taking over an existing business

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18 Jun 2013 14:27 by deesam56 Star rating in Stafford. 31 posts Send private message

 Any advice on taking over an exisiting shop already had been trading - stock and fittings included in lease

Obviously see a solicitor but anything else I need to make sure of before committing?



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18 Jun 2013 14:55 by Sanchez1 Star rating. 853 posts Send private message

Any advice on taking over an exisiting shop already had been trading - stock and fittings included in lease

Yes, dont' do it.  Spanish retails sales are down by over 10% YoY. See here:

www.guardian.co.uk/world/2013/jan/29/spanish-retail-sales-slump-austerity

Shops are shutting down left right and centre.  People aren't spending money.  I don't know if you've heard, but Spain is in the middle of a 1930s style Great Depression...

 

 



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18 Jun 2013 15:06 by deesam56 Star rating in Stafford. 31 posts Send private message

 thank you sanchez

yes I do know the problems - this is just a takeaway sandwich sop near offices etc - I assume people still eat

thanks :)



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18 Jun 2013 17:58 by ElviriaDreamer Star rating. 99 posts Send private message

ElviriaDreamer´s avatar

Hi Deesam

I cannot give advice on taking over an existing business...except...be careful and do your homework. Personally, I would never take over an existing business, unless I had seen its performance with my own eyes, for at least 1/2yrs.  

However, there are lots of people from your area (Stafford/Staffordshire) especially NHS/ EX NHS workers who are all now amazingly on this forum. Maybe you should contact them for advice as they are local to you and some have already made the move over...most buying properties for cash (I saw you are looking for property too).

GOOD LUCK with whatever you decide to do.





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18 Jun 2013 19:41 by windtalker Star rating. 1664 posts Send private message

I presume that the seller of the business has kept books on takings and out goings may be you can offer to work free of charge for one month as their is probably a lot more to making sandwiches than you think and it will give you a good Idea of the true takings as the books can Easily be fiddled  good luck. 

 





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18 Jun 2013 22:26 by ElviriaDreamer Star rating. 99 posts Send private message

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Oh Deesam

I was too late to edit my last post.

I forgot to say(brain injury) I used to work in my dads bakery/sandwhich shops as a teenager and whilst he wasn't rich (he did ok as I was paid in luncheon vouchers and doughnuts), he did retire early and only gave up due to large supermarkets knocking him down. He just couldn't compete with prices...despite everything being made on the premises.

So that is something you need to watch out for...make sure you check out what supermarkets and other food shops are nearby. Everything and everywhere moves forward with/in time and with that comes diversity and expansion. A shop doing well or OK today could cease trading tomorrow, if the supermarket down the road decides to sell pre packed sandwhiches etc. 

Again...GOOD LUCK...whatever you decide.

Oh and if you do, do it, and it goes well...food sales are normally 100% profit. (Goes wrong it's 100% loss).

 





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27 Oct 2015 18:48 by Master_John Star rating. 2 posts Send private message

Yes I still eat and I believe lots of people always will love it..





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28 Oct 2015 11:05 by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

Suggest you sit outside shop everyday mainly  at peak times for a month or so and count the foot traffic 

A friend once did this when he was looking to buy a bat and as a result he changed his mind

Maybe you have done this

 

Good luck 



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28 Oct 2015 12:26 by GuyT Star rating. 486 posts Send private message

Deesam, who asked for advice on taking over an existing shop lease in June 2013 seemed to have already lost interest by that December, so is probably not following this thread too closely. Are you, Deesam?

19 Dec 2013 14:52:
thinking of moving over soon but will have a 16 year old who would have just left school. In UK he wants to train for police force at college. In Spain can a person from UK join police force or be a translator in the force maybe?  he is dead set on beig a police officer and i do not want to move over if his ambition s not fulfilled





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