Buying a new salon. have questions. - tanTALK

Chelcee.mashell · 04-29-2011, 05:03 PM

Hey Im buying a salon thats for sale and I have been working there for awhile now..its for sale for $220,000. I know a lot about it but not on how much extra ill need to get to start off with? Any advice on buying a new place would be awesome to! thanks.

delany · 04-29-2011, 06:15 PM

220k? WOW I think we would need some more information before we can help.

square footage? years in business? Last 3 years tax returns? types/age of equipment? Things like that

tanu01 · 04-29-2011, 06:41 PM

Wow is right. More info is really needed.

delany · 04-29-2011, 06:50 PM

First off, you will need at least 6 months expenses....all expenses.

Robert K · 04-29-2011, 07:23 PM

Quote:

Originally Posted by delany

First off, you will need at least 6 months expenses....all expenses.

For 220K you better not need anything.

delany · 04-29-2011, 07:40 PM

Lol true! But I am under the assumption it is priced way to high ;)

geraldi · 04-30-2011, 08:43 AM

Get all the tax returns, sales figures, monthly profit/loss statements, bank statements ect. and take them to an accountant. Pay him/her to look at them and see how the business is doing. Is it on a downward trend, if so, how much.

When was the last time new equipment was purchased for the salon. For that kind of money it should have very recent equipment in it. You don't want to be buying new beds in 6 months. How many beds, when were they re-lamped last.

Whatever you do, don't spend 220 grand without doing your homework!!

delany · 04-30-2011, 02:19 PM

She works at the salon...that is a whole lot of hours to work to get to $220k!

Chelcee.mashell · 04-30-2011, 07:24 PM

ill post all the info later because i don't have time right now..and i work part time at the salon..i have the money for even a higher priced salon..

engfant · 05-01-2011, 07:26 AM

You work at a tanning salon that's for sale for almost quarter of a million dollars and you are asking about buying it? Do you have $220K? Have you ever seen the place take in over a couple hundred in a day? Do you know anything about the concept of math?

04-29-2011, 05:03 PM	#1 (permalink)
Chelcee.mashell Join Date: Apr 29 2011 Location: texas Posts: 4 Rep Power: 0	Buying a new salon. have questions. Hey Im buying a salon thats for sale and I have been working there for awhile now..its for sale for $220,000. I know a lot about it but not on how much extra ill need to get to start off with? Any advice on buying a new place would be awesome to! thanks.

04-29-2011, 06:15 PM	#2 (permalink)
delany Join Date: Apr 14 2011 Posts: 598 Rep Power: 14	Re: Buying a new salon. have questions. 220k? WOW I think we would need some more information before we can help. square footage? years in business? Last 3 years tax returns? types/age of equipment? Things like that

04-29-2011, 06:41 PM	#3 (permalink)
tanu01 "The Man" Join Date: Mar 4 2003 Location: ohio Posts: 4,015 Rep Power: 23	Re: Buying a new salon. have questions. Wow is right. More info is really needed.

04-29-2011, 06:50 PM	#4 (permalink)
delany Join Date: Apr 14 2011 Posts: 598 Rep Power: 14	Re: Buying a new salon. have questions. First off, you will need at least 6 months expenses....all expenses.

04-29-2011, 07:40 PM	#6 (permalink)
delany Join Date: Apr 14 2011 Posts: 598 Rep Power: 14	Re: Buying a new salon. have questions. Lol true! But I am under the assumption it is priced way to high ;)

04-30-2011, 08:43 AM	#7 (permalink)
geraldi Join Date: Sep 24 2010 Posts: 38 Rep Power: 0	Re: Buying a new salon. have questions. Get all the tax returns, sales figures, monthly profit/loss statements, bank statements ect. and take them to an accountant. Pay him/her to look at them and see how the business is doing. Is it on a downward trend, if so, how much. When was the last time new equipment was purchased for the salon. For that kind of money it should have very recent equipment in it. You don't want to be buying new beds in 6 months. How many beds, when were they re-lamped last. Whatever you do, don't spend 220 grand without doing your homework!!

04-30-2011, 02:19 PM	#8 (permalink)
delany Join Date: Apr 14 2011 Posts: 598 Rep Power: 14	Re: Buying a new salon. have questions. She works at the salon...that is a whole lot of hours to work to get to $220k!

04-30-2011, 07:24 PM	#9 (permalink)
Chelcee.mashell Join Date: Apr 29 2011 Location: texas Posts: 4 Rep Power: 0	Re: Buying a new salon. have questions. ill post all the info later because i don't have time right now..and i work part time at the salon..i have the money for even a higher priced salon..

05-01-2011, 07:26 AM	#10 (permalink)
engfant Join Date: May 20 2003 Posts: 9,301 Rep Power: 29	Re: Buying a new salon. have questions. You work at a tanning salon that's for sale for almost quarter of a million dollars and you are asking about buying it? Do you have $220K? Have you ever seen the place take in over a couple hundred in a day? Do you know anything about the concept of math?

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