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Old 08-31-2005, 02:45 PM   #1 (permalink)
 
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Hey there! We are selling our salon. An unexpected turn of event have taken place and we're moving. What info do you actually HAVE to show to a buyer? They want bank statements ect... problem is, we are a small mom and pop salon and we only deposit the checks in the bank. Insurance policy? Do they really need to see that? I mean they can have what ever they want for coverage what we have shouldn't matter or does it? Any help would be great. Also, they want a detailed cost of started the business. Is it not exceptable to give a total rather than breaking it down? I feel as though they want to know exactly what we will walk away with and try to talk us down on price from that. Maybe I'm thinking incorrectly. Thats where your help comes in!!!
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Old 08-31-2005, 02:52 PM   #2 (permalink)
 
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What would YOU use to set a value?
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Old 08-31-2005, 02:55 PM   #3 (permalink)
 
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well with the business not being open very long it's hard to go by anything. We've got it priced $5,000 above our cost of getting started .... covers existing clients, establishment ect... is there a route you'd advice?
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Old 08-31-2005, 02:57 PM   #4 (permalink)
 
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Well, the equipment is now used. Did you think you would make a profit?
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Old 08-31-2005, 02:59 PM   #5 (permalink)
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On 2005-08-31 14:45:00, fruitytooty wrote:
I feel as though they want to know exactly what we will walk away with and try to talk us down on price from that. Maybe I'm thinking incorrectly.

No you are right that is what they are doing. Good luck to you, I have had mine for sale for awhile now and EVERYONE wants to talk you down and down and down, then they ask what your bottom line is and offer 5k less.
And the sad thing is it is profitable and less then what it would cost to start one... I have a hard time not being a a**hole to these types of people. Especially ones that know it is profitable and they would gain from it...urgggggg
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Old 08-31-2005, 03:06 PM   #6 (permalink)
 
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thank you malibutansnc! I'm having a hard time being nice to this guy as well. He is not a tanner and knows nothing about the business. He just wants to buy it for his girlfriend to have a job to do in town. Others that have expressed interest are not asking for as much info. I really can understand since he knows nothing about the business. But I worked at our bank in town before opening this salon. The guy doesn't have money. So, I'm irritated about giving him info. I just need to know what info needs to be out there for those interested in buying.
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Old 08-31-2005, 03:07 PM   #7 (permalink)
 
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On 2005-08-31 14:57:00, West Side Tanner wrote:
Well, the equipment is now used. Did you think you would make a profit?


I'm not sure where your going with this question, but yes a profit would be nice.
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Old 08-31-2005, 03:13 PM   #8 (permalink)
 
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As far as I can see, b/c of no cash flow i.e. only checks go to the bank, it's not making any money.
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Old 08-31-2005, 03:16 PM   #9 (permalink)
 
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i see what your saying ... the cash in mine play money to go do whatever with. Like I said we are small and live in a small community and I am the only employee here. It's not like I have 5 employees and 8 beds and live in a large town. But I can understand your thinking
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Old 08-31-2005, 03:20 PM   #10 (permalink)
 
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Good. Take a look at from a buyers perspective. Maybe hard to do, it's you're baby, but would you honsetly buy a business that is not showing money? Buyer is probably thinking "right, all the cash is going into their hands, what cash?" How long has this been in business?
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