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Noodles | Buying a small business. What sort of questions shall I ask the owner? |
I'm meeting the owner of a small rundown hairdressing salon next week. I think the place has great potential, but what sort of questions shall I ask the owner? All I know is the current takings, lease, rent& rates. Also how can I make sure its worth the asking price & how do i know its not in depts? any websites regarding this would be helpful too. thanx. |
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Gravy
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There's a really comprehensive list of questions and considerations at http://www.canadabusiness.ca/servlet/ContentServer?cid=1081945275583&lang=en&pagename=CBSC_ON%2Fdisplay&c=GuideFactSheet It's a Canadian government site, but apart from some bits about federal taxes and such, it's pretty universal.
Hope everything works out for you -- good luck! |
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Banksy
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Are you sure you want to do this!? It sounds pretty risky. Well anyway get the owner to give you the total fixed costs (things like rent) and also the total variable costs (things like electricity bills over several months and see how they change). Then you should have some idea of how much your going to charge each customer, and how many customers will actually come to your salon. You can work out your revenue by doing this. If your revenue is less that your total costs (fixed costs plus variable costs) don't invest. Im not sure about the debt question but you should really find that out! Good luck!!! |
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Adolf Hitler
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Why are they selling up?
Id rather start from scratch & build my own in a better location. |
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Doctor Deth
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get all leases,and other commitments - make sure equipment is all free of liens and obligations - insist on seeing the last 3 years worth of tax returns, financial statements and bank statements, so you can confirm profitability and revenue - you will need an accountant to help you value the business. Also make sure current owner has all local business and state sales taxes paid up to date |
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Zeynep K
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You can ask. Why don't you open a big business, what makes you open small business, do you think you can earn money, how much you think you can earn.? |
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anon
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step1 Analyze why you want to buy a business. Are you looking for greater independence or the possibility of increased income?
Step2 Consider your background. It's more likely you'll do well if you choose a business you're familiar with. Are you interested in a specific product, or an operation that's service-oriented?
Step3 Check Web sites such as BusinessesForSale.com to find interesting companies, and contact local business brokers to identify companies that may be on the block.
Step4 Perform a complete financial review of the business. This will typically include the company's past income statements, balance sheets, and statements of cash flow, as well as its projected financials going forward. Look closely at all liabilities; as the new owner you are inheriting the company's debt as well as its business. Work closely with an accountant familiar with businesses in the same field.
Step5 Get a Dun & Bradstreet (dunandbradstreet.com) credit report on the company to evaluate its track record and to double-check its reported numbers.
Step6 Ask for a due diligence package, which should include past tax returns, any significant contracts the company has signed (including office or store leases) and any employee or contractor agreements. It will also include legal documents, such as filings, articles of incorporation and any past or pending lawsuits the company is involved in. Work closely with a lawyer to evaluate these and other documents.
For more details you can see the source box, I hope this will help you. |
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Philip C
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I would not be dependant on the owner and his answers. You need independent advice from someone who can assess the deal. Its called due diligence and should be the basis of any decision. Its your cash you are spending so treat it with respect. If you make a poor decision make sure you know how to exit from the situation at minimal cost. |
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Cornish Granny
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You need to see the Utility bills, these will be 5% higher than domestic. Also has it a water meter and how much are the bills. You most definitely need to see the lease. If its a Full Repairing & Insuring lease you could be liable for any repairs inside or out (we got caught by that one) When is the next rent review. How much is the public liability Insurance.You might have the current takings, but how much are the monthly outgoings. Is there anything left after all the bills are paid. Its not your problem if there are debts as they will be in the owners name. For comparisons, buy Daltons Weekly and have a look in your area for similar business's. Do nothing without giving these facts to an Accountant first. Good Luck and be careful. |
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Ev-ian
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One big question is why are they selling? All the other answers add up to the same thing: do a detailed business plan. If you follow a book chapter by chapter then you will systematically cover everything. One big q: are you buying the property as well?
PS if its a Ltd co I have access to a database and can tell you about recent financial history, who are the directors and shareholders, what other business interests they have etc. Just email me. |
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Dave D
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What you need to do is a process called "due diligence". Find an accountant who knows how to do this, and ask the owner if he will cooperate with the process. If not, don't walk - RUN. |
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Mawia
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Where is this located? There are city and state/provincial laws that need to be checked, you need to do a title search to check for liens and debts etc., etc. Find out what other salons have sold for recently in similar locations. The business is worth what you are willing to pay for it. I would suggest that you look at the utility bills - water, electricity and phone and also figure out how much it would cost to bring it up to 'snuff'.
Enjoy your adventure!! |
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Paul
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Will the fittings (chairs, wash basins etc) be included in the price.
Will the current owner give you their clients or are you going to be starting from scratch.
You say you know the current takings.How did you get this info - from accounts they provided.They can be fake.Is it possible to sit discreetly near the shop to see if it is as busy as the accounts show. |
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