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Old 09-27-2010, 08:12 PM   #1 (permalink)
 
Join Date: Sep 27 2010
Location: Charlotte,NC
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Looking to buy a tanning salon...need help

Hi everyone.....another newbie with LOTTTTTTSSS of questions and concerns here.

I have the opportunity to buy a tanning salon that has been in buisness for 9 years at it's current location. Owner has been a salon owner for over 25 years.

The salon is a turn key...she leaves on Friday and I go right in on Monday type of deal.
The owner is burnt out on the buisness and has health problems that are her reason for selling.

Long story short:
She has:
6- 20 min. beds ( Caliente)
1- 12 mintue bed
1- 10 min stand up
1- hydromassage bed
Complete room to room sound system
Tanning software
Washer/dryer
Tmax timer system ( I think that's what she called it)
and the usual decorations and other misc. crap

In the town we live in....there are only 2 tanning salons..this being on of the more popular ones. She has a client list in the computer of 3800+ and as regulars...about 400-500.....which this was based on this year alone.....and said this was her worst year ever.
She is asking $65,000...maybe less. My question is.....is this a good deal..............or would it be cheaper to just start a whole new salon and be ready to open it up in Jan.
I have never owned a salon before so I am going blind here with this as I have seen MANY salons on the internet selling their beds for less than $20,000. ( used of course)
Is an established salon really worth the extra money?? According to her books.....I could have the salon paid of in less than 2 years.
Would a new salon be the same way?

help!!! I'm lost here.
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Old 09-27-2010, 08:28 PM   #2 (permalink)
 
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Re: Looking to buy a tanning salon...need help

What do the tax returns say the place made for the last 5 years? Are the numbers going up or down? If down, how bad has it been dropping?
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Old 09-28-2010, 09:02 AM   #3 (permalink)
 
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Re: Looking to buy a tanning salon...need help

i know this is irrelevant but how do i post my own "thread"??? please help. i have a topic i need to share
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Old 09-28-2010, 11:41 AM   #4 (permalink)
 
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Re: Looking to buy a tanning salon...need help

depends on the tax returns. equipment is only worth what someone is willing to pay for it at this point.
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Old 09-28-2010, 04:56 PM   #5 (permalink)
 
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Re: Looking to buy a tanning salon...need help

According to her books....everything is just as she has said it is. The past 2 years were her worst ever as she said....but she still made out good and it has actually picked up here the last 2 months which is surprising to her seeing that it's considered her off season now.
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Old 10-05-2010, 11:46 AM   #6 (permalink)
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Re: Looking to buy a tanning salon...need help

If the business is not making much money 1 years revenue (gross not net)
It is 1-3 years revenue based on number of factors. If the beds are new under 1 year add 70% of the value of the beds. It sounds like the beds are old.
Hope this helps. Nothing is standard right now most tanning salons are struggling...
The best tanning salon in Sacramento Vote #1 by KCRA Sacramento just closed down........ I am still in shock!!
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Old 10-05-2010, 12:50 PM   #7 (permalink)
 
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Re: Looking to buy a tanning salon...need help

I guess it's one of those things right now where you have to decide to take the chance or not, right?

we did decide to purchase the salon. We are having legal papers and all that good stuff drawn up no and our plans are to take full ownership Nov. 1st. Knowing this is considered "off season" here in Charlotte, I know it may be a bit of a struggle at first but this slow time also gives us a chance to renovate and upgrade the salon before it picks up again. I'm soooo excited to opening this chapter in my life. Sure hoping it's not a nightmare. lol
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Old 10-10-2010, 04:24 PM   #8 (permalink)
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Re: Looking to buy a tanning salon...need help

November is a great time to take over. The Holidays are coming !
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