Okay, so there is a successful dancewear and skatewear shop in my hometown. It's been in business for 30 years. MANY MANY people know about this shop. Well just last year the original owner sold the shop to a women who ran it down terribly. The original owners ended up suing her for financial reasons (she was 6 months late on payments)and the store is now closed to the public. I want to buy the business and get it back to where it was. The original owners are considering, however are very aprehensive because they think with todays economy, dance studio numbers declining, and where the store's reputation stands right now, they dont think its a good idea. They are concerned I will not make it and will have to worry about it again in a few years. With all that said, I WANT THIS so bad, but if you agree with them TELL ME or do you think I can try and win this business back. I'm willing to put some $ into it, make it MUCH MORE appealing to the eye and visit studios to let them know We're back!!

well it could work but here are some things to consider.

How much money will it really cost to get it going again and can you afford it? It will probably be more than you think.

How will you get it going again? You really need a specific business plan.

What kind of experience do you have with this sort of thing? If it is none or limited then I can understand why the owners are hesitant.

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Wanting it is not enough .. you have to be able to put the work into the business and know what you're doing.

You say that the person ran the business terribly. Why? What was she doing? How are you different? These are the things you must highlight to the current owners.

I'm also confused about how this works... if the woman purchased the business, then why are the old owners involved? Did they finance the purchase or something? Is this what they plan on doing with you?

Have you looked at the books and records? Have you had an independent accountant review the books and records to make sure you have a clear understanding of the financial position of the store?

I would do a thorough review of the business and then create a new business plan highlighting the current position and what you plan to do to change the business. Tell the owners that you realize that there is a chance you will not be successful but that your heart is in the right place. The best way to put them at ease is to show them that you've done your research and you have what it takes to be successful.

If they don't allow you to purchase the business, what will they do with it? What are their plans? You need to figure out their alternatives and show them that taking a risk on you is really their best option.

Good luck!
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When buying or starting a business, you have to step back and remove the emotion..get down to the dollars and common sense of the business...because this is a different day than 30 years ago, you may want to do something similar, but with many changes to make it viable for today..such as incorporate some dance classes and clothing in with another business that the 2 would feed off each other...and is it more afforable to start your own than to buy a bad reputation...
jean info@thebridalbiz.com