I just received an email from one of the Quilting Biz community readers. She is seriously considering purchasing an existing quit shop in her area, and she had some questions about the process and what she can ask for during the negotiations and in the purchase of the business. She also wanted to know when to get the lawyers involved (always a scary issue!).
Here’s her question (she asked to remain anonymous to protect her identity):
Hi Chuck-
Do you have any recommendations for someone investigating buying an existing quilt store business? Some basics on inventory, purchase of office equipment and POS systems but not the building. Is it feasible to write in the contract for the new owner to work in the existing store to get to know the systems, vendors and customers? When should I get a lawyer and/or accountant involved?
Please do not use my real name in any publication.
Thanks
[NAME REMOVED BY REQUEST]
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