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  1. #11
    4 Patch Pro

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    Default Re: Buying/starting a quilt store

    AngelT, you need to do more research if you are asking a forum if 350K is too much for this store. Did the shop make 125K last year, or make 125K profit? Two very different things. Locally we have a business development office at our junior college. They will help prospective business owners work out a business plan, and determine the value of businesses, property, etc. You may have something similar where you live, or you can ask your local chamber of commerce for recommendations. As a former small business owner, I can attest that business ownership takes a LOT of due diligence before you sign on the dotted line. Good luck!

  2. #12
    Missouri Star

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    Default Re: Buying/starting a quilt store

    I guess it depends on the size and amount of product involved. Here is my shop.

    Fabric Shops | Lihue, Kauai | Kapaia Stitchery



    Lorie

  3. #13
    Missouri Star

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    Jan 2014
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    Default Re: Buying/starting a quilt store

    Wow Lori, that looks like an awesome store, plus it's in Hawaii !!
    Angel as to the question about buying the shop, I used to be a business manager & the advice to get expert opinions is right on. I can't imagine paying that much money without having the business valued by an independent accountant. As someone said the difference between $125k in gross income & net income is huge.
    Also my sister owned a sewing/craft store for many years. She worked longer hours than any employee, you should decide if that's something you would enjoy..
    Good luck with whatever you decide
    May the road rise up to meet you...
    May the wind be always at your back...
    May you be in Heaven a half hour before the Devil knows you're dead...
    Patt

  4. #14
    Missouri Star

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    Default Re: Buying/starting a quilt store

    [QUOTE=Quiltfreestyle;817311]Wow Lori, that looks like an awesome store, plus it's in Hawaii !!
    [QUOTE]

    And they have a man porch. lol
    Last edited by Hulamoon; November 13th, 2015 at 12:35 AM.



    Lorie

  5. #15
    Missouri Star

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    Oregon
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    Default Re: Buying/starting a quilt store

    Perfect!! Then my DH would gave somewhere to hang out while I browse... maybe I'll get there someday
    May the road rise up to meet you...
    May the wind be always at your back...
    May you be in Heaven a half hour before the Devil knows you're dead...
    Patt

  6. #16
    Missouri Star

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    Mar 2013
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    Tacoma WA
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    Default Re: Buying/starting a quilt store

    Lorie!!!!! Do you own a quilt shop????
    pat.

    No rain....no rainbows!



  7. #17
    Missouri Star

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    Mar 2013
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    Default Re: Buying/starting a quilt store

    Where is the shop located you are looking to purchase? By that, I mean which state. Also, is it near a populated area or out in the boontoolies?
    pat.

    No rain....no rainbows!



  8. #18
    The Guild President

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    Jul 2013
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    Default Re: Buying/starting a quilt store

    Is there a large difference in price if you do not purchase the client base info. Seems most of the same clients will return to the shop a few times at least. That will be your chance to introduce yourself and obtain that info and maybe some input from them as to their likes and dislikes. Is this an idea you have thought about for some time or something new? Running a business is not a 9-5 job. Good luck, I hope it works out in your favor.

  9. #19
    Missouri Star

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    Jan 2013
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    New York
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    Default Re: Buying/starting a quilt store

    I would think twice and then twice again. Owning a shop and taking all there is to do is no simple 9 to 5 task. I have worked retail all my life and 20 years as a fabric manager. I personally would not want anything to do with the runnings of it and all that stress and headache. It sounds quaint and fun but means many hours burning the midnite oil. As mentioned the amount it makes in net and gross can be a huge factor. For myself I would love to work in a fabric store again and cut and pet and help order fabric as I use to...but not in my future as we have nothing around her except Hobby Lobby and J's no interest in either ..oh and 1 quilt shop full of snooty employees. I will stick to being a cashier where I am. It still tickles me when my past customers come in and tell me I taught them to sew 20 years ago and can remember who I am!
    Iris Girl = April = fabric, Fabric FABRIC!!
    Time spent with cats is never wasted.
    Sigmund Freud

  10. #20
    Batting Beauty

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    Wenatchee, WA
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    Default Re: Buying/starting a quilt store

    Hi, IMHO they are asking a lot for it unless their inventory "cost" (not retail) value is really high. Does that price include the building or would you still be paying rent?

    I personally would need a lot more numbers before considering it. What are the monthly operating costs (everything including rent, payroll, insurance..)? What is their net profit? Have you seen their profit and loss statements? (a good bookkeeper should have that).

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