Advice needed - missus wants a shop

[suityou01]

Ok Boyz

I know what to look for from a common sense point of view, but what insight can youse give me regarding the hidden pitfalls of taking over a shop.

We need someone who ran a shop, and then sucked at it so badly they had to pack it in and go and work in the states. Mmmmmmmm, where to find such a CUKer.

[EternalOptimist]

Knit twit?
Knitpicker?
The knights who say knit?


and yes, I'm here all week.....

listen ball bag. If I want to keep the existing name, will it cost me ?

[EternalOptimist]

We need someone who ran a shop, and then sucked at it so badly they had to pack it in and go and work in the states. Mmmmmmmm, where to find such a CUKer.

don't say his name. else I wil gobbest thou

[Intel]

listen ball bag. If I want to keep the existing name, will it cost me ?

Depends if you have a balaclava, screwdriver, crowbar and can run faster than the local plods

[EternalOptimist]

Depends if you have a balaclava, screwdriver, crowbar and can run faster than the local plods

yes, yes, yes, hic no

[TestMangler]

Does anyone have experience of taking over a shop cold. no experience

The missus has been fed up for a while now with her high flying nursing gig
she aint a spring chicken, so the time has come for some indulgence

she is accomplished with the sewing machine, quilting, crochet and knitting
so she wants to combine the hobby with the business

a wool shop has come up for grabs 7.5k leashold

so if you run a shop

1. What would her employment status be ?
2. Accountant required ?
3. Solicitor ?
4. Shop name ? buying existing stock ?
5. Goodwill ?
6. Tax liabilities ?
7....what havn't I thought of ?

My Mrs opened a shop (with my help/money) three years ago. We did it (along with an in law) to kind of but not exactly, replace a shop that closed down, due to the owner going bust. He had several shops dotted around the highlands and islands. Since then, we've expanded to the point where the current premises is starting to become a limitation. We've also bought out the other relation and I spend about 1/2 my time buying etc.

Anyway, so....

1. Your choice, sole trader, form a Ltd
2. Depends largely on 1. You can do books and have them checked by a book keeper rather than an accountant or trust yourself via SA in sole trader.
3. Depends, are you buying leasehold ?
4. Whatever you like. Buying current stock from a failing business should be done with a very hard arsed negotiating stance. Suggest offering 1/3 of current wholesale value.
5. Not really worth a f**k
6. See 1 & 2.
7. Not sure about how small premises rates work in England, but bear them in mind and ensure you know what it's going to cost. Also, water is fecking expensive (even up here) even if you have a hand basin and bog. Electricity contracts need a bit of negotiating.

I've had a few shops over the years, so feel free to PM if you need anything else.

[vetran]

Ripping Yarns?

Balls to you

Knit one Buy one

good luck

[Bacchus]

listen ball bag. If I want to keep the existing name, will it cost me ?

That could be a good product in a wool shop

[EternalOptimist]

My Mrs opened a shop (with my help/money) three years ago. We did it (along with an in law) to kind of but not exactly, replace a shop that closed down, due to the owner going bust. He had several shops dotted around the highlands and islands. Since then, we've expanded to the point where the current premises is starting to become a limitation. We've also bought out the other relation and I spend about 1/2 my time buying etc.

Anyway, so....

1. Your choice, sole trader, form a Ltd
2. Depends largely on 1. You can do books and have them checked by a book keeper rather than an accountant or trust yourself via SA in sole trader.
3. Depends, are you buying leasehold ?
4. Whatever you like. Buying current stock from a failing business should be done with a very hard arsed negotiating stance. Suggest offering 1/3 of current wholesale value.
5. Not really worth a f**k
6. See 1 & 2.
7. Not sure about how small premises rates work in England, but bear them in mind and ensure you know what it's going to cost. Also, water is fecking expensive (even up here) even if you have a hand basin and bog. Electricity contracts need a bit of negotiating.

I've had a few shops over the years, so feel free to PM if you need anything else.

Excellent.

no need to PM. I'm not shy , and its all good knowledge.


So what is the difference between a Leasehold and Rates ????

[TestMangler]

Excellent.

no need to PM. I'm not shy , and its all good knowledge.


So what is the difference between a Leasehold and Rates ????

Business rates are payable on all commercial property (the business equivalent of council tax). There may be reductions or bonuses in the area, so check with the council. For example, in Jockland, if your rateable value is under £8K, you get 100% relief.

If you're buying the leasehold, all you are doing is paying for the title to the remainder of the lease, so there will still be rent to pay too.