Advice needed

JC, I hope this is ok here, if not please do as you must...

I have recently found out about a Fly fishing business that is for sale. It is advertised as a historic business with mail order, retail/wholesale, and internet clientele. The business can be moved. I have never owned a business, and the thought is scary and yet exciting to me. I came here thinking I could get a good selection of opinions from people of all walks of life, and hopefully some in the know. Can anybody give me any thoughts on questions I should ask, points to ponder, or ideas that I may not have thought of.

I appreciate any and all responses.

Thanks and tight lines
Jeff

[Gardenfish]

ask for all tax records and financial accounts going to the beginning of the business. Inquire about sales trends in the area. Is the customer base flexing or is it stable? Be prepared to work long days. Nice to have a dream, eh?

[Jo]

Consult with a good small business accountant before purchasing, they will see things you dont.
Also as gardenfish said, be prepared to put in long hours, make that 24/7 365. Being self employed means taking a holiday is a significant logistical exercise.

[This message has been edited by Jo (edited 08 February 2005).]

[Jed]

Keep in mind that fishing for fun and running a fishing related business are different. I love to fish, but running a business that is retail is not something that would interest me.

Ask some guides how many days they spend on the water. Then ask how many days they spend fishing. It might give you a sense of what you could be looking at.

Retail sales is not for everyone. Can you say yes sir, I'd love to... when the "sir" is an idiot and you'd like nothing better than kicking his arse out the door.

Are you okay with closing at 5:00 which could mean 6 or 7?

We need people to sell the stuff we use, but I hope that you are clear that you want to be one of those people. I'd rather be your customer

jed

[Colston Newton]

A lawyer friend of mine once said the only absolutely certain firing offense an emloyee of his could commit was making a record of any cash payments. I don't know if its worth remembering if you go into business, so I offer it in the FWIW category.

[PG Flyfisher]

This wouldn't happen to be in Pennsylvania by chance?

JC,
Selling dueto health reasons.

PG Flyfisher,
It is. Do you have any information on it?

Thanks all,s o far.

Jeff

[Fishnfool]

Maybe this it....."The owner's health has not allowed them to dedicate the necessary time to the business to keep it successful. Gross sales of $308,411. Total Asset Value of $221,500. Located in Western Montana".
[url=http://www.mergerplace.com/mp/visitor/buyers/view/15479:8dd48]http://www.mergerplace.com/mp/visitor/buyers/view/15479[/url:8dd48]


Have a nice day,



------------------
John G.
Albuquerque, NM

[Jo]

These are things all self employed learn some the easy way many the hard way.
You have no friends in business only customers suppliers and potentials and none of them will do you a favour.
Be hardnosed, a soft touch will send you broke in a heartbeat.
Pour as much financial and work capital back into it as you possibly can without going into debt for the first few years, this will pay dividends in the long term.
GET A MENTOR

Seems negative but most small businesses go belly up when people go into the with dreams and no business acumen.

[Andrew Mann]

I'm not a business man, I'm a teacher, so take my advice as you will...

I, too, have thought of starting a fishing related business but I've often wondered if I'd still enjoy fishing (as I do now) if my income depended on it.

Do all the necessary and prudent financial research, and consult openly and honestly with your spouse (if, in fact, you're involved in a relationship). A new business can add stress to personal relationships, so make sure that yours are strong enough to see you through your new venture.

In the end, you'll make the right decision. People usually do...sometimes it just takes a while to realize it.

Best of luck,
Andrew