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04/07/07, 11:51 AM
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Join Date: Jun 2004
Location: Washington
Posts: 2,832
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We're buying a store! (I'm nervous!)
We've known for several months that the little local grocery store was up for sale. The current owners also own a restaurant in town, and just couldn't keep up with both businesses anymore. They've wanted someone local to buy it so it wouldn't become just another convenience store, but it didn't look like that would happen.
Enter my MIL's estate which just cleared probate.  We love this little store. It has all the convenience items, but also bulk grains and beans, organic pasta, local free-range eggs, a good produce selection -- it's a place you can actually buy groceries.
We've looked at the financials, talked with the staff, inspected the place top to bottom... and we meet with the current owners to sign the Purchase and Sale agreement Monday.
I don't know beans about running a store, but I guess I'll figure it out quick!
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04/07/07, 11:57 AM
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Join Date: May 2002
Location: Washington
Posts: 399
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Oh that sounds so great!! Will the owners help you get started? Wishing you the very best......
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04/07/07, 11:58 AM
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Join Date: May 2002
Posts: 7,154
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You can do it just fine. In a little homey store. every customer who shows up twice is your best friend, if you treat them as such. Give me a big smile whether I deserve one or not. Good Luck.
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04/07/07, 12:01 PM
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Big Front Porch advocate
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Join Date: May 2002
Posts: 44,406
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Good luck, and best wishes. It's great that you are keeping the homey store. I'm pretty sure the locals will really apprecaite it.
Angie
__________________
"Live your life, and forget your age." Norman Vincent Peale
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04/07/07, 12:01 PM
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Join Date: Jun 2005
Location: Alberta, Canada
Posts: 442
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It would be helpful if the people you are buying from would work with you for a while. There is so much to learn, from who are the wholesalers, who does the taxes/payroll/ordering, etc. Also you have to know abour profit-loss and markups so it would be great if they would help you get started.
Go to the library & do some research, Most banks have literature on small business operation.
Good Luck.
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04/07/07, 12:19 PM
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Join Date: Jun 2004
Location: Washington
Posts: 2,832
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Thanks, all!
Yes, the current owners are helping us get started. We've been going along on the buying trips this week to get to know the suppliers, and Tuesday morning I'll start working with the grocery orders and meeting with sales reps. The current staff are staying on as well (all 7 of them) and know what needs doing in case I completely forget.
The first question we've gotten from customers (most of whom we already know - it's a small place) is "what will you change?" They're relieved when we say "nothing. We like the store as is."
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04/07/07, 12:20 PM
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Join Date: May 2002
Location: Florida
Posts: 804
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I have owned a retail business since 1995. Just be SURE you are ready to be married to it at least 6 days a week with hardly any time off and usually vacations are only a fond memory from years ago. It WILL run you more than you run it. Dealing with the public everyday can be very trying. And be very careful when it's a full moon 
Not to put a damper on your venture, but I for one will NEVER EVER be in retail again when I'm out of this business.
__________________
"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever." -Thomas Jefferson
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04/07/07, 12:56 PM
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Join Date: Jul 2002
Posts: 1,894
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Congrats Jen! Sounds very promising!
God Bless,
Michele
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04/07/07, 01:07 PM
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Join Date: Dec 2006
Posts: 1,245
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MOST of my life I have worked for myself. Longer hours, sometimes less money...sometimes more money...ALWAYS SOMETHING TO DO! never bored!
I'm jealous of you! Work like Hades.....Play like that......and enjoy the "perks" and disappointments that come with "thinking on your own"!!!
It may own you...but......if you work for someone else......THEY OWN YOU TOO!
Remember to pay yourself NOT A PENNY MORE than you absolutely need. But better than minimum. Put the rest into SAVINGS, GOOD (cheap) purchases, and retirement. WATCH THE TAXES!
HIRE THE ABSOLUTE BEST C.P.A. !!!!!!!!!!.........He (she) will SAVE YOU more that the COST. DON'T CUT COSTS HERE!
I truly am jealous!
GOOD LUCK and GOOD WORK!
(enjoy your customers!)
Bruce
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04/07/07, 01:10 PM
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Mother,Artist, Author
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Join Date: Oct 2004
Location: East Tennessee
Posts: 3,532
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I don't know anything about running a store, but I wish you all the luck Jen!! I hope business booms for you!!
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04/07/07, 02:14 PM
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Halfway, OR & Wagoner, OK
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Join Date: Aug 2006
Location: I live in Oregon part time, and Oklahoma part time. Nice, huh?
Posts: 3,306
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This sounds like a great little business. My advice? Keep it really CLEAN! And have a good time!
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04/07/07, 02:18 PM
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Join Date: Apr 2006
Location: France
Posts: 4,117
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Make sure that there isn't a big-name store soon going to be moving in near you.
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04/08/07, 08:55 AM
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Banned
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Join Date: Apr 2006
Location: Washington
Posts: 2,113
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Where I used to live, there was a little mom-and-pop store that had been owned and run for many years by one man and his son. It was also a post office.
When this man decided to retire, he sold it to his nephew. The nephew and his family (five kids) moved in upstairs, along with all their pets, and they moved their goats into the back yard.
Anyway, not all the customers appreciated the dogs in the store (especially since it also had a meat counter) nor did they appreciate hearing the mother yell at her kids all day long in front of whatever customers happened to be in there.
By the time I moved, their business was pretty much limited to the postal customers.
Just a comment. I know you're not planning the same kind of business environment! But, congratulations. I've always wanted to own a mom-and-pop store and it sounds as if you're on the right track. I would certainly patronize a store that sold bulk foods; it's hard to find anymore and I can't find one in this area at all.
Janis
Last edited by Janis Sauncy; 04/08/07 at 08:57 AM.
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04/08/07, 09:42 AM
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Join Date: Aug 2003
Location: Arkansas
Posts: 5,553
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What a great adventure to be on Best of luck to you in your new venture.
Marlene
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It is the one with persistence and determination that brings great ideas into being.
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04/08/07, 11:33 AM
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Join Date: Jun 2004
Location: Washington
Posts: 2,832
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We live just 2 miles up the road from the store, so we won't be moving any of the animals in.
Thanks again for the well wishes!
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