disclaimer: I've never run a business myself (other than being a
self-employed IT consultant for years and years). I've been doing a
lot of research into this subject with the anticipation of buying some
kind of franchise or business or something.

Never Enough Money wrote:
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.

You need to look at all of the books for the company. They should be
in pristine condition. It should be obvious how well the business is
being run. It should also be obvious what the cash flow is. If you're
taking out a loan to buy the business, that should obviously be figured
into the cash flow. You should be asking yourself when you get your
money back.

Does anyone know where to find suppliers?

The previous owner should be a great resource for this. Once you have
his supplier list, call the suppliers and ask them to recommending
other suppliers who have things they don't have. In short, build a
network of relationships with your suppliers.

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

Me neither. Can't help there.

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

I would if I were buying veneers. I'm not there yet though.

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

I *really* doubt it. They make money on high volume.

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

I bought a maple board from kettle-moraine up by mulwaukee. It had
previously been marked as quilted (or something) maple, but had that
scribbled out and was tossed in with the regular maple boards. Now
that I've planed it, some of it is quilted maple. I suspect it didn't
move as a figured wood, so they sold it as a regular board. So I'm
sure it happens. It's probably hard to predict how much. Keep a tuned
block plane and a squirt bottle of water or alcohol or something to
expose the grain for perspective buyers.

No matter what the business is, whether you buy one or start your own,
you need to do what is called "due diligence". This basically means
you need to investigate everything. And I mean everything. If a
building is included, does the EPA have a problem with the property?
Are there city rules that you'll be running up against? Unpaid taxes
or liens? Did the property used to be a gas station? Does the
business have tax problems? Is the main drag out in front about to go
through a year long construction project that will limit (or totally
destroy) customer traffic to the site? What is the current owner
hiding from you? Is a major competitor about to open across the
street? Find out why he's selling and make sure the story adds up.
There are books out there that list questions like these you should ask
and public records you should investigate.

If you get it going and you're here in the chicago area, let me know.
I'd like to find a source for reasonably priced specialty plywoods,
like baltic birch, MDO, or that phenolic coated stuff.

brian