Store for sale...

OC CJ · #1 09/25/2007, 05:22 PM

anyone see this?

Removed...sorry so late on this but we've never allowed links to Ebay, Recycler, Craigslist...etc.

anonymousadrian · #2 09/25/2007, 05:50 PM

Investors any one?

5 people? about 11,000+ each

im serious...

armondseretti · #3 09/25/2007, 06:09 PM

this is listed on Los Angeles Craigslist for $50k. It's been up there for almost a month. I would bet a reasonable offer is all it would take.

Bergovoy · #4 09/25/2007, 06:13 PM

I would require an accurate inventory listing along with actual cost and current value for all items in inventory.

I would also want a listing of all wholesale and mfg accounts, including a disclosure of current financial standing with all,

And all current and recent contract agreements, including rent or lease agreements and maintenance agreements..

Upon verification that inventory is equal to or in excess of the asking price along with offset current bills, debts and other obligations, then we can have a deal...

But what do you think the liklyhood of someone turning over all that info???

And what is the liklyhood of someone buying that without all that info, talk about a crapshoot...

gtrestoration · #5 09/25/2007, 06:14 PM

http://archive.reefcentral.com/forum...0#post10808750

Quote:

Originally posted by anonymousadrian
Investors any one?

5 people? about 11,000+ each

im serious...

Good luck.

It's tuff enough making the decisions on your own. Add a partner and it's harder. Make that 5 people and you'd have a disaster.

SteveU

sbcaes · #6 09/25/2007, 06:15 PM

id jump in. but only as an investor.

gps · #7 09/25/2007, 06:18 PM

Quote:

Originally posted by Bergovoy
I would require an accurate inventory listing along with actual cost and current value for all items in inventory.

I would also want a listing of all wholesale and mfg accounts, including a disclosure of current financial standing with all,

And all current and recent contract agreements, including rent or lease agreements and maintenance agreements..

Upon verification that inventory is equal to or in excess of the asking price along with offset current bills, debts and other obligations, then we can have a deal...

But what do you think the liklyhood of someone turning over all that info???

And what is the liklyhood of someone buying that without all that info, talk about a crapshoot...

If you're serious enough about this, talk to the owner. A reasonable seller would provide these type of information. The escrow requires it anyway.

The main concerns will be -
Is the store profitable? If not, does it have potentials.
Would the profit = to your require salary/compensation

gtrestoration · #8 09/25/2007, 06:23 PM

Quote:

Originally posted by Bergovoy

Upon verification that inventory is equal to or in excess of the asking price along with offset current bills, debts and other obligations, then we can have a deal...

I wouldn't assume the store's turning a profit. The problem I think would be providing documentation that it was based on the fact it's a fairly cash-driven type of business.

Steveu

gps · #9 09/25/2007, 06:29 PM

Quote:

Originally posted by gtrestoration
I wouldn't assume the store's turning a profit. The problem I think would be providing documentation that it was based on the fact it's a fairly cash-driven type of business.

Steveu

People would lie about their incomes to the IRS but they would keep record of their expenses. If you know the estimate margin for the livestock and dry goods, apply them to the invoices, then you will have a good estimation of the profit....

gps · #10 09/25/2007, 06:30 PM

duplication

gcarroll · #11 09/25/2007, 06:34 PM

Quote:

Originally posted by Bergovoy
I would require an accurate inventory listing along with actual cost and current value for all items in inventory.

I would also want a listing of all wholesale and mfg accounts, including a disclosure of current financial standing with all,

And all current and recent contract agreements, including rent or lease agreements and maintenance agreements..

Upon verification that inventory is equal to or in excess of the asking price along with offset current bills, debts and other obligations, then we can have a deal...

But what do you think the liklyhood of someone turning over all that info???

And what is the liklyhood of someone buying that without all that info, talk about a crapshoot...

I'm sure if you were serious, al that would be provided. I recently talked to Anthony and he said he would take $45,000 for the store. His main concern is that he does not want to see the store torn down. He would rather se another hobbyist take over.

ReefLife1680 · #12 09/25/2007, 07:41 PM

Quote:

Originally posted by Bergovoy
I would require an accurate inventory listing along with actual cost and current value for all items in inventory.

I would also want a listing of all wholesale and mfg accounts, including a disclosure of current financial standing with all,

And all current and recent contract agreements, including rent or lease agreements and maintenance agreements..

Upon verification that inventory is equal to or in excess of the asking price along with offset current bills, debts and other obligations, then we can have a deal...

But what do you think the liklyhood of someone turning over all that info???

And what is the liklyhood of someone buying that without all that info, talk about a crapshoot...

this request isn't so far off ... w/ large corporations, there is a time period between the offer and actual sale os the corp. that the buyer is allowed access to the financials of the business being sold - of course w/ the caveat that there is some sort of arrnagement that the buyer WILL IN FACT purchase the business as opposed to simply viewing the info and running of w/ the business' "trade secrets" ...

I'm sure any business is willing to turn over such info w/ the appropriate WRITTEN agreements in place. However, if you think you can simply ask to see that type of info w/o exposing yourself to any liability (ie: simply asking to see the info. w/o at the very least entering into some sort of written agreement) ... i think you may be asking for a little too much

coast2coast7390 · #13 09/25/2007, 07:47 PM

its difficult to seel a whole store...

ReefLife1680 · #14 09/25/2007, 07:51 PM

Quote:

Originally posted by coast2coast7390
its difficult to seel a whole store...

I don't know about stealilng stores; however, I could see getting info such as: wholesalers, equipment manufacturers, profit margins etc. for free to be a problem.

IMHO, every business has 'secrets' (if you will) that they do not want to expose to the public/competitors. Besides, if we all knew EXACTLY where Anthony got his stuff and the EXACT price he bought it for ... who's to stop someone from opening up "Passion of the Sea II" without paying Anothony for his 'intellectual contribution' (if you will) to the original development of Passion of the Sea?

coast2coast7390 · #15 09/25/2007, 08:05 PM

OOPS i meant sell

coast2coast7390 · #16 09/25/2007, 08:06 PM

i didnt say steal...i said seel

ReefLife1680 · #17 09/25/2007, 08:18 PM

sorry not sure I follow ... it's hard to sell a whole store? why?

Scissorhand · #18 09/25/2007, 08:19 PM

probably same reason why it's harder to sell a whole set-up instead of parting out. not a lot of people have that kind of money.

coast2coast7390 · #19 09/25/2007, 08:19 PM

just the cost/investment in taking a risk that your store might take a dive...

BurntOutReefer · #20 09/25/2007, 08:20 PM

hmmm.....I have 11K...and looking for a business anyway.....
who else is in...(serious).....
It would be worth the $11K investment just as a tax write-off.....

BurntOutReefer · #21 09/25/2007, 08:21 PM

anyone know what the lease is?...lenght?

ReefLife1680 · #22 09/25/2007, 08:23 PM

Scissorhand ... point well taken

coast2coast7390 .. I think the LFS business is more niche than most businesses we see around so I think the risk of failure is greater here. Yes I agree

kawicivic · #23 09/25/2007, 08:25 PM

if there is nothing to hide the guy will be willing to turn over all his info... if he's hiding something it will be like pulling teeth. A good talk with the guy may prove that all the money is not needed... if the guy is wealthy and this was a hobby business he may be open to making an agreement to sell the store to over a period of payments (while you run the store).

BurntOutReefer · #24 09/25/2007, 08:26 PM

I think it all depends on inventory and resale value of said inventory

kawicivic · #25 09/25/2007, 08:27 PM

o yea... i majored in entrepreneurship in college... if anyone does buy this and wants to keep their job I would be interested in a management position... serious as well