A personal debate

Ok, so i am at a crossroads in my world.

As you know, i am a disabled individual following a motercycle crash some 10 years ago. I derive my income from invested insurance payout money.

That 5 year term is up in August, at which point i either re-invest at a much lower interest rate and take a pretty big pay-cut, or i do something else with the money.

There is a mechanical workshop business for sale in the main street. For the last few weeks i've been studying the numbers, had a very smart book keeper friend whom i trust (miss leanne from the video lol) double and tripple check those numbers, and today we sat with the current owner to nut out every question i had, and she thought of during her book-roaming.

Bottom lines are these:

* If i simply do nothing, i will lose over $10,000 a year in income on the spot, and probably begin to eat the investment money.

* If i buy this business (it's a hefty sum, 200K) i can triple my income - but of course that is dependent on staff (who come with, all knowing their jobs, all work well together etc etc - watching the place today it runs like clockwork). I would go from a luxurious life of leisure so-to-speak to working from 7.30am-6pm five days a week (work is subjective, its not exactly hard yakka - if it was i couldnt even consider it). If it goes wrong, i go slowly broke eating the investment money that remains (which will take a while, but i'd never recover financially.

* the business is sound. No debt, no aged equipment needing replacement, good staff who know what their jobs are and do them well, hardly any debtors (total owed by credit customers is less than 8K), long service will all be paid up etc etc etc. It turns over a massive amount and is technically in profit all the time. 3/4 of the asking price is stock and plant.

What would YOU do? And in your wise opinions, should i do this? I'm asking you guys coz well you all seem to be adult enough and wise enough, and frankly you all make me laugh so you're all okay by me.

I could really use a bit of external input from people not affected whom i've come to respect. Any questions you think i should ask before i make a committment woiuld also be awesomely appreciated.

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