having a franchise attorney look over the franchise agreements to ensure that I am not going to get screwed on any of the fine print.

    I have heard that some financiers are quite receptive to franchising as the business is more likely to succeed as the franchiser *should* have well defined business processes and procedures already in place :)

    I am still intersted in finding out which lender will give me the best deal, in regards to the minimum deposit they will require and the interest rates they offer, if anyone has any good advice on the finance side of things please let me know.

    Thanks again,
    Kristoffer Sheather.

    Profile photo of ksheatherksheather
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    @ksheather
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    June 28, 2003 - 2:49 am

    John,

    I agree that I should speak to other franchisees this is a very important point.

    The reason for wanting family involved is that the particular franchise I am looking at does not look favourably upon ‘managers’ being employed and the owner not taking the management role themselves.

    I want to continue working in my highly paid contracting role, so I figured I could make the purchase, and get a family member to manage the operations of the store instead. This way I beleive I can get around the franchisers concerns.

    I am actually quite intersted in the business of the franchiser, and like their product a good deal. I just want to be a ‘B’ instead of continuing to be an ‘S’ and I definitely dont want to buy a ‘Job’, just buy a share of a business that will give good cashflow returns.

    Regards,
    Kris.

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    June 27, 2003 - 10:04 am

    Fools and their money are soon parted :)

    I signed up for the wrap seminar live yesterday, lets hope im not a fool for doing so :)

    Profile photo of ksheatherksheather
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    June 9, 2003 - 12:50 pm

    Scott,

    Sounds like a great way to start out if you have the time available. I wish I did but as a contractor im quite often at work 7 days a week :(

    Thus my idea of getting someone else to do some of the legwork for me. On another point if anyone knows the number for a good accountant and lawyer who is familiar with lease option and wrap contracts I would be thankfull if you could forward them to me in private :)

    [email protected]

    Regards,
    Kristoffer Sheather.

    Profile photo of ksheatherksheather
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    June 9, 2003 - 9:17 am

    Brent, I agree and I will specify my parameters:

    – 2 & 3 bedroom properties only
    – value under 120k
    – regional area with low unemployment level
    – high rental / value ratio

    I’m thinking along the lines of lease option or wrapping, so cash flow is more important than capital gain, long term capital growth would be a bonus.

    Profile photo of ksheatherksheather
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    June 9, 2003 - 8:36 am

    Has anyone thought of using a foreign trust or company that is located within a tax free haven to purchase their property?

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