Hi there,
I wonder if anybody would be to pass on some advice re taking over an existing business (convenience store with lotto & deli) as sole trader who will be on site as manager.
This shop (939 sq ft.) with a good footfall, great location near schools & church with great potential, years ago used to be a famous busy place & was purchased a few years back by a business man with not experience in shopkeeping but installed staff who now seem to be running the place, 2f/t, 3 p/t.
We are going tomorrow to view the premises officially but I have a few figures which I obtained from the estate agent by phone;
weekly
800 rent (€40,000 pa - advertised)
2,600 wages (2 f/t 3 p/t) - 2 of us will be going in full-time - what's the best thing to do re letting go of surplus staff - I wont need the hassle of that - the owner now will take care of that, if we include it in the deal, i suppose?
monthly
103 sign
900 ESB
130 telephone
430 for sth..... didnt catch this one but im adding it in
yearly
2,700 rates
292 water
4000 insurance
1570 waste disposal
I will have to take into account fees for accountant & bookkeeper throughout the year & solicitor & any unexpected bills.
30,000 (20 till, 10 cigs/lotto) is the weekly turnover quoted - I find it a bit hard to believe 25 would be more realistic but will have the books looked at - after doing some calculating it looks as though this business is just breaking even but I am only doin this roughly now.
Has anybody out there anything to advise me before I go tomorrow for the viewing - I know it's early days but must be ready for all surprises & i know there will be lots.
Thanks in advance guys
I wonder if anybody would be to pass on some advice re taking over an existing business (convenience store with lotto & deli) as sole trader who will be on site as manager.
This shop (939 sq ft.) with a good footfall, great location near schools & church with great potential, years ago used to be a famous busy place & was purchased a few years back by a business man with not experience in shopkeeping but installed staff who now seem to be running the place, 2f/t, 3 p/t.
We are going tomorrow to view the premises officially but I have a few figures which I obtained from the estate agent by phone;
weekly
800 rent (€40,000 pa - advertised)
2,600 wages (2 f/t 3 p/t) - 2 of us will be going in full-time - what's the best thing to do re letting go of surplus staff - I wont need the hassle of that - the owner now will take care of that, if we include it in the deal, i suppose?
monthly
103 sign
900 ESB
130 telephone
430 for sth..... didnt catch this one but im adding it in
yearly
2,700 rates
292 water
4000 insurance
1570 waste disposal
I will have to take into account fees for accountant & bookkeeper throughout the year & solicitor & any unexpected bills.
30,000 (20 till, 10 cigs/lotto) is the weekly turnover quoted - I find it a bit hard to believe 25 would be more realistic but will have the books looked at - after doing some calculating it looks as though this business is just breaking even but I am only doin this roughly now.
Has anybody out there anything to advise me before I go tomorrow for the viewing - I know it's early days but must be ready for all surprises & i know there will be lots.
Thanks in advance guys