On 11 Dec 2006 10:02:05 -0800, Never Enough Money wrote:

I appreciate all the advice and insight I got on the original posting
called "Is it worth a career change?"
But let's suppose I'm either dumb or stubborn or both and wanted to
open up a business despite your admonishments not to. Yes, I've decided
a Woodcraft store is probably not the right thing to do. But now I'm
"kinda sorta" stuck on a place that sells exotic lumber. Let me pursue
that idea a little .....

I've found a place for sale. I don't know the details, we've arranged
to meet December 28'th. Or would it be better to not buy an existing
business and start fresh? Note, if I buy the business, part of the deal
would be to show me the ropes for a few months.

Nothing wrong with buying a running business, especially if its been run well
and is paying the owner a decent take-home amount. You gain significant
advantages doing so, including an existing customer base, and established
supplier relationships (and maybe even existing credit with them). And that
the current owner will provide some education is a plus.

You do need to be certain that the business has been run reasonably well. You
don't want to find that suppliers refuse to sell to you because of shoddy past
business practices, for example.

You don't mention if you'd be assuming any existing debt. Check into that,
too. You have to be comfortable with -all- of the things associated with the
business.

Is real estate (warehouse and offices) part of the deal, too? If it is, you'll
need to become familiar with the local regulations that govern this type of
business.

Are you thinking of running this until you retire? Have you thought about a
succession plan?

Where to turners usually buy their wood? (I'm not a turner.)

Nor am I. Maybe ask at rec.crafts.woodturning?

Do a lot of you use mail-order or internet ordering?

I do, from time to time. There are no really good suppliers of exotics local
to me, so for some species that's my only choice (either that, or drive 2
hours or more each way).

Does anyone know where to find suppliers?

Is exotic woods next on Home Depot's expansion plans?

What's the mark-up on exotic lumber? How much just never gets sold
because it's "not pretty enough?"

These are all great questions, and the current owner should be able to answer
all of them, perhaps with the exception of the one regarding possible future
competition. I'd expect him to know at least a little about his current
competition. You should not just consider Big Box stores as potential
competitors, BTW.

--
Art Greenberg
artg at eclipse dot net