Off-topic, but location specific- Looking for a financial advisor

I hope no one minds me throwing an off-topic thread in here, but I wanted to ask you mid-Atlantic ladies for advice. Does anyone out there know a good, reliable, affordable financial advisor that you'd recommend?

Here's the deal:

I'm considering buying and running a restaurant in Shepherdstown, WV. Based on what I know so far, I believe that I can afford the purchase of the restaurant if I sell my condo in Gaithersburg and move to somewhere in or around Jefferson County. The current owner's estimate of annual income from the restaurant, though, would be a significant decrease from what I'm currently earning. But, living in WV would also mean a decrease in housing and commuting expenses, and the current owner said that his family's eating expenses are taken through the restaurant. At this point, I need to take a serious look at my own budget and finances, in addition to reviewing the restaurant's accounting. The one financial advisor I've ever dealt with is located all the way down in NoVa, and I didn't particularly like him to begin with. So, I need to find someone with whom I can sit down and go over all of this.

Oh, and I guess I can make this somewhat on-topic, as the restaurant's just a hop, skip and a jump across the Potomac River from the C&O Canal. Eeeeasy access for cycling :D

Wow. Talk about a life change!

Sorry, I don't know any financial advisors, but I wish I did. If you find someone good, let the rest of us know.

And I think there might be some rides with lunch stops in our future!

Hmmm. let me ask around.

Do you know anything about the tax structure in WV?
Why is the owner selling?
Can I work there?
What kind of restaurant?

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Originally Posted by zencentury

Hmmm. let me ask around.

Do you know anything about the tax structure in WV?
Why is the owner selling?
Can I work there?
What kind of restaurant?

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Zen, it'd be great if you know someone.

1) At this point, I know nothing about the tax structure in WV. That's one of many things I need to research.

2) The owner and her husband apparently have several life issues they're dealing with (illness, caring for aging parents, husband is mayor of Shep'town, etc) and decided that selling the restaurant would allow them more time to deal with these things. They are reluctant sellers and are very willing to help with things like financing and training. Here's more info.

3) Dunno. Considering the situation, I don't even know yet if I can work there :rolleyes: ;)

4) This kind of restaurant: Shaharazade's Exotic Tea Room

Janice, if I get this place, I definitely would intend to play it up to the cycling crowd. There is vegetarian food on the menu, but I don't think any of it is pure vegan, except maybe the oatmeal (without milk). If you come visit, I'll see what I can do for you ;)

I have a very good friend in the Urbana area that has retired from the Navy and has been employed as a financial advisor the last year or so. I could get you in touch with him. I've not used his advice in this capacity so I need to state up front that I am not a client of his and am not verifying his ability at this job. I have been a friend of his for 10+ years and think very highly of him and his personal ethics/morals. If you would want a contact email or something I can pass that along to you and you can interview him to see if he is someone that you would want to work with.

I go to Shepherdstown for scrapbooking weekends every few months or so. If you buy it, let us know, I'd love to be a patron when I'm in the area! What a great little town!

There is a cycling shop on the same road I believe. Just noticed it when I was there last month for my weekend. Usually we don't leave the hotel and just scrapbook non-stop. But this last time I told my friend that next time (june) I want to go out and check out the main drag!

Possegal, I'll pm you for your friend's contact info. Thanks!

The bike shop in Shep'town is tiny. They have a few Specialized's, focusing on hybrids and bmx. They also do outdoor adventures, one of which is a trail "ride" on Segways. Definitely take any chance you can get to check out German St when you get out there again, there are some really great shops and restaurants. Of course, I highly recommend Shaharazade's ;) , but the Yellow Brick Bank is probably the most well-known restaurant there. And Blue River is a wonderful little clothing/gift shop that opened last year. Shep'town is a real hidden gem.

How long have they run this business?
Have you seen any income statements yet?

Oh dear. None of the tea is organic?
The Leaf, p.5-6

Quote:

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Originally Posted by zencentury

How long have they run this business?
Have you seen any income statements yet?

Oh dear. None of the tea is organic?
The Leaf, p.5-6

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4) They've had the business for close to 3.5 years.

5) Not yet. I want to decide whether I can afford this at all before I get to the point of looking at their books.

I haven't yet looked into the brand of tea that they sell. Since I'm at work right now (shame on me), I don't have time to read the entire article you linked. At a glance, it seems to focus on the Puerh teas from Taiwan, and Shaharazade's assortment goes way beyond that. But I can add this to the list of questions I'm putting together for when (if...?) I sit down to interview the owners more comphrehensively.

Hummus and vegetables and pita is vegan, and I'd be satisfied with that!

Oohh, I want you to buy it so I have a reason to head up that way.

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Originally Posted by divingbiker

Oohh, I want you to buy it so I have a reason to head up that way.

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Yeah, I'm really excited about the prospect of this, too :D

I am pragmatic enough, though, to realize that it may be nothing but a pipe dream. Right now, I'm just gathering info to be able to decide whether or not to pursue it. But I appreciate any fingers you care to cross for me (in addition whatever advice I can get)!

It's Shepardstown, there's a nice bike/ped dedicated bridge to the C&O from there, I'm right over the mountain. What more reason do you need?

Looky here -
http://www.youtube.com/watch?v=OUH8a4xFVrY

Wow.
Step away for a moment to go to an appointment and look at what I miss!
How exciting, Tam!! And nerve-wracking, too!!!
My financial advisor is in Massachusetts - not much help there - but is affiliated with Ameriprise. Since they're nation-wide, maybe they could help you out. Dunno. I've been happy with my guy, but I don't know if I could tell you I know enough to say he's good or bad. Seems to do right by me, tho. The site may help you with some questions to ask, too.

Zen, that stretch of the C&O has always been one of my favorites, and proximity to Shep'town is only one of the reasons why. That switchbacked path down to the canal is fun. Cool video :D

Regina, the financial advisor I dealt with years ago was with Ameriprise (then American Express). He seemed good, but talked a little over my head. I'll probably check to see whether they have someone else closer to me, since I do have an account with them. Good idea to check the site for questions to ask, I hadn't thought of that.

Have you run a restaurant before? It's really, really, REALLY hard work. BF is a line cook, and the last job he had was in a fabulous restaurant. The chef/owner had years of experience cooking at the best restaurants in RI and NYC. He had a creative menu, youth, energy, a seemingly ideal location, and a wife who helped manage the operation. He continually got fantastic reviews in our local magazines and newspapers. Yet even he, who had all the skill, talent and knowledge to run a restaurant couldn't make enough money to live on. It failed in 3 years.

Sorry if I'm a bubble burster, but my main regret in life is that I didn't discourage my mother's idea of buying a bagel shop when I knew it wasn't a good investment. It ruined her in a number of ways (financially, psychologically, physically), and she didn't recover. I honestly think the stress of that stupid shop took years off her life. I'd hate to see anyone suffer the way she did.

Now, if you know what you're doing, and it looks like a money-maker, more power to you! There are restaurants that make money. I've just seen the other side more often, and thought you should consider the consequences before you dive in.

redrhodie, that's exactly why I'm trying to be pragmatic. I've heard all sorts of nightmare stories about the restaurant biz and I'm very concerned about what my options would be if I bought the place and it flopped. But, on the other hand, there are places that do become sucessful and established (albeit with a ton of blood, sweat & tears). So I'm taking as much time as I can to explore this before I make any commitment. There's also every chance that it'll end up sold before I make a decision, in which case I'll be sure to let the new owners know what my expectations are as a regular customer ;)

Yeah, I figured you're going into this with your eyes open, but I'd thought I'd add my $.02 anyway.

It does, however, look like a really nice place. I'm sure I'd eat there all the time if it was in my town. But, it's open A LOT of hours. I can see why they don't have time for life.

Hello,

I work with a great financial planner in Baltimore. His name is Patrick Tuma at Financial Dimensions which is apart of the First Financial Federal Credit Union of Maryland. The services offered by Financial Dimensions are very affordable.

Financial Dimensions, Inc.
In The First Financial Building
1215 York Road
Lutherville, MD 21093
Phone: 410-321-6060, ext. 150
Toll free outside Baltimore metro area: 1-800-90-FFFCU
(http://www.firstfinancial.org/)

Patrick was and continues to be instrumental in my business planning. (I'm an independent graphic designer and own my own design studio. Since we're talking biz, my web site is www.strategicdesignstudio.com.)

Feel free to PM me with any questions.

Good Luck, I'm all about following your dreams!

HI there...I lived in the metro DC area for 27 years and established a relationship with a financial advisor I adore, and have complete trust and faith in. She was part of a small practice then went out on her own, and is located in Alexandria, VA. She is part of the Financial Network and is not affiliated with any big houses/corporations so does not have an agenda to sell products or steer anyone toward any formulaic approach to planning and/or investing. I live in California now but still rely on her.

Her name is Jo Thomson and here is her contact info:

101 N Union St
Alexandria, VA 22314

(703) 549-3955

Hope that's helpful. If you pursue her, you can tell her Taya referred you.

Another option you can consider is eWomenNetwork -- the largest women's business network in North America. If you go to www.eWomenNetwork.com you can search a database of woman-owned businesses across the US and the search terms list is exhaustive so you could play around with looking for someone in your current local area and/or the area you're moving to. Click on the "Find a member" link on the left side.

Best of luck with your new venture! Life it too short not to take risks and give your dreams a go -- let me know if I can be of any further help.

Thanks, ClickIn and Resumer, I really appreciate those referrals!

redrhodie, the one thing that I do know about this venture is that there's a lot I don't know. I definitely need to know about any negatives so that I can figure out whether or not they're things I can handle. If your BF has any specific nightmares he'd like to share, feel free to pm me and bubble-burst all you want.

As for the hours, the current owners spend very little time in the restaurant. Their daughter runs it for them, and even she isn't there from open to close. Either they're very trusting, or they've got an incredibly dependable staff. If I go through with this, I'd most likely keep their daughter on staff (she's apparently unhappy that they're selling because she doesn't want to lose her job) to help me out.

Tam, your restaurant is mentioned in the travel section of today's Post. They did a day trip to Shepherdstown, and talk about having scones there. (They also mention that it's for sale, so you may have buyers to compete with now!)

Mmmmmmmm....
Scones.......
:p

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Originally Posted by divingbiker

Tam, your restaurant is mentioned in the travel section of today's Post. They did a day trip to Shepherdstown, and talk about having scones there. (They also mention that it's for sale, so you may have buyers to compete with now!)

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Hmmm... I just spoke with the owner this morning when I was there for breakfast. Not "my" place yet, though. I'm still researching and trying to decide.

I don't get the Post, I'll have to check out their website for that article. If I do go through with this (or if someone doesn't now beat me to it), I'll be happy to have had the publicity ;)

Should have posted the link before. Here's the article from today's paper.

http://www.washingtonpost.com/wp-dyn...032801328.html

I would send him a pm. His biz knowledge is spot on! Sounds like you need more of a good accountant and attorney. Possibly two that could collaborate.
When I think of financial advisor I think broker. I used to work for a broker/dealer firm, so a "financial advisor" to me is someone who will invest your nest egg.
A good attorney and accountant can look at the deal and give you a better idea of what your "really" getting yourself into.
Good luck. Being a biz owner is tough, but it's SOOO worth it!

I'm actually thinking I need all three: A financial planner (that's probably the more correct term than 'advisor') to help me understand what my options are for both the restaurant's and my own finances; an accountant to review the financial statements, etc; and a lawyer for all the contractual issues. I'm talking to two financial planners and trying to decide between them. One of them has recommended an accountant, and I also have a neighborhood acquaintance who's a CPA that I've been trying to get in touch with (and, of course, I'm doing this during tax season :rolleyes: ). I also talked to a bank loan officer today. Still haven't been able to get any referrals for a lawyer, though, but I've got a ways to go before I've plowed through all the financial aspects of this.

Thanks for the suggestion, Running Mommy, and I'll take any others you might want to throw my way. I haven't really talked to Mr. Silver here at TE, but he definitely seems like a level-headed guy. Mr. Silver, if you read this, you may very well be hearing from me...