2wheelwander
New member
Current or recent store owners, looking for some feedback.
Pursuing possible purchase of a LGS. Turn key. Not yet at the stage of hiring my own accountant to go over their books and numbers, so right now just going by what they've shared, it sounds good. They have good people working for them. I believe around 4 total employees with 2 there frequently, mayb full time. It seems having good help is already covered.
They've developed a good name, quality brand in the community. Store is always clean, not gimmicky, decent stock, never price gouged. It even seems to me they're a bit low on their consignment fees. But it does put diverse product on the wall.
At this point, I've no reason to distrust them or what they've shared so far regarding yearly gross income, and net profits. The deal is all inventory would be bought at wholesale, probable lease to buy on the building, though purchasing that outright is an option. Their quotes on building and the business itself purchase seem very fair. Again, all inventory at wholesale, so on my first sale I'd bring in money. They do have common calibers of ammo in stock. Excellent customer base, good foot traffic, good location.
They are retiring for health reasons and want their time to be their own now. I've dealt with them for some years as a customer now and would call them salt of the earth people.
But, I don't know what I don't know. We've discussed how I would have to operate under their FFL until mine came through. I can run a business and loved retail and sales when I did that, but running an FFL would be new ground for me.
Owner would stay on (paid) until my FFL came through, or perhaps 6 months, whichever came first teaching me the ropes and showing me how they've run the business. Frankly there is very, very little I'd change. They are pretty successful as is.
So, those who've been down this road, can you give me some insight, constructive criticism, words of warning, etc., in this possible purchase?
My wife is on board, has a good job. I am looking at a small business 7A loan. The shop is mess than 2 miles from my house. I've had 100 friends and family ask to come work for me (not gonna happen, don't hire family). I have a great job now, am 52 years old in fairly good health.
Pursuing possible purchase of a LGS. Turn key. Not yet at the stage of hiring my own accountant to go over their books and numbers, so right now just going by what they've shared, it sounds good. They have good people working for them. I believe around 4 total employees with 2 there frequently, mayb full time. It seems having good help is already covered.
They've developed a good name, quality brand in the community. Store is always clean, not gimmicky, decent stock, never price gouged. It even seems to me they're a bit low on their consignment fees. But it does put diverse product on the wall.
At this point, I've no reason to distrust them or what they've shared so far regarding yearly gross income, and net profits. The deal is all inventory would be bought at wholesale, probable lease to buy on the building, though purchasing that outright is an option. Their quotes on building and the business itself purchase seem very fair. Again, all inventory at wholesale, so on my first sale I'd bring in money. They do have common calibers of ammo in stock. Excellent customer base, good foot traffic, good location.
They are retiring for health reasons and want their time to be their own now. I've dealt with them for some years as a customer now and would call them salt of the earth people.
But, I don't know what I don't know. We've discussed how I would have to operate under their FFL until mine came through. I can run a business and loved retail and sales when I did that, but running an FFL would be new ground for me.
Owner would stay on (paid) until my FFL came through, or perhaps 6 months, whichever came first teaching me the ropes and showing me how they've run the business. Frankly there is very, very little I'd change. They are pretty successful as is.
So, those who've been down this road, can you give me some insight, constructive criticism, words of warning, etc., in this possible purchase?
My wife is on board, has a good job. I am looking at a small business 7A loan. The shop is mess than 2 miles from my house. I've had 100 friends and family ask to come work for me (not gonna happen, don't hire family). I have a great job now, am 52 years old in fairly good health.