bait and tackle shop

[sid_fishes]

i,m just wondering how many ausfishers use the bait and tackle shop in colburn ave at victoria point
as i,ve done damage to my back , i,m not keen on going back to my trade, and they say a change is as good as a holiday
what are the pro,s and con,s of a business like this
all info would be gladly taken on board
thanks
ian

[Scott nthQld]

not familiar with that particular store....or your area even. but one of the larger problems I can see with tackle shops is how business can and will fluctuate according to weather patterns. Weeks of non-stop wind and rain will obviously have a lot of the fishing fraternity hidden away and business will go south, but periods of fine, calm weather will see you run off your feet.

Another thing to look out for is Govt/greens coalition meticulously destroying the industry, that would be one of my biggest long term concerns.

Other stuff like online shopping can and will hurt, why would people buy locally at twice the price than what they can get it for when buying overseas? This will be especially painful when the dollar is up. Will hurt even more when Aussie distributors of the brands are doing nothing but gouging the market and offer no dealer support....dollar goes down, prices go up, dollar goes up, prices stay the same.

There's just a couple of thing to look out for, I'm sure there are millions more.

[Leighton]

Not sure on that store but Duncan at Fishhead has a strong following in that area, however he is more a boutique Tackle store.
I know the local bait and tackle store here has tough times through the year. Mack season as Palm Beach reef is right out the front and school holidays are better trading times as there are 2 caravan parks close by for the casual angler to get fishing in the creek.

[finga]

How's the parking at that one for blokes with trailers?

Other then that it's a good spot as it's on a mainish drag to the ramp.
From what I can remember there was not that much in the line of decent tackle.

Might do alright if parking is not a problem and decent stock is available.
You know...just like Budds used to be before they went sh!t.
Mike would be the one to ask about that particular store as he's around the corner.

Poor Russell was left stranded with it by the sounds.
Poor bugger. He just can't take a trick.

[PinHead]

1. buying overseas is inconsequential in the overall scheme..only a minority shop that way.

2. Fishead..you just about need a dictionary of fishing jingo to go in there..way out of the average fishos' line.

3. Is the shop operating now?

4. Ensure due diligence is done then squeeze the crap out of the price....

AND...most importantly ensure there is an adequate lease on the premises..you would not want to buy the business and then get tossed out.

THEN...

get list of suppliers and especially bait suppliers and contact them re continuing supply and prices etc.

Just a couple of my thoughts

[Horse]

Pay nothing for goodwill as its worth nothing during the changeover. Do a detailed business plan. What are you going to stock and who are you going to sell it to. What sort of tunover can you expect and how much do you need to take out of the store for your own income. Its not an easy game to jump into so be wary. Most of the stores that survive have either great customer service or specialist gear and knowledge

[tracing em]

hi ian, problem with the place is that he is trying to sell potential, and not what its actually worth, if it was worth what he is asking for it and if it was making money , it would have sold ages ago.and without the figures to back up what he says its taking, it proberly wont sell. be wary of what you get yourself into.

[nigelr]

Forgive me for stating the bleeding obvious, but all the above negatives are exacerbated if you need to service debt.
Some fantastic advice given by previous posters, IMHO.
Best wishes.

[4x4frog]

Have seen the ads and followed the posts on Nuggets forum regards the sale and current owners input. Have a look there to see a bit more.
By the looks, it's a reasonable price and his turnover figures aren't shabby and could easily be improved upon.
If I had the ready$ and better health it would be up for serious consideration as a sea change would be nice, albeit only 20km or so from here.

[jimbamb]

my 2 bobs worth.
the only figures you can trust are actual tax figures..
Nothing else can be guaranteed ...some smart operators even bank their takings twice ,Withdraw them and rebank them,Makes the turnover look good but tax figures dont lie.
JIM

[jimbamb]

Not baggin this bloke as i don,t know anything about him
Speaking in general not specifically..
Jim

[yalta]

i personally would not buy an existing tackle shop.you would only be buying the name there are lots of tackle and bait suppiers that will be happy to help someone starting out.what's stopping the seller opening up another tackle shop down the road.a big gamble with your hard earned money.

[PinHead]

i personally would not buy an existing tackle shop.you would only be buying the name there are lots of tackle and bait suppiers that will be happy to help someone starting out.what's stopping the seller opening up another tackle shop down the road.a big gamble with your hard earned money.

that is an easy one to overcome and is commoonly done..a clause in the contract that forbids the vendor from having a business in the same industry within a certain radius and for so many years.