Question for shop owners

June 25, 2003

I'm thinking of buying a shop that has been in the same location for the past twenty or so years. The store stays pretty busy year round without any advertising. The owner works alone there and has been running it for about the last ten years. He's selling it because he's semi retiring (has another business he's starting)and moving. The store is located on a very busy street and is the front facing unit. He wants about 70 grand for it, and will take a down and carry the balance. Here's what concerns me: There is no lease on the building, it's been month to month since he's been there. Since he's done all the work himself, he has the reputation more than the store. Basically I'm wondering if you think it's worth the risk to take it over mainly for such a great location and history? The rent is also pretty cheap for the area and it's about a 1500sq ft unit. If you need any other details please ask. Thanks for the help.

Protint · June 25, 2003

That price seems a little steep. All your buying is his customers and what he has in stock. The month to month thing could change after you move in but if he was selling the building to then maybe.

pierce8468 · June 25, 2003

to satrt off do you feel confident that you can do as good a job as he did. 2 understand that some of his cutomers will only want him to do the work 3 have a talk with the owner of the building. and see about a lease.thats alot of money to put out. only to be put out 6 months later. even if he is a nice guy. what if soemthing happens to him. and his family goes to sell the building .with out a lease your out. 4 how many ohter tint shops are near you

June 25, 2003

yes get a lease.

your buying his reputation, but also everyone in that town should know that there is a tint shop there so that's a plus.

do you tint now, you did'nt say.

it could work, there will be newer customers every week and the old ones comming by, you could say your his son nephew and you just took over the business.

any dealer accounts.

better advertise to cover your rear.

June 25, 2003

I'm with you Pie. And the shop you are describing MITYMIKE could be mine. I am my shop. Without me there is not much worth buying. A thousand bucks in film and tools ? You can't buy his reputation. If he was a huge name with several tinters...maybe. Be careful...

June 25, 2003

it may be pretty good at $70,000. I have 2400 sq ft on a major hiway and wouldn't sell for less than $90,000, but there's no iventory with that. don't let him carry the note unless you have a lease. you could borrow the money, and right now is a good time with the intrest rates so low.

pierce8468 · June 25, 2003

a bank wont give him a loan because it is a one man operation. to them that guy is the business. and with out him there is none

oldtinter · June 25, 2003

My Opinion? :cool

June 25, 2003

I got a loan and I'm a one man operation. :cool

June 25, 2003

Thanks for the input. To answer some of the questions, I do tint, not as good as him but I also will use a tinter that he would use when he got busy or lazy. I plan to advertise, especially in the beginning till I pay it off. He will carry the note with no interest because he wants cash. (tax evasion) I was also going to do paintless dent removal and headlight renewal. There are a couple of other shops somewhat close but they don't have anywhere near the exposure of this shop.