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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
A young member of my family has been very entrepreneurial and started his own takeaway food business from home during lockdown. (All completely legitimate and inspected by the environmental health etc).
He has very recently been approached via Facebook by a person who he doesn't know and neither he nor I, (or anyone I know) have any mutual contacts with.
This person is saying they are looking to potentially invest as a silent partner.
This would be amazing if it is legitimate, as it could potentially give him the chance to rent premises when the time is right, it just seems a little bit too good to be true.
Where can I get advice on the situation like this and is there anything particular to look for and discuss with him if and when we have a meeting?
At the moment we haven't started to engage in discussions as we I just trying to get advice on the situation.
Thank you in advance if anybody has any advice. |
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"I assume you have the persons name yes .
If so Google them , covertly look through their FB profile .
Most of all ... Gut Instinct!!
If it feels wrong , it usually is  "
This, do a general search on their name, LinkedIn etc, personally I would be weary but who knows how contacts are made these days 
Good luck to him if it is legitimate |
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You clearly know that things that seem too good to be true almost always are. I'd just run a mile because if you engage with a scammer at all they will work you out and say exactly the right things in order to gain your trust. It'll no doubt involve some initial admin/legal payment (possibly quite modest) on your part which will keep ratcheting up with one excuse after another. That's a classic scam technique.
Just remember countless thousands of otherwise intellgient people are conned by convincing social media scammers every year. Don't be one of them. |
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By *emini ManMan
over a year ago
There and to the left a bit |
"Have to be honest nobody legitimate wanting to invest would make themselves known via facebook.
Its a scam ...walk away "
I don't think you can immediately write it off as a scam - if the only means of initial contact available were via Facebook then it's entirely feasible to be contacted that way.
I'd suggest though that proceeding with caution is the way to go - do some background research into the person, arrange to meet them in person (or currently via Zoom etc) and hear what they have to say without committing anything - if it does seem to be genuine and you want to take things further negotiate terms and get solicitors involved to draw up a simple and binding legal agreement.
All of those steps will help with not only putting appropriate protection in place but also judging how genuine this other person is. |
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All of the above, and also introduce a lawyer into the discussion. One (at least) will be needed anyway to ensure everything is drafted properly to protect all parties and any legitimate investor will know that and agree. If mention of legal assistance provokes a negative response, I’d suggest that’s another indicator of someone not being above board. Mr. |
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By (user no longer on site)
over a year ago
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As entrepreneur id avoid.. it sounds like a scam
A genuine investor wont invest without projections & previous sales data.
If its working without investment stay at it. Most new businesses fail as they go to big too soon and by that i mean expenditures out way profit, the cost of having a premises would mean twice as much hard work for the same profit.
Expand when the business has proven itself and annual demand is exceeding production limits... and when your at that point own personal investment should be within reach |
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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
Thank you everybody for your advice so far. The only means of contact would have been through Facebook and Instagram.
I have looked at his profile but there is very little information on it.
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We’ve invested in some small startups, generally it’s been somebody we know, or somebody has mentioned that they have a friend/ family member type person trying to fund an endeavour, so it does happen, although never through strangers and Facebook.
Just remember that while we do bring money and some business experience to the table (we’re not talking dragons den here mind) there is also absolutely something in it for us.
Be very cautious, as although we’ve no doubt your family member is brilliant, there are a lot of people in that industry at the moment, so why fund them? Maybe they really are onto a good thing and words gotten out, then this person absolutely wants a piece of the pie so to speak.
Weigh up what they’re bringing to the table, because if it’s a genuine business owner with a couple of sandwich shops for example, that can help your family member learn the business, help with distribution and that sort of thing then great. But we suspect this is probably someone trying it on.
Failing that, get a business plan together, and get a loan. If premises is where they want to go, rent is pretty cheap at the moment, just remember there is a huge difference between a home business and an endeavour that starts picking up big overheads.
Good luck to them!
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"Thank you everybody for your advice so far. The only means of contact would have been through Facebook and Instagram.
I have looked at his profile but there is very little information on it.
"
That should probably tell you all you need to know then |
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By (user no longer on site)
over a year ago
|
"A young member of my family has been very entrepreneurial and started his own takeaway food business from home during lockdown. (All completely legitimate and inspected by the environmental health etc).
He has very recently been approached via Facebook by a person who he doesn't know and neither he nor I, (or anyone I know) have any mutual contacts with.
This person is saying they are looking to potentially invest as a silent partner.
This would be amazing if it is legitimate, as it could potentially give him the chance to rent premises when the time is right, it just seems a little bit too good to be true.
Where can I get advice on the situation like this and is there anything particular to look for and discuss with him if and when we have a meeting?
At the moment we haven't started to engage in discussions as we I just trying to get advice on the situation.
Thank you in advance if anybody has any advice."
Sorry I'd run a mile |
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By *ustBoWoman
over a year ago
Somewhere in Co. Down |
"Thank you everybody for your advice so far. The only means of contact would have been through Facebook and Instagram.
I have looked at his profile but there is very little information on it.
That should probably tell you all you need to know then "
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By *nmgCouple
over a year ago
Liverpool |
Very suspicious! If you (or he) want to progress this I would suggest you need to involve a legal team to ensure any contracts are watertight and binding - to protect both parties. |
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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
I have managed to look at his Linkin profile and the information he's given us about where he works does match up with that, or though he is a cybersecurity guy, as he said he was.
It is a difficult one as obviously My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. I'm taking everything you are all saying on board. |
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By *emini ManMan
over a year ago
There and to the left a bit |
"I have managed to look at his Linkin profile and the information he's given us about where he works does match up with that, or though he is a cybersecurity guy, as he said he was.
It is a difficult one as obviously My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. I'm taking everything you are all saying on board."
Don't forget though that he will have set up his LinkedIn profile so although it's good it matches up it doesn't automatically mean it's any more genuine than his Facebook profile.
I guess the question to ask your relative is how much they need the investment currently, especially as they'll be limited with what they can do with it during lockdown - and whether they'd be happy giving up a percentage of anything they'd make which could stay at current levels even with investment.
As I said further up, proceed by all means, but do so with caution and keeping doing due diligence along the way and certainly don't agree to anything without having taken legal advice. |
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By *og-ManMan
over a year ago
somewhere |
"I have managed to look at his Linkin profile and the information he's given us about where he works does match up with that, or though he is a cybersecurity guy, as he said he was.
It is a difficult one as obviously My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. I'm taking everything you are all saying on board."
Is he the owner of a company that wants to invest
I can look up his company financial information from my computer as I'm connected to the UK and Irish company registration office
Pm me his details and I'll try and get more info for you if you wish |
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" My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. "
That's how conmen work and even padeophiles work. That's how Ponzi schemes draw in their victims. They're strength is understanding human nature, working people out and telling them what they want to hear. Once hooked and trusted they then exploit that trust for their own gain.
Is this person dealing with you or with your relative or both? How old is this relative? Are his/her family aware? Any honest investor ought to be asking these questions and ensuring that the he/she fully understands the risks and implications of any business deal. They ought to be suggesting he/she obtain independent legal advice as part of any deal. If they're not doing that why not? |
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What's a cyber security guy?
Why would anyone invest in a business they know nothing about?
Ask questions and don't let your relative believe the answers just because they want to or speak to citizens advice. Google investment scams or similar.
I'd be running a mile from this and setting up a go fund me page instead.
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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
"I have managed to look at his Linkin profile and the information he's given us about where he works does match up with that, or though he is a cybersecurity guy, as he said he was.
It is a difficult one as obviously My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. I'm taking everything you are all saying on board.
Is he the owner of a company that wants to invest
I can look up his company financial information from my computer as I'm connected to the UK and Irish company registration office
Pm me his details and I'll try and get more info for you if you wish "
Thank you so much but he works for another company, as far as I'm aware he's looking to invest privately |
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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
"I have managed to look at his Linkin profile and the information he's given us about where he works does match up with that, or though he is a cybersecurity guy, as he said he was.
It is a difficult one as obviously My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth. I'm taking everything you are all saying on board.
Don't forget though that he will have set up his LinkedIn profile so although it's good it matches up it doesn't automatically mean it's any more genuine than his Facebook profile.
I guess the question to ask your relative is how much they need the investment currently, especially as they'll be limited with what they can do with it during lockdown - and whether they'd be happy giving up a percentage of anything they'd make which could stay at current levels even with investment.
As I said further up, proceed by all means, but do so with caution and keeping doing due diligence along the way and certainly don't agree to anything without having taken legal advice."
Thank you that is already great advice. If we do proceed at all we will make sure we have legal advice each step of the way.
It's been a hot topic of discussion today, and and we are thinking maybe it's not the right time to look at investment due to it being very hard to grow company within the current situation.
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By (user no longer on site)
over a year ago
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One off to things
It’s ither a straight up scam
Or they head hunting investor
Some investors invest In start up business let the person build it then set unrealistic targets
Like make a million in the 3 year off profit and when they don’t hit the target
Shove the person out and then steal the business and brand for them selfs
Would be very very carful when it comes to investors
Best bet in seeking a start up loan from the banks that way you can at least have some sucrrty |
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By *litterbabe OP Woman
over a year ago
hiding from cock pics. |
" My relative is extremely excited at somebody reaching out to invest and doesn't want to think anything negative about it and is keen for growth.
That's how conmen work and even padeophiles work. That's how Ponzi schemes draw in their victims. They're strength is understanding human nature, working people out and telling them what they want to hear. Once hooked and trusted they then exploit that trust for their own gain.
Is this person dealing with you or with your relative or both? How old is this relative? Are his/her family aware? Any honest investor ought to be asking these questions and ensuring that the he/she fully understands the risks and implications of any business deal. They ought to be suggesting he/she obtain independent legal advice as part of any deal. If they're not doing that why not?"
We are only at the preliminary chance of a zoom meeting stage at the moment. I just wanted to get some advice as to how to take it further if it is appropriate.
They are dealing with my relative but it's likely I would be present for all negotiations.
The relative is 20 and their family are aware.
It may just be that we haven't reached the stage to work out legalities yet, as at the moment just a discussion and possibly a zoom meeting.
After listening to your advice though if it is taken further into being a real possibility we will make sure we have legal advice.
I appreciate everybody's input. |
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