Retail business purchase - questions
Discussion
I've fancied changing my current line of work for some time now as I'm sick of the IT business.
To this end, I've spotted an interesting prospect in the form of a small grocery shop which has just come onto the market.
The shop is a one minute walk from the entrance to a nearby caravan park and there are a considerable number of private houses in the vicinity. There are no other shops within almost half a mile. It is very well known and has been owned by the same family for several decades. I've been shopping there myself for over thirty years.
The building is freehold.
Before I investigate it further I would appreciate some advice on what questions I should be asking the seller.
So far I have:
1. Reason for selling.
2. Is there anything known which may affect the business in the future such as a new shop opening on the caravan camp itself (I will also investigate this possibility further as it would destroy the business)
3. Any problems with the shop infrastructure ? (dampness, roof leaks, electricity, plumbing)
4. Gross turnover amount.
5. Outgoings (business rates, insurances, water, electricity, gas, waste disposal, staff wages and taxes).
6. Taxable allowances.
7. Profit amount.
8. Supplier contacts and existing contracts.
9. Planning restrictions.
10. Stock to be included in sale.
11. Fixtures and fittings to be included in sale.
12. Current staff who wish to be retained.
Can anyone think of anything else ?
To this end, I've spotted an interesting prospect in the form of a small grocery shop which has just come onto the market.
The shop is a one minute walk from the entrance to a nearby caravan park and there are a considerable number of private houses in the vicinity. There are no other shops within almost half a mile. It is very well known and has been owned by the same family for several decades. I've been shopping there myself for over thirty years.
The building is freehold.
Before I investigate it further I would appreciate some advice on what questions I should be asking the seller.
So far I have:
1. Reason for selling.
2. Is there anything known which may affect the business in the future such as a new shop opening on the caravan camp itself (I will also investigate this possibility further as it would destroy the business)
3. Any problems with the shop infrastructure ? (dampness, roof leaks, electricity, plumbing)
4. Gross turnover amount.
5. Outgoings (business rates, insurances, water, electricity, gas, waste disposal, staff wages and taxes).
6. Taxable allowances.
7. Profit amount.
8. Supplier contacts and existing contracts.
9. Planning restrictions.
10. Stock to be included in sale.
11. Fixtures and fittings to be included in sale.
12. Current staff who wish to be retained.
Can anyone think of anything else ?
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