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Opening Record Store

Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.
fromunda

Showing 3 responses by oldhvymec

oldhvymec
5,101 posts
 
Storefront in Northern Ca? Cheap? OK that’s good, operating cost and the first employee, will floor you on cost. There went that record collection..I’m not laughing.. But maybe a little.. I’ll give you my business if you can stay in business. I wouldn’t pay anybody for an existing record business, with no inventory..AND you’re doing a name change. NOPE! BTW look to storage companies for LARGE volumes of LPs.

I had two good businesses in CA. I was young a full of thunder. Both were good money earners, and SECOND jobs for me. My kids first jobs, and a few neighbor kids, too. 15 and 12 years each. I owned the property though both times..

Lots of thought, and lots of luck.. and a double scoop of the above post, fun or fortune? Lot of liability for the wheelchair, the public (pubic I say), the infermed, like me.. LOL You better think on this now..

"My MOMMA told me, you better aware".. Still hear her..NOW...

We were dancin’ and movin’ an grovin’ to the music and....
Play that funky music white boy, play that funky music, LOUD, oh yea!! KC......

Regards
oldhvymec
5,101 posts
 
Yes, online too, I forgot about that. BUT again, employees. ONE person... You’re gonna live and breath STORE.. To exist WELL and build a customer base. I’ll support you though..

Add REEL To REEL support, maybe a tiny blank inventory, or access to good pre recorded or record per request tapes...  THAT'S A GOOD IDEA... let me write that down.. ok, now where was I?

That’s an idea, "All things Analog PLUS" (of course, you fill in the blank) on PLUS. Plus could be support, CD, tiny listening room with a select small system, SS VALVE or combos. TRUE mini reference. BUT fair profit earning prices..

Have a back room coffee listening lounge. Where you can smoke and sip coffee TOO, I mean think on it and ponder the sound over yonder, Ay?..

Gears are grinding....

Regards
oldhvymec
5,101 posts
 

thecarpathian1,851 posts11-28-2020 1:50pmShouldn't you be consulting a business analyst?"

<<<<<<<<<<<<<<<<<<<<<<<,>>>>>>>>>>>>>>>>>>>

There went that second record collection? BIGGER :-)

Teeny tiny itty-bitty, startup, record store.. Sonny an Cher and Iggy POP are gonna be sharing the spot light...

HOPEFULLY Camila Cabello, TOO. "Havana"

Liability.. that's the biggie... protect yourself..

DON'T borrow money, and NEVER have a partner. NEVER, EVER , EVER.... Collaboration with defined lines... nothing else...DRAW a LINE.... (maybe a lifetime spouse on paper for survivorship). NO mouth piece as far as ownership.. NEVER works...

Regards
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