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Cassie
Gold Member
 England
781 Posts |
 Posted - 29 Mar 2007 : 10:11:04 AM
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Hi
I need some advise I am 57 and my husband is 55, I am in a sucure job land for the horses somewhere to live.
Whereas my husband is in a job that he no longer likes not very secure
and does long hours, he wants to buy a nursery business in Devon (he is a nurseryman by trade) that is being run down as the owners want to retire they are in their late 50's if we go ahead the mortgage will cost us £3100. per month and thats before we even start to pay the staff that are there buy stock etc. also its a interest only mortgage for 10 years and then we have to pay the entire loan back or move again. The financeial adviser says the business can take the loan.
I have told him that I think it is too much of a risk at our age and doesn't agree so he's not talking to me now, I have also told him to go down there for 6-8 months and prove to me wrong.
And another thing the horses will have to go into livery which brings its own problems as my mare can be difficult to catch, here at home when she plays up I open certain gates and close others and chase her out and she goes and stands in her stable and that way neither of us get worked up and I don't think a livery yard would accomodate us in that respect as it would most likely be full livery.
There is a small piece of land with the nursery that isn't needed and the plan is to sell that and buy some land nearer to the nursery for the horses I would like to pinch some of the nursery land to build stables but he says he needs all of the land.
My question is am I right or wrong in my thinking would any of you start a new business if you were our age? I feel its a huge risk.
Please someone put me out of my misery, and give me some advise.
Christine
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nicolanapper
Platinum Member
England
4247 Posts |
Posted - 29 Mar 2007 : 10:54:33 AM
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Christine, I have just read your post and feel so sorry for you. On the one hand your OH wants to realise his dream but on the other it seems a very expensive and risky dream to have at your age. I am not being disrespectful. My OH is 51 this year and he wants more than anything to lessen our outgoings and if necessary downsize to a less expensive house in the not too distant future. We have had out ups and downs over the years and this is now his dream.
It sounds to me like your OH is only thinking of himself, would it mean you giving up your job, or can you work from home? I presume this Nursery business is already pulling in quite a lot of money as you say your financial advisor is confident the £3100 mortgage can be met.
I think if it were me, I would say no, I would not be prepared to risk all. I know how you must be feeling though, poor you, you must feel very unsettled and quite wretched.
Also the thought of having to keep horses in a livery yard after having them at home must be very hard, I can only liken it to having worked for yourself for many years then having to get a job and work 9-5 for a company.
I wish you all the best in whatever you decide. I do not envy you.
Nicky |
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Judi
Silver Member
England
494 Posts |
Posted - 29 Mar 2007 : 11:12:15 AM
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Not a bad idea in theory...but...
You need to add the cost of paying out for livery each month and add that to the mortgage. The most viable way of doing it would be to compromise and agree only if you can use the spare land until you know you can afford the extra livery fees. Unless he is willing to share the land, I personally wouldn't do it, as it would be half yours anyway!
What is the point of selling some attached land just to buy some more? That is an awful lot of added stress and hassle and outlay. You need to see how things go first, and could always sell it and buy the new land once you have an idea on how the books are going after a years trial period. Plus the land would be worth an awful lot more with stables on it.
On the plus side, he would get to use your organic manure for his business! |
Judi
judirhodes1@yahoo.co.uk |
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Moira
Gold Member
Scotland
503 Posts |
Posted - 29 Mar 2007 : 11:13:31 AM
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I would go for it! Nothing ventured, nothing gained. Seven years ago we had a two bedroom flat in Glasgow and a business that fitted burglar alarms. Now we have a farm with 100 acres, 37 stable and an indoor school and a morgage that would sink a battleship. I know your circumstances are a bit different but don't let your age hold you back. Your horses may have to go into livery in the short term but I am sure you will find somewhere that they will be happy.
Good luck, whatever you decide. |
  
***Zak******Zhaazeer*****Gremlin |
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arabic
Platinum Member
England
4562 Posts |
Posted - 29 Mar 2007 : 11:39:28 AM
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| Im afraid Im with Nicky, I am 50 next month and OH same age. Whilst we have considered starting our own business - (never had the opportunity years ago) with lots going for it, we decided against. We feel that we want to start enjoying life more now rather than increasing the load!! |
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angel2002
Platinum Member
United Kingdom
2502 Posts |
Posted - 29 Mar 2007 : 12:59:54 PM
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I looked into buying a house with 2 yards and 3 rented buildings for £750k but when they said the interest only would be £3k and that was without all the usual bills we changed our minds.
Personally I would love to have a big old farm, so would my OH but we too have had some bad ups & downs the past year so relationship is not too stable at the moment(he's 48 this year and having mid life crisis I think). If it was I would move to somewhere where we had a smaller mortgage/no mortgage and loads of land with an old farmhouse that needed renovating......If only I could win the lottery! I could then get rid of my cheating OH and buy a place just for me and my horses :))) I can dream...:)) |
Angel
Passion Arabians
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polly
Platinum Member
2183 Posts |
Posted - 29 Mar 2007 : 1:11:13 PM
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| My husband had a very successful Nursery and Landscaping business, and I also had my own business when we met. He sold his business because he wanted to see our kids grow up. Thinking about the amount of work he had to do in the nursery,( he was 29years old when he started it, as a qualified horticulturalist) I can honestly say that I would never contemplate buying another. The large B&Q type places buy up loads of stock ( usually rubbish) and more garden centres supply "joe bloggs bedding plants" so the only alternative is to sell to the trade .When we moved to Somerset he went to work for" Scotts" Nursery, (one of the big ones, )and would come home every day saying how glad he was he got out when he did. He is still a very fulfilled Garden designer, and he now gets to come home before dark, have holidays ,have a life. Think very carefully, do you really want to be working to pay livery/mortgage ??? Polly |
   
Photos1and2EricGJones
pollywells@.live.co.uk |
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Grey Girl
Platinum Member
England
1554 Posts |
Posted - 29 Mar 2007 : 5:32:36 PM
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Why is the business being run down? Is it just because the owners have had enough and have no-one to pass the business onto or are they getting rid of it because it's getting harder to make ends meet and is on its last legs?
Get your husband to look carefully into that sort of thing - well, actually, I assume he has, but you never know, this might be a point he missed.
Very hard though, if this is his dream. Good luck.
Grey Girl
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 Said the little eohippus, "I´m going to be a HORSE"  |
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LYNDILOU
Platinum Member
United Kingdom
13976 Posts |
Posted - 29 Mar 2007 : 5:38:27 PM
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Its a difficult one Christine, I am 62 and so I know how dodgy it can be to take on a new venture . Its ok for these youngsters to say go for it, but at our time of life things have a habit of giving up on you, say if you or your OH get a bad back who is going to do the work. what if you had to have a spot of time in the hospital, Yes I know I am all gloom and doom, but things do actually happen to older folk and you are only 5 years younger than me! you need to take into concideration earnings, out goings, costs for the horses and allow for things that you might not have thought of before you say lets go for it, if you have an optomistic (sp) attitude then go for it, if you are a cautious person, stay put! |
   
www.dreamfield-arabians.com |
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Bebely
Gold Member
United Kingdom
813 Posts |
Posted - 29 Mar 2007 : 7:01:06 PM
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Christine - I am not a natural "risk taker" although my husband is. I'm prepared to take on any challenge and have worked away from home for two years, moved my horses and unsettled us for the hope of a new and better start BUT I was convinced that financially and emotionally it was more than stacked in our favour.
My husband would "have a go" if he fancied something on the basis it might work out! That would make me very unhappy and very insecure.
My thoughts would be that your husband should be able to convince you exactly how the plan will work financially, in what time scale and what is the backup/exit strategy if it doesn't go perfectly. If you then voice all your concerns he should be able to tell you how he would deal with them.
If you go along with the idea just because it is his dream and because you don't want to be the one to stand between him and his dreams then you may find yourself an unwilling partner and under too much stress.
I don't think I would worry to much about the livery issue shorter term - all sorts of unlikely arrangements can work out fine but I think the big issue is your own conviction/commitment in your own head.
Best of luck and I hope it all works out and I think the age thing is a bit immaterial as none of us know how long we've got to put right the mistakes we make |
Bev |
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Judith S
Platinum Member
Wales
15686 Posts |
Posted - 29 Mar 2007 : 8:18:47 PM
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Christine - a difficult one!! Have a look at our website - this is what we have & its FAB..........but we are still looking at properties - just incase something with more potential comes along.........!!!!
Judith |
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Cassie
Gold Member
England
781 Posts |
Posted - 30 Mar 2007 : 09:00:35 AM
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Hi all
Just to say thanks for all your comments they have all been really constructive.
Let me tell you abit more first about where we are now, our land is 1/2 mile down the road we have 3 small cottages 2/3/4 all have one bed
2 is mind which was suppose to be a hol cott and my mortgage 3 is OH and his mortgage 4 is mind I inherited and it is leasehold with 30 yrs which is also my bolt hole.
The nursery is a wholesale nursery selling conifers, also has a internet site called conifers direct, it employees one full time. one part time, and seasonal staff. The owners are giving up because they want to take early retirement they are in their late 50's. the piece of land that isn't required is 1/2 mile done the road and the idea is to sell that and buy a field next to the nursery for the horses.
The OH use to help run a nursery business in Leicester this is when I met him, It was his trade for 25 years. He says alot of his family have run successful business and all their [b]WIFES[b]supported them and that we are suppose to be a team and without me he cannot do it. And that he could provide me with a leasiurely retirement because he would be doing a job that he loves and for my part I would be doing the books.
I wouldn't mind doing less the house has a swimming pool and I would like to do more with Kaz(Arab) but its the money that worries.
He doesn't really reasure me that well he just says that he can make it work and that he would work hard at it.
He does at the moment regularly work from 3 in the morning to about 8 at night so I can see why he wants to get away from it all and there isn't much in the way of work around here.
Finally Judith I just love your place I am so envious and if you remember we were going to come and have a holiday with you but decided to put it of to another year.
Christine |
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Kais
New Member
England
17 Posts |
Posted - 30 Mar 2007 : 11:36:01 AM
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I think its only you and the OH that can sort this to go ahead or not
how strong is the marrige could it cope with a struggle or could it cope with the resentment of geving up a dream
Kais |
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Bexandspooky
Silver Member
England
332 Posts |
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