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Old 06-26-2005, 01:48 PM   #1 (permalink)
 
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I am new to this forum, and am hoping that someone here will have some good advice for me and this salon. I work at a salon that is going under, i am here more than the owner (she is going through a divorce)but that really isnt the problem. The problem is that she never pays us on time and IF she does the check usually bounces. I recently say her bank account and she is in the whole 5k. because she uses the salon account as her personal account. We are located in a small town so the salon really doesnt make that much for her to be partying like a rock star. She keeps saying i need to become her partner but i am hesitant. Then there are days she says " i am just going to give it to you" (the salon) which i wish she would. But i am scared because of all the debt she is in with it. She has become a friend and i feel bad for her that she is going through a hardship BUT this is her business not mine. There are days that if i wouldnt come into town to bring in towels (on my day off) the salon would never be open. And she lives across the street from the salon. I dont want to quit because i love the business, and have alwayse wanted to open one up. I think it has alot of potential, but i dont know where to start. Sorry for the long post. Hope someone here has some ideas as to what i should do.
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Old 06-26-2005, 02:03 PM   #2 (permalink)
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Dont know. I have seen 2 salons go under for this same problem. It is her business but the bills have to be paid. I would be suprised if she made it until the end of september. It may be cheaper to buy the business after it has already gone under. You may like here - but business is business. You are friends because of the salon - if you quit you probably wouldnt see her again.
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Old 06-26-2005, 02:15 PM   #3 (permalink)
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Go to Basics 101. Write a good business plan (on your own time).

You haven't offered enough information to get any good opinions on your specific situation. Your answer is in a well researched business plan. No way should you enter into a partnership with the old owner.

Be prepared if your "answer" is to run away fast and get a new job.
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Old 06-26-2005, 02:34 PM   #4 (permalink)
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It sounds like you need to have an intervention with her...I would not go into "business" with someone with this personality...it is hard enough to have a partner...look at the red flags waving in front of your face....and really listen to them...being a friend is one thing...but pay attention to the warning signs...
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Old 06-26-2005, 04:34 PM   #5 (permalink)
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Never, ever, ever, enter into a business partnership with someone who has demonstrated that they are a BAD business person. Good luck.
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Old 06-26-2005, 04:56 PM   #6 (permalink)
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I agree. Don't go in it with her, but wait and buy. If you buy the salon as an "Asset only" purchase, the debts remain hers. It may take some vendors a while to figure out you're a new owner who will pay them, but you can help avoid this by either altering the name slightly or altogether. You can leave the signs, etc, but if you alter use it in your DBA, ficticious business name statement, etc. The slight alteration is the choice we made and it made things much easier with vendors without spooking customers about an ownership change.
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Old 06-26-2005, 06:36 PM   #7 (permalink)
 
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Sometimes opportunity doesn't always present itself wrapped up in a great big red bow a card attached that says "Opportunity Knocking".
Talk to them both, or her if she is TRULY THE SOLE OWNER, and express your interest in helping them liquidate. Get a firm contract to buy, and a complete list of items included in the sale. Enlist the current owners to carry the mortgage. Build a solid business plan. Determine if the business has potential, or it has not hope of profitability. Understand you're going to make a commitment of a great deal of your personal time and life, and that it may still fail. Understand you'll no longer be the manager/babysitter, you'll be the TOTALLY RESPONSIBLE PERSON NO MATTER WHAT HAPPENS person. And, if you are successful, be prepared to have some trouble come back into your life from either of the sellers.

NOTICE: I MAKE NO GUARANTEES THIS WILL WORK. I WILL NOT BE HELD REPSONSIBLE FOR WHATEVER HAPPENS, OR DOESN'T. YOUR MILEAGE MAY VARY.
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Old 06-26-2005, 06:51 PM   #8 (permalink)
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I agree CentralVA, if you can get it "clean" then great...but not with her...
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Old 06-26-2005, 09:51 PM   #9 (permalink)
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Iv been clean for 8 hours now. Going to get clean again soon.
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