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03-06-2005, 07:00 PM | #1 (permalink) |
Join Date: Mar 6 2005
Posts: 6
Rep Power: 0 | Hey there everyone! I am looking into buying a tanning salon that is already established, and although it's not a booming salon, it is also not going under - the family who owns it is just moving. I am going sometime this week to speak with the owner, and am not sure what kind of questions to ask besides price, and to look at their books on how much money they pull in each month. What kind of questions should I ask? Also, what kind of advice do you have since I am not very experienced.... I used to work in a salon for many years and helped with a lot of things like sales promotions, and keeping up with inventory but nothing like bulb maintenance, etc. Also, I have no clue how to find good beds, where to buy from, where to buy lotion from.... eesh! I have so many questions, this is something that is obviously in just its beginning stages so any advice, or anyone who'd like to be somewhat of a mentor to me would be so awesome! Thanks in advance! |
03-06-2005, 07:10 PM | #2 (permalink) |
Waiting Confirmation Join Date: Apr 22 2004
Posts: 3,646
Rep Power: 0 | What software are they using? I would get monthly reports for the past three years. How many are in their database..how many are active. What type of beds and when were they purchased? How long is the lease and is there elevations in the lease? How many are on the EFT's? How many packages are out that you will have to honor. The past 3 year tax returns. How many new stores have opened around them in the past two years? If you are still interested after all of those questions get the last year of bank statements...to check deposits that they are claiming. How much are they asking for the salon? |
03-07-2005, 12:50 PM | #5 (permalink) |
Join Date: Mar 6 2005
Posts: 6
Rep Power: 0 | Oh also I just found out that they only have 5 beds and 1 stand up. I know that the place is not going under but they really don't get A LOT of business and from what I've gathered it is because of two reasons: (1) interior decorating is not very friendly or inviting and (2) the beds are really old and gross. These two things though as you know are easily fixable, so let's say that I get the place turned around and get business going...my concern is that it is too small to do well because if there are busy times with loads of people coming in to tan at once, most of them are going to get frustrated with the wait and possibly leave? I dont know, I am just thinking of some possible outcomes to this situation - what do you think? Even if I get this place turned around, at just 5 beds/1 stand up and not much more space to work with and get more beds in, is it a wise investment or a recipe for disaster? |
03-10-2005, 11:42 AM | #6 (permalink) |
Join Date: Jan 27 2005
Posts: 251
Rep Power: 20 | You really have to do some homework to determine the potential size of the market in close proximity to the salon. $50K sounds kind of high for a trashy looking salon with outdated equipment. Why would you want to buy it unless you know something we don't? The tanning salon industry is very saturated right now. I would really analyze the area and see if your prospective marketing plan and business model are a good match. Again, for the last time $50K is too much. |
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