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Buying a business

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By *lacksausage OP   Man
over a year ago

Birmingham Airport

[Removed by poster at 08/02/16 17:45:58]

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By *rightonsteveMan
over a year ago

Brighton - even Hove!

[Removed by poster at 08/02/16 17:46:14]

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By *iamondsmiles.Woman
over a year ago

little house on the praire

What does it sell

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By *rightonsteveMan
over a year ago

Brighton - even Hove!


"What does it sell"
dildos

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By *lacksausage OP   Man
over a year ago

Birmingham Airport

Does anybody have any experience in this endeavour at all?

I have been offered the opportunity to buy out a private retail small shop. I have been to the shop and spent a few hrs just to see for myself and from a lay man's perspective, it looks juicy.

Discounting a bit of elbow grease and the impact such a venture will have on my social life, I will be happy to hear of any things I need to be aware of.

Don't worry, I will still be here and you may all be offered fab discounts.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"What does it sell dildos "

Nothing like that. More like the usual corner shop stuff with an Afro Caribbean flavour.

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By *olgateMan
over a year ago

on the road to nowhere in particular

What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?

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By *rightonsteveMan
over a year ago

Brighton - even Hove!


"What does it sell dildos

Nothing like that. More like the usual corner shop stuff with an Afro Caribbean flavour. "

Call it 'jamaker' look out for footfall - how many people walk past..

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By (user no longer on site)
over a year ago

I was about to say nobody flogs a winning horse.

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By *iamondsmiles.Woman
over a year ago

little house on the praire


"What does it sell dildos

Nothing like that. More like the usual corner shop stuff with an Afro Caribbean flavour. "
right so is it like a 7 till 11 shop?

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By (user no longer on site)
over a year ago


"I was about to say nobody flogs a winning horse. "

Why is the owner selling?

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By (user no longer on site)
over a year ago


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?"

This + if you take the asking price and divide it by last year's net profit, what number does it give you (one decimal place please)

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By *iscean MaleMan
over a year ago

Darlaston

Ask why are they selling up... look at local developments happening.. ie an asda opening near by.. the community etc

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By *lik and PaulCouple
over a year ago

Flagrante


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?"

Is the property part of the deal or is it on a lease...if so how long is the lease and what is the provision for rent increases. Why is the current owner selling? Ideally get the average monthly income for as long a period as possible to assess trading trends. Lots to go into but that's where a good accountant could help you out. Good luck.

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By (user no longer on site)
over a year ago

Ask to see the books

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By *iamondsmiles.Woman
over a year ago

little house on the praire

Before I even looked into anything else I'd be asking myself is it just a dream, do I actually know now many hours I will be putting in? Will i ever be able to go away

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By *lacksausage OP   Man
over a year ago

Birmingham Airport

Some very brilliant ideas! Thanks and keep them coming.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?

Is the property part of the deal or is it on a lease...if so how long is the lease and what is the provision for rent increases. Why is the current owner selling? Ideally get the average monthly income for as long a period as possible to assess trading trends. Lots to go into but that's where a good accountant could help you out. Good luck."

Current owner selling because she has moved on to bigger and better things which means she can't be in 2 places at the same time.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"Ask why are they selling up... look at local developments happening.. ie an asda opening near by.. the community etc"

Local developments; can I get that from the council or do I simply have to rely on hearsay and concrete signs?

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

Does the shop feature a secret passage leading into a cellar, where a group of short people make chocolate?

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"Does the shop feature a secret passage leading into a cellar, where a group of short people make chocolate? "

That would be telling.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?

This + if you take the asking price and divide it by last year's net profit, what number does it give you (one decimal place please)"

As closely as possible the answer is 1.0

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By (user no longer on site)
over a year ago

Think about how long you can survive if the business isn't doing to well for the first 6-12 months, Do you have money tucked away to help you out ?

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By (user no longer on site)
over a year ago

Is it leasehold? If so check up on any scheduled works as you'll be paying for them, take your time, run the numbers and then run them again.

How long a lease are you buying?

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"Think about how long you can survive if the business isn't doing to well for the first 6-12 months, Do you have money tucked away to help you out ?

"

Do you know Tina Titz? ( the chocolate link).

Anyway, in answer to your question, let's say I could just tick over and probably not be able to drive far for fab meets

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By (user no longer on site)
over a year ago

I'd forget the idea of buying a corner shop and consider mounting a take over bid for an established company like Google or Amazon or Apple or Microsoft,,, or even one of the coffee shop type places that don't pay tax on their profits...

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"Is it leasehold? If so check up on any scheduled works as you'll be paying for them, take your time, run the numbers and then run them again.

How long a lease are you buying?"

A monthly rolling contract. Not a lease. And tbh, one of the cheapest I have seen. The only worry there is the landlord could raise the rent anytime.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"I'd forget the idea of buying a corner shop and consider mounting a take over bid for an established company like Google or Amazon or Apple or Microsoft,,, or even one of the coffee shop type places that don't pay tax on their profits... "

If only I had 500 million in a Swiss bank.

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By (user no longer on site)
over a year ago


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?

This + if you take the asking price and divide it by last year's net profit, what number does it give you (one decimal place please)

As closely as possible the answer is 1.0"

OK well anything below 2.0 is good for a small business. The only thing I'd be concerned about is supermarkets are increasingly stocking niche foods, there's a huge polish section in our local tesco for example. So my only advice is to have a clear strategy about what someone can get at your store that they can't get cheaper somewhere else.

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By (user no longer on site)
over a year ago


"Is it leasehold? If so check up on any scheduled works as you'll be paying for them, take your time, run the numbers and then run them again.

How long a lease are you buying?

A monthly rolling contract. Not a lease. And tbh, one of the cheapest I have seen. The only worry there is the landlord could raise the rent anytime. "

In business, as with most things, if it looks too good to be true it probably is.

A monthly rolling contract would raise alarm bells for me.

Are you able to meet with the landord and get a feel for them?

Do they own any other business lets? If so have a chat with them to see what relations are like

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By *iscean MaleMan
over a year ago

Darlaston


"Ask why are they selling up... look at local developments happening.. ie an asda opening near by.. the community etc

Local developments; can I get that from the council or do I simply have to rely on hearsay and concrete signs?"

Look at council planning permissions etc. They are not confidential

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By (user no longer on site)
over a year ago

Prepare for unrelenting phone calls every half an hour about your energy bills.

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By *lacksausage OP   Man
over a year ago

Birmingham Airport


"Is it leasehold? If so check up on any scheduled works as you'll be paying for them, take your time, run the numbers and then run them again.

How long a lease are you buying?

A monthly rolling contract. Not a lease. And tbh, one of the cheapest I have seen. The only worry there is the landlord could raise the rent anytime.

In business, as with most things, if it looks too good to be true it probably is.

A monthly rolling contract would raise alarm bells for me.

Are you able to meet with the landord and get a feel for them?

Do they own any other business lets? If so have a chat with them to see what relations are like"

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By *odareyouMan
over a year ago

not far from iceland,,,,,, tescos is nearer though :-) (near leeds)

Has the owner only offered the business to you or is it advertised elsewhere.?

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By *ust RachelTV/TS
over a year ago

Horsham

Have a look at the area, what is the competition like, also what are the locals like.

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"What is the turnover less overheads? That is your profit. Are you buying any of the stock? Does the current owner owe money to suppliers? How much do you value the goodwill at?

Is the property part of the deal or is it on a lease...if so how long is the lease and what is the provision for rent increases. Why is the current owner selling? Ideally get the average monthly income for as long a period as possible to assess trading trends. Lots to go into but that's where a good accountant could help you out. Good luck.

Current owner selling because she has moved on to bigger and better things which means she can't be in 2 places at the same time. "

but she could put in someone to run it for her, which if it was doing well one would think she may do..?

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By (user no longer on site)
over a year ago

What are the business rates and such other things.All need to be added up first.

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