Buying a salon

[jes]

Hi,

I rent a space in a tanning salon. Yesterday, out of the blue, the owner of the salon walked in and asked me if i wanted to take over the business and lease the property from him .

Naturally, I said I would be interested and he said he'd be back soon to talk further.

The trouble is I've no idea about leasing property or buying a business. Can anybody tell me what I need to do?

Thanks
Jes

 

[minky]

Hi,

I rent a space in a tanning salon. Yesterday, out of the blue, the owner of the salon walked in and asked me if i wanted to take over the business and lease the property from him .

Naturally, I said I would be interested and he said he'd be back soon to talk further.

The trouble is I've no idea about leasing property or buying a business. Can anybody tell me what I need to do?

Thanks
Jes

Have you asked him why he would want to do this ?
and what exactly would you be taking over ?

 

[loubylou]

Don't sign anything without getting advise from a solicitor,
your solicitor will tell you what everything means hth :hug:

 

[fiona wallace]

Ask what's included in the sale and what guarantees,etc.?

Ask to see copy of his accounts for the last 3 years - has he been skimming?

Ask why he's selling?

Are there staff? If so what will happen with them?

Stock?

Lease? How much is left to run, can you easily renew or are you sub-leasing from him? Will you be turfed out in 6 months?

And finally ask his price, say "that's double what I thought you would be asking and what I thought the business was worth, I will have to think things through and come back to you"

THEN....you take loads of advice from your accountant and business bank manager if you have either (if you don't you will find that there are some accountants that will give free advice in the hope of you then using them for their services in the future), your family (but remember they have their own agenda for you) your business associates/friends, lawyer, Business Gateway (or equivelant) and lastly, your gut instinct (but you need to be quiet and responsive to hear or feel it!)

Best of luck...if you really want it...go for it!!!!!!!!!!!!!!!!!!!!!!!!

Good Luck x

 

[jes]

Thanks for the replies, I'll let you know what happens