Opportunity to buy small business

Old Aug 22nd 2022, 9:13 pm
  #1  
Just Joined
Thread Starter
 
Joined: Aug 2022
Posts: 1
Dandelion01 is an unknown quantity at this point
Default Opportunity to buy small business

A relative has offered the opportunity to buy a small business in rural Nova Scotia in a few years time due to retirement.

The opportunity on paper offers the lifestyle myself and my wife have been dreaming of. (Detached house, no neighbours, surrounded by nature, small community living, self-employment, the forests and the sea). However, i can’t see a way to gain entry and buy/run the business.

going down the route of immigration through buying a business seems impossible as from what I have read you need managerial experience (which myself or and my wife don’t have and realistically in the time frame won’t get) as well as $600,000 in assets and $150,000 to invest, which we are no where near having.

i will be a qualified social work this time next year (which is part of the plan to upskill further to eventually go self-employed and not what I want to be doing for a long period of time). We could gain entry this way. However, this would give myself no time to run a business which currently is run by a husband and wife, along with the three employees which at times needs 50 hour work weeks to keep up with demand. It would not be possible to do both.

the relatives have said come over for a holiday see what we think, if it’s what we want we can look into loopholes in the system… but to bring my family over for a holiday is a big investment money wise as we only have one income with my wife raising our 2nd baby (we don’t want to send him off to nursery full time at 9 months old so she can work) so I want to understand if this is at all possible before spending £1000’s on a flight and holiday which could be invested in our future in the UK instead.

any suggestions or help of how this may be possible would be greatly appreciated!
Dandelion01 is offline  
Old Aug 24th 2022, 3:17 pm
  #2  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 33,977
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Opportunity to buy small business

Hi, and welcome to BE.

Firstly, if you gained PR as a social worker, then there's no need to actually do that job when you get to Canada. So if you're definitely eligible for PR then that's worth considering - once you're a PR you can retire, study, work, set up a business, etc, etc, essentially anything you want (other than certain government jobs that require citizenship). You don't need to work in the job you've applied under so could be self employed when you get there.

I'd explore other routes to PR first, rather than anything involving the business, as it would mean you wouldn't be under any pressure to make the business work or hire Canadians etc. So if you have another route, that's what I'd look at first.

Let us know what you think you'd qualify for, and we can double check it, and if not, try and come up with other ideas (i.e. you get a work permit to work in the business first, before applying for PR at a later date, which may actually be a sensible idea anyway before spending all that money on buying it!).

Last edited by christmasoompa; Aug 24th 2022 at 3:21 pm.
christmasoompa is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.