2. misc-audio
  3. 161901-2723

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 1 response by wyoboy

wyoboy
290 posts
 
@fromunda --Based on your lack of response to many questions/advice here i'm gathering you either (a) don't like what you're hearing or (b) did not expect the response you're getting and are re-thinking this--hopefully the latter.  Are you unhappy with what you're currently doing?
Have you ever run a business before ?  Obviously not or you wouldn't be asking a bunch of knuckleheads like us for advice about it.  Notwithstanding, you've been getting some very good advice and 90% of it says "RUN" !  Sounds like your friend is escaping from Alcatraz and throwing you an anchor that will slowly drag you under as it was him.  If you're already rich you wouldn't be asking us and since you're not...stop watching High Fidelity and stop smoking  for a couple weeks and the light will break through...
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