Business Venture

[dawnsawaking]

Ok, I know I have mentioned that my Comic Book Dealer is planning on selling his business (in a year and a half).  He has had his store for 10 yrs now and we have been with him from pretty much the start.  So as of this last week Tj (Cali) and I have been tossing around if we should buy it.  We have been put on his prospective list of buyers, but what my biggest thing is I am going for my BA in Business Management (not done until May 2011) and could use any tips on books to read up on or tips on buying a buisness.  This place is huge and has huge potential!!  I know he is on a couple top 10 lists in the comic industry for a comic book store. 

Yes, Tj and I would own the buisness but I would be the one running it and just want some leads on way to pursue this and make our dream of owning a business happen.  My first thing would be bringing Billy to the store for a signing!

Any help or tips, leads would be great!!

Thanks!

[sllamky01]

wow I know you and I have talked about this . I an so glad you are exploreing it more.
I do not have any good advice.   but I do send along any good luck I have and all the well wishes to you.
I really hope you can make it happen.

[dawnsawaking]

Thank you Scott!  We talked to him for a bit last night and heard some figures and it looks like it could work. 

There is no pics of the store but here is the website if anyone is interested in checking it out....www.lostwonders.com

[toranoshi]

Make sure that the contract  for the business includes all inventory and customer lists. Check with Diamond ahead of time to see if you can assume control of his current account without having to set up a new account. Make sure that you contact the landlord of the building to make sure he will honor the remaining time on the lease at the same rate  and see if  it possible negotiate extra time on the lease without an increase. Make sure you get an accounting of all liens against the business and all debts that it currently owes. I just tossed out an article on buying a shop in our retailer magazine, so this is most of what I can remember. Oh, one more I just remembered, check to see if the employees currently working there will be staying on once the sale goes through.
Good Luck with it, maybe all of us one day will be able to set up a Shi dealer network.

[california69gs]

It's just really freaking scary the size and amount he's asking in order to purchase..........Dawn and I have been crunching numbers and after talking to him we're gonna do it. For now there is only one other person in the bidding but we've been with this guy from nearly day 1 that he started and he's someone that we trust.  Good idea's to get anything and everything in writing, but like I said he's a good guy and he'd have to do a complete 180 to ever even make me thing he was going to screw us.  He's spent 10 years making himself as big as he is and I'm sure he doesn't want to see it go down the toilet.

Just the same I'm sure dawn and I will be going to barns and nobles to see if there are some business for dummies books. LOL

We both are at that turning point in our lives where it's time to Sh#t or get off the pot!

[sllamky01]

hey are you sure that is the corect web site. when I tryed to check it out it took me to some South America travel agent

[dawnsawaking]

hey are you sure that is the corect web site. when I tryed to check it out it took me to some South America travel agent

opps sorry!!!  My fingers typed to fast!   The stores name is Lost World of Wonders and here is the right sight and I modifided it in above post.

www.lostwonders.com

[Delvie]

Good idea's to get anything and everything in writing, but like I said he's a good guy and he'd have to do a complete 180 to ever even make me thing he was going to screw us.

My brother/my hero - (a  Major General in the USMC who has proven himself full of the highest honor code many times) slept w/ my ex-fiance/best friend while we were still together. Not that I care to air my dirty laundry, but it just goes to show, no matter how trustworthy people are... we are all fallible.

[sllamky01]

I was just thinking how much space you will regain at your house
just by moving a lot of your collection to the store.
You will be able to display so many things that have forever been rolled or folded.
You guys are so lucky to get into something  you are so passionate about.
One important secret to success

[dawnsawaking]

Good idea's to get anything and everything in writing, but like I said he's a good guy and he'd have to do a complete 180 to ever even make me thing he was going to screw us.

My brother/my hero - (a  Major General in the USMC who has proven himself full of the highest honor code many times) slept w/ my ex-fiance/best friend while we were still together. Not that I care to air my dirty laundry, but it just goes to show, no matter how trustworthy people are... we are all fallible.

Tj says, "ouch"

and Scott, yeah I was thinking the same thing!!

[sllamky01]

And Delvie is right. Trust has nothing to do with good business since  

[pctchuck]

My advice?  Be prepared to fail, and don't fail to prepare.  Plan on those 20 hour work days.  Passion will take you only so far, but burn-out does occur.  Whatever happens, make sure it is a decision that both of you want to go forward with and that you will separate business from personal lives.  My wife's aunt & uncle own a restaraunt, and I don't know how they put in the time that they do every week.  I have an aunt & uncle that run a motel, and it takes all of their time.  They are afraid to leave town for more than a day at a time, and one of them usually stays in town even if they are off of work.  If you do move forward, be cautions. Best wishes.

[dawnsawaking]

Ok, our venture for buying our dealers store has just been bumped  to being sold in 2008 and not in 2009 like Cali and I were anticipating so since things are rolling along faster, my mind is spinning on how to make this work.

so.....my question falls out to any one and everyone that has started a buisness, owns a buisness or any knowledge whatsoever would be really helpful!!

My main question at this point (granted I know I have more brewing in my head) is financing, how did you finance it are there resources out there that I should be aware of??

The kick in the ass for me is that I am not really starting a lot of my core buisness classes until next year or in 2009 that could help me put some notches on my belt. 

Don't get me wrong I will be writing to Alverno to see if they can lead to any resources available, like grants for women buying a buisness for a first time and any other trump card I can being a woman. 

Cali and I already have thoughts on what we can do to change things, because this guy did a lot and the way he was talking was that the store is close to going chain if the right people got it.

I am really hopeful on getting this store cause he has a nice cliental, but Cali and I are willing to take the fall through if it happens and we will just start our own store even if we are fearful on not having any cliental, but we wont know if we dont try. 

2009 will be a big adjustment for us, we will be cutting the net at home, but I will still post from time to time, and I will be a stay at home Mom.  I plan on bumping up my classes to full time to graduate sooner, but if I dont get the store I can really prep us up for starting our own after I am done with school.

[jsniderfamily]

The government is a source of loans for small business.
Remember that drinks are the highest profit margin for almost any business. Add drinks even if it is just a vending machine.  It might sustain other parts of the business.