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Buying frame shops

Mo Elyas

Mo Elyas

Frequent Poster
Messages
325
Loc
New York, NY
Company
Big Apple Art Gallery
I am looking into buying a couple of local frames shops in NJ. I am not sure how to proceed. There are rumors from moulding sales reps that these shops are closing due to retirement but have very good sales. I am hesitant in approaching these potential retirees/sellers due to the sensitivity of the situation. What would be a nice way of doing this or maybe I should not approach them at all? I would really hate to be guy who told them I think you need to retire.
 
I don't see a problem with the direct approach. Just be truthful.

Just tell them that you had heard rumors that they might be selling / closing, and if that is true, you would like to talk to them about their business because you MIGHT be interested in a frame shop in their area. [I would not tell them where the rumors came from.]

And if the rumors are not true, well, you wish them well, and maybe you can see them in Las Vegas, if they are going to the show. If not, then maybe at one of the PPFA events in the area.
 
I think Russ nailed it. If you're careful to be discreet, and be certain you're talking with the owner, this is probably the best approach considering the tip came from a 3rd party.
 
Mo, you need not mention the rumors. Just contact the owners and say something like, "I may interested in buying an established business like yours. Might you be interested in selling?"

If the owners ask why you're interested, you could say, "It's time for me to expand my businesses."

If they ask whether you've heard rumors, you could say "I don't pay much attention to rumors, but I hear them all the time. Is there something I should know?"
 
Jim Miller said:
Mo, you need not mention the rumors. Just contact the owners and say something like, "I may interested in buying an established business like yours. Might you be interested in selling?"

If the owners ask why you're interested, you could say, "It's time for me to expand my businesses."

If they ask whether you've heard rumors, you could say "I don't pay much attention to rumors, but I hear them all the time. Is there something I should know?"
Click to expand...

I like this a lot. Thank you Jim. :-)
 
While I believe Jim's approach makes sense, I would still let them know there were rumors out there because:

1. If there were rumors out there that YOU were selling and they were not true, would you like to know?

2. I had a client from my consulting days that started receiving calls asking if he was interested in selling. He was curious about why so many calls when he had no plans on selling. Finally one of the callers mentioned there were rumors. He was very appreciative towards that individual, and when he finally did sell, he let that individual know he was interested.

He traced down the source of the rumor, and realized there were some 'behind the scenes' activities going on, that were somewhat unethical, and someone was trying to exert influence so the company would need to sell. [eg. if enough suppliers believe you are going to close down, or sell, all of a sudden you don't get the support, you don't get the terms, and you are placed on the black list]

I believe complete honesty is best, in the long run.
 
Russ Wood said:
He traced down the source of the rumor, and realized there were some 'behind the scenes' activities going on, that were somewhat unethical, and someone was trying to exert influence so the company would need to sell... I believe complete honesty is best, in the long run.
Click to expand...

Of course honesty is best, but unless the rumors seem to be damaging, or otherwise significant, why bring up such a distraction? Is there any reason to believe something untoward is going on in this case?

Mo's premise is simply to inquire about purchasing. If rumors play into the prospective seller's decision-making process, that factor would enter into the conversation soon enough.
 
Jim Miller said:
Of course honesty is best, but unless the rumors seem to be damaging, or otherwise significant, why bring up such a distraction? Is there any reason to believe something untoward is going on in this case?

Mo's premise is simply to inquire about purchasing. If rumors play into the prospective seller's decision-making process, that factor would enter into the conversation soon enough.
Click to expand...

Thank you Jim. You are very kind.
:-)
 
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