Where do I begin to look for info on running a grocer's shop?

window_cleaner

I'm talking here about the financial side of running a shop - not whether I am up to the challenge etc.

I'm thinking about buying an existing, successful, grocer's shop. It would mean taking over an existing lease I suppose - or would it involve a new lease, perhaps?

How do I finance the purchase? Who else do I need to involve? What type of solicitor? A regular conveyancing solicitor?

Will I need much cash flow to run the shop from week to week?

I'm 50 y/o with my own house which would be my (a lender's) security.

This is a successful shop - but is it the right time to taking on a loan of maybe £70k?

Any advice very welcome.

Unstoppable_2

You'll need a solicitor to handle the purchase and transfer of the business to make sure it's all done properly.
Other things depend on how you form the company, whether to do it as sole trader (I wouldn't) or Ltd company.

How much cash flow will you need to run the shop? Only you can find that out by doing your homework. Looking at the books for the previous year would be a start. I'd have expected for one a bit larger than a small corner shop, a good few £2-3000 a week for stock and wages, not including a wage for yourself. My mate has an arcade with 3 part time staff and it costs him £1000 a week just to open the doors. You've stock to buy, waste disposal etc.

I don't think I'd be looking at doing it until I'd seen the books and taken them to a bloody good accountant to get their opinion.

Savvy_Sue

Try the Small Biz board.