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Old 12-07-2009, 06:20 AM   #1 (permalink)
 
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New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Purchased existing salon 2 weeks ago. Located in New York Salon includdes Wolff Bes (SunDome 548V, Sunscape SS755, Sunscape SS756V, Versa Spa, rejuvasun-spa-bed 332) 5 Beds Total. Purchased business for $60,000. Wondering if I got a good price? Also I plan to take the SunDome out and replace with a Custom Airbrushing Gun by Cal Tech with the Norvell Solution already purchased. Any information owuld be greatly appreciated and respected. Thanks guys! Happy Holidays- Jesse
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Old 12-07-2009, 11:49 AM   #2 (permalink)
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

That will leave you with two tanning beds then.
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Old 12-07-2009, 01:17 PM   #3 (permalink)
 
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Sorry I may have mis spoke. We have 5 beds total! 3 Stand Ups, Versa Spa and one lay down. So that would leave us with 4 beds and the Cal Tech mobile
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Old 12-07-2009, 04:27 PM   #4 (permalink)
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Versaspa is a spray booth

Cal tan spray gun

You said you wanted to take the sundome out.

That leaves the ETS Sunscape and the ETS 756V stand up. So that leaves you with only two UV tanning units.
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Old 12-07-2009, 06:51 PM   #5 (permalink)
 
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

[quote= Purchased business for $60,000. Wondering if I got a good price? [/QUOTE]

A little late to be asking this question....
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Old 12-07-2009, 08:30 PM   #6 (permalink)
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

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Originally Posted by solariumspany View Post
Purchased existing salon 2 weeks ago. Located in New York Salon includdes Wolff Bes (SunDome 548V, Sunscape SS755, Sunscape SS756V, Versa Spa, rejuvasun-spa-bed 332) 5 Beds Total. Purchased business for $60,000. Wondering if I got a good price? Also I plan to take the SunDome out and replace with a Custom Airbrushing Gun by Cal Tech with the Norvell Solution already purchased. Any information owuld be greatly appreciated and respected. Thanks guys! Happy Holidays- Jesse
Um, wait!!! Hold on.....



Cough...Cough...



Cough...Cough...



Cough...Cough...

OK, now I'm ready.

WOW!!!

You're kidding, right? I will just get to the point. You are in serious trouble. How can you even buy a business and ask a question like that? This is something that you should have fully researched BEFORE you bought the place, not after.

Did you even find out what the place grosses? What it nets? What the total expenses are? Did you check the actual tax returns for the past three years or did you just take the previous owners word for it?

Did you research the demographics? Did you go through the contacts and determine the total customers in the base and more importantly did you determine active customers? Did you assess the beds, power, A/C, life left on lamps, open packages sold to customers? Did you negotiate an adjustment price for recent packages sold? Did you determine if you can expand?

Did you find out haw many years this place has been in business/ How many owners it had? Did you title search to make sure there are no liens on the equipment? Did you bother to haver an attorney review the purchase agreement?

Did you draw up a non compete? Did you negotiate a new lease? Did it include exclusivity for your complex? Did you take a business course? Do you have any experience in running a business?

I could go on and on and on.................

Good luck. {giving the sign of the cross...}
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Old 12-08-2009, 02:06 PM   #7 (permalink)
 
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Brian. Not to sound arrogant but when I was 23 I already made 2 million dollars and bought a 1.5 million dollar Marina in New Jersey when I was 25. I was simply asking being new to the tanning business. I am on a tanning forum correct? Not a business one right? Of course I saw Tax Returns and merchant statements. I have lived in the New York area for 25 years and I was born in Long Island so yes of course I know the area. My lease is $300 less per month then it was and I spent $1500 on a closing. Furthermore the beds are 100% paid off and done with.
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Old 12-08-2009, 02:07 PM   #8 (permalink)
 
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Matta yes I guess I didn't use the correct lingo. I have the Rejuvisan, ETS Sunscape and the ETS 756V so thats 3 UV beds....The Sundome and Versa Spa.! My sundome doesn't really get much action hence I wanted to make it the custom air brushing room
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Old 12-08-2009, 09:52 PM   #9 (permalink)
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

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Brian. Not to sound arrogant but when I was 23 I already made 2 million dollars and bought a 1.5 million dollar Marina in New Jersey when I was 25. I was simply asking being new to the tanning business. I am on a tanning forum correct? Not a business one right? Of course I saw Tax Returns and merchant statements. I have lived in the New York area for 25 years and I was born in Long Island so yes of course I know the area. My lease is $300 less per month then it was and I spent $1500 on a closing. Furthermore the beds are 100% paid off and done with.
Well what was the gross and net and expenses for the last three years?

Without that info it is quite difficult to determine if you really got a good deal or not but just looking at that model that many others have shut down in the past I would wager a guess that you got bagged.
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Old 12-09-2009, 09:31 AM   #10 (permalink)
 
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Re: New Tanning Salon Owner- Basic Help - Beds for sale- Good Deal?

Why would you say I got bagged when the Retail on the beds alone is $100,000? The used prices I could get for them now is $50,000. The salon has been open f or 18 months and it grossed $10-$12,000 a month with a Net profit depending on staff aroun $8,000. There is $2000 in rent, $200 in insurance, $400 in electric, $100 in cable monthly.
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