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Advice?
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BDS740
Posted: Tue Sep 25, 2007 1:01 pm Reply with quote
Joined: 04 Feb 2004 Posts: 1006 Location: Daphne, AL
I'm contemplating purchasing mu buddies skate shop from him. He has medical bills from a bout with cancer (no insurance) and has to sell. The shop has been running very well for the last 5 years. He is asking 66k for the turn key shop which is in the mall. He already goes direct with just about everyone and has a great relationship with all the distributors as well, so no worries about overlapping shops. He also stocks shoes from several manufacturers along with clothing. I have watched this shop blow up the past couple of years, but i can't help but be a little worried about the constant change in skateboarding. Any advice?

Brandon
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Herosk8
Posted: Tue Sep 25, 2007 1:56 pm Reply with quote
Joined: 14 Jul 2005 Posts: 147 Location: Springfield, MO
i would buy it , sounds like a good deal. heck you could even keep him on board to help him out some more.
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DomitianX
Posted: Thu Sep 27, 2007 8:00 am Reply with quote
ORDER OF THE SKULL ORDER OF THE SKULL
 Joined: 28 Sep 2003 Posts: 2473 Location: Faribault, MN
66k is pretty cheap for turnkey. If he's been around for 5 years, I would jump on it. Sounds like he is established pretty well. I would keep him around or something as an adviser though. The worse thing you could do is take over and start making a bunch of changes and ruin it.

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slob-air
Posted: Thu Sep 27, 2007 9:14 am Reply with quote
Site Admin Joined: 27 Oct 2001 Posts: 63453 Location: S&B HQ
Ask to look at the books.

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DomitianX
Posted: Thu Sep 27, 2007 9:32 am Reply with quote
ORDER OF THE SKULL ORDER OF THE SKULL
 Joined: 28 Sep 2003 Posts: 2473 Location: Faribault, MN
slob-air wrote:
Ask to look at the books.


Absolutely check the P&Ls. I assume you will be getting a loan to buy the business. The bank will want to see the P&Ls anyways before they approve the loan.

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BDS740
Posted: Thu Sep 27, 2007 9:38 am Reply with quote
Joined: 04 Feb 2004 Posts: 1006 Location: Daphne, AL
DomitianX wrote:
slob-air wrote:
Ask to look at the books.


Absolutely check the P&Ls. I assume you will be getting a loan to buy the business. The bank will want to see the P&Ls anyways before they approve the loan.


I have the P&L's already. Looks good so far. I'll just have to see what the bank says.
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shreddingmaterial
Posted: Thu Sep 27, 2007 9:41 am Reply with quote
Joined: 08 May 2004 Posts: 123 Location: maryland
This is a little off subject, but how much do skate shop owners make? I know it can very a great deal but I know that the salary surveys that I know of don't cover this area.

Jon
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nevarestin
Posted: Thu Sep 27, 2007 2:51 pm Reply with quote
ORDER OF THE SKULL ORDER OF THE SKULL
 Joined: 16 Sep 2004 Posts: 664 Location: Eastwood NY
Look at the lease agreement with the mall its in.

Being in a mall means their rules.

Ex. You must be open if the mall is open. If you are late opening , or close early you can/will be fined.

Thats alot of hours you or someone must be there.
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BDS740
Posted: Thu Sep 27, 2007 2:56 pm Reply with quote
Joined: 04 Feb 2004 Posts: 1006 Location: Daphne, AL
nevarestin wrote:
Look at the lease agreement with the mall its in.

Being in a mall means their rules.

Ex. You must be open if the mall is open. If you are late opening , or close early you can/will be fined.

Thats alot of hours you or someone must be there.


i've done that, and it is alot of hours, but you can't beat the foot traffic. This store did just under half a million last year, and no signs of slowing down yet. The employees come with it, and are all on board for the transfer of ownership. So far so good.
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macsdaddy
Posted: Thu Sep 27, 2007 4:17 pm Reply with quote
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 Joined: 01 Jul 2003 Posts: 9754 Location: kansas city
If the books are solid go for it Brandon. 66K sounds like a steal.

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