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.
fromunda
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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.
He’s going to have first dibs on any nebulous collections intel he’s selling you. By keeping the name, inventory, and fixtures, he’s not really selling you anything other than an empty store that used to be a record store.
Yes, online too, I forgot about that. BUT again, employees. ONE person... You’re gonna live and breath STORE.. To exist WELL and build a customer base. I’ll support you though..

Add REEL To REEL support, maybe a tiny blank inventory, or access to good pre recorded or record per request tapes...  THAT'S A GOOD IDEA... let me write that down.. ok, now where was I?

That’s an idea, "All things Analog PLUS" (of course, you fill in the blank) on PLUS. Plus could be support, CD, tiny listening room with a select small system, SS VALVE or combos. TRUE mini reference. BUT fair profit earning prices..

Have a back room coffee listening lounge. Where you can smoke and sip coffee TOO, I mean think on it and ponder the sound over yonder, Ay?..

Gears are grinding....

Regards