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

[Kalidurga]

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

[divingbiker]

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!

[Zen]

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?

[Kalidurga]

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?

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

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

[Possegal]

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!

[Kalidurga]

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.

[Zen]

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

[ClickIn]

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!

[Resumer]

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.

[Kalidurga]

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.

[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!)

[7rider]

Mmmmmmmm....
Scones.......

[Kalidurga]

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!)

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