Thanks for the info. I have a friend who is an accountant I may be
able to ask for help, but do I really need a lawyer?
On Jul 2, 2006, at 4:49 PM, Kathleen Hanrahan wrote:
Sylvia Rognstad wrote:
<snip>
All I know so far is that the
owner wants 30 grand for 2000 costumes and equipment, I assume.
Make sure of these things! Will you get the rights to the company
name? Can you take over her lease/take over her space/store front?
Can you get her customer list? Will you be able to take over any of
her current contracts (building lease/future contracts - weddings,
etc.)? Will she tell you about any competition that she has (the
costume rental place in the next town/the tuxedo rental place two
streets over/the woman in town who makes all of the costumes for the
school plays/...)? Would she introduce you to her customers (so that
they think kindly of you)? Also what kind of hours does she put in?
Can you put in those same hours (or maybe more while you are starting
out!)?
You would want a copy of her budget (list of expenses/income). How
much are her expenses? You have to be able to make more than that to
make a go of it.
Thanks for the info. I really need to know how this woman's business
works and aside from just discussing it with her, don't know where
else
to go.
If you want information about the costume rental business (generally,
as opposed to this woman's business that you wish to purchase), ask
business owners in this category (costume rentals) that are not in her
area (competition!). Tuxedo rental stores (and bridal shops?) may
partially fit this bill.
<snip>
Apparently she has done very well in the
business over the years. Is there any way to find out what her profits
have been? Can I see her tax records?
Yes, this is the first thing that I would suggest.
For ideas on what you should look for (from the business point of
view), I'd look at some internet sites:
Nolo
http://www.nolo.com/
Select <Business & Human Resources>
Then select <Buying or Selling a Business> from the "Main Topics"
There are several articles that seem to give useful information.
Also, what about asking her for "referrals" - business/customers that
she deals with. Does she pay her rent on time (implies that her
business is doing well)? Were you (a customer) satisfied with your
rental? Were your problem(s) with the business/business woman solved?
Of course, the official answer is always, "Have your lawyer and
accountant take a look at whatever you are going to do." ;-)
Kathleen
a new-to-the-list lurker and a VERY small business
(computer-consultant) owner
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