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Anyone own a store?
- Thread starter MadReefer
- Start date
Me and my uncle have a dream of owning our own saltwater store 
But idk anything about SW stores except you should have some fish tanks.
If your close I'll check it out every week for new livestock
But idk anything about SW stores except you should have some fish tanks.
If your close I'll check it out every week for new livestock
Mike,
It is up and running. Not sure why the person is selling. Can only guess he's a poor business man from what I hear. My wife and daughter work there part time. They estimate $1000 a day in sales and $500 during the summer. Of course its higher during holidays. The perosn is always getting calls at the store from bill collectors.
Mark
It is up and running. Not sure why the person is selling. Can only guess he's a poor business man from what I hear. My wife and daughter work there part time. They estimate $1000 a day in sales and $500 during the summer. Of course its higher during holidays. The perosn is always getting calls at the store from bill collectors.
Mark
Salt,
That sounds like a great idea but seems like much work. I am not a handy person at all and with all the plumbing involved; not for me ask Mike. I did think about a maintenance business few years back when my job was in jeopardy but when it wasn't dropped the idea. You'll get that store one day, never give up the dream.
Mark
That sounds like a great idea but seems like much work. I am not a handy person at all and with all the plumbing involved; not for me ask Mike. I did think about a maintenance business few years back when my job was in jeopardy but when it wasn't dropped the idea. You'll get that store one day, never give up the dream.
Mark
Mike,
I think that is a big problem. Seems like he doesn't keep records of any kind from my family can observe. He had other epople interested but they decided not to. I am assume its because he has no records and am sure the bank will frown on that.
Mark
I think that is a big problem. Seems like he doesn't keep records of any kind from my family can observe. He had other epople interested but they decided not to. I am assume its because he has no records and am sure the bank will frown on that.
Mark
I hear what your saying. Seems like he gets items on credit and then doesn't pay. So he goes from one supplier to another on down the line. Will probably have to get an accountant to sort through everything so we know exactly what going on before buying.
MAVL666 said:
I would also try to speak with the suppliers he was working with if that is the case. If the previous owner of the shop has completely burned bridges with several distributers or manufacturers, then you might have some issues establishing your own business relationship with those companies. I'm not entirely certain about the industry you're entering**, but some retail areas can be very cloistered, with news travelling pretty fast about really piss poor clients.
**No more than 12 hours in Atlanta and in the dorms taught sweet and innocent little ol' me that the word "novelty" doesn't always refer to gag toys and SS Adams products you can find at toy shops....
I would first ask for the accounting of the business, you need to see what he pays out including rent, electric, payroll, what's owed in stock & also stock on hand, then you need to see what is taken in (sales), if there is more money owed or no accounting then I would walk away. You also should talk to a business accountant and have him look over the books. I've been in retail since 93 owning both retail brick and mortar and internet stores, if you have any questions feel free to ask.
MAVL666 said:
Well, you said it was a "novelty shop" and, see, this funny thing happened the first night I arrived at college. We (the girls downstairs) met our upstairs male neighbors while they were quite intoxicated, and they convinced us to go to the local "novelty emporium." I, the only Northerner, did not realize there was a word missing there (the key word being "adult"), not did I realize that risque products had to be sold "for novelty purposes only" in the state of Georgia (hence the "adult novelty emporium" or "adult novelty shop").
Imagine my surprise when I walked in the front doors to see... well.... *blush* Well, I think it's safe to say I'd never felt so utterly embarrassed in my entire life!
I learned then that the word "novelty" can have three meanings. Gift things/souveneirs, gag pranks, or.... er.... yeah.
Some good advice already given. Going thru the paperwork is very important when considering the purchase of an established business. His expenses may very well counterbalance that 1k a day in sales you speak of. Don't settle for a verbal answer...ask to go over the books for written proof
If you do make the decision to buy, the one thing that I recommend you do asap is to incorporate the business...have your accountant file it as an LLC.
If you do make the decision to buy, the one thing that I recommend you do asap is to incorporate the business...have your accountant file it as an LLC.