Also gotta know how many customers on his list before you can assess what you’re getting for $10k. And how much marketing has he done to this list of customers previously? if not much, they come to his store based on convenience of location, habit, comfort with his inventory, etc. Wouldn’t pay for that. You might also want to look into buying data - are there alternative lists out there one can purchase, and what does that cost? (Why do I suddenly think of Glengarry Glen Ross?) Finally, idea for name? Twist on one of the great bars of DC (“Off the Record”): “On the Record”.
Opening Record Store
Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.