Anyone own/ manage a shop?

[TooTightFit]

An opportunity has arisen in my town to buy a shop I have had my eye on for a few years. I have worked in retail, largely in what the shop sells, and really enjoyed it. It’s a very traditional business, in a touristy area, with a population boom, much to the locals dismay, but shop owners pleasure.

We are currently looking at their accounts. It is a viable business that makes a decent margin and profit without even a good chunk coming from internet sales, which I think is an opportunity for the business.

I’ve so far only looked at the books. I know other shop owners there who I’m going to talk to.

Can you please share your stories with me about running or owning a shop. The good, the bad and the ugly.

If the premises are rented, then you need to look closely at whether the rent is likely to rise and when, and by how much. Maybe talk to the owners of other businesses nearby.

I'd also want to find out why the current people are selling up.

It is a 10- year lease with 9 to go.

Have you ever successfully managed staff as part of working in retail?
in terms of buying the business, I would definitely be finding out why it is being sold, especially if it is so profitable. I wouldn't sell a profitable business, I would just employ someone else to run it for me and skim off the top.
That lease is frighteningly long. Unless it is written in your contract there will be no rent increases for the duration, proceed with caution.
What are the rates like, utilities, insurance? These are all things to consider as costs.
Does the business owe any money either through loans or to suppliers?
When looking at accounts are you seeing absolutely everything? Cash in hand, every single outgoing, VAT bills etc? Not just what is on Companies House.
If you have worked in retail and really enjoyed it, you're best getting rid of the notion that you will definitely enjoy playing shop because working for yourself when the buck falls with you is nothing like going to work, being told what to do, getting paid and going home at the end of the day to forget about your work until the next shift. It is relentless. You never stop. If someone calls in sick and you've just worked 16 days straight without a day off (including evenings because when else will you get time for admin, accounts, sourcing new stock etc), it will be you picking up the slack.
What is your plan for if you want time off?
What will happen with existing staff?
Lots to think about and not for the faint hearted. I wouldn't have a bricks and mortar shop and I've been a self employed online retailer for nearly eleven years.