DealersEdge Professional Forums

I work in a small, family owned new car dealership. The owners are would like to go home and turn the business over to me. Any sugestions on how to make that happen without me coming up with a lot of cash, or the owners taking on too much liability for a business they are not running on a day to day basis?

with the climate of the new car business don't under estimate your working capital.

You might consider having two classes of stock in a corporation: common and preferred. Common stock is held by you and gives you the voting rights to make all decisions. Preferred is held by the current owners and you repurchase that stock over time out of profits from the store. You have operating control and all the liabilities while current owners maintain financial interest only until you pay them out.