- 4 years ago
- Wedding: March 2018
I am facing a dilemma and I would like your help.
I was laid off in Sept 3013. First time it has happened in my 13 yrs of corporate experience. Fortunately, my FI at the time said we were doing fine and me getting a job was not a priority, so I focused on our wedding and finishing my MBA (I’m now 2 months away from graduation).
When I went shopping for my wedding dress I realized it would be a fun yet nice job to have (own a bridal shop). This was b4 the lay off. After the lay off, I realized I did not want to work for somebody else, ever, if possible.
So I put these two together, and started hunting for bridal shops for sale.
I surprisingly found out the store where I got my BMs dresses, was for sale.
After talking to the owner for 3 weeks now (very nice lady), I’m actually 50 -50 as far as my decision.
– Business has been around for 37 yrs
– Reason for sale: retirement
– Very good location, yet separated from where all the boutiques are
– Place needs to be remodeled. Still has the décor from the 80s. Not good.
– I have the money she requires for the down payment (my savings, mom and husband lending the rest.
– I would still be in debt, to pay the seller the balance, for 3 yrs which means most likely I wont be taking any $ home
– I see the potential. I can grow the bz with social media, which she does not do at all
– I don’t know the industry, but she will train me
– Profits are not as high, but she has not been in front of the business as much. She says a lot can be done to grow sales
– Most importantly, I am afraid I would not work out and loose $$$$$.
– I already have an accountant looking at the ###s
Would you do it if you could? Do you know the experience from any one who owns a bridal shop?
Thank you bees!!!