Buying used inventory with existing business purchase
by sethnigel, Window Shopper
- Created: October 26, 2013, 9:17 am
- Updated: October 29, 2013, 10:25 am
I am in the process of buying a small independent business I have worked for for about 15 years. The owner is ready to move on (age related) and has always wanted me to take it over. We have discussed details for months with no roadblock in sight. I have obtained a new lease (not signed yet obviously), talked to accountants etc... He gave me a "ballpark" price a few months ago I've based my figures on, then a month ago it jumped $15K. Now, he has given me a "finished" price 4 times higher than the original, and 3 times higher than 30 days ago. To my shock, he is essentially charging me Retail for all sale items, supplies, equipment etc... This of course is ludicrous. I was wondering, what is the norm for buying in stock items? Do I offer Cost or Wholesale? Also, what is a business name and 28 years in business worth? We are locally owned company, with little advertising and probably a 30-50 mile radius of customers. Please share your insights, I am trying to put together a realistic offer. Thanks for your comments.
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