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Panic Had a chat with the vendor and looked over the numbers in the computer. Sales, expenses, etc, mainly used the P&L figures but you have to find out what else is going on. We looked at the numbers from his accountant. So the net profit is what he paid tax on. Heard of one business where...

G'day Acey I've had a look now, their numbers seem a bit low for the startup costs. Profit seems reasonable. I guess if you didn't have the security system, cameras, counter, etc you could get away with 100k startup but if you set it out well you need more like $200k, just checking out the cost...

Bugga I only got him to drop it by 10%, well done Panic. I think I need to knuckle down and become harder in my negotiation, sometimes I see the possiblilities and think others seem them as they are very obvious, so I get excited and pay a bit more they I might have needed to. Anyway due...

The lease is almost sorted out, landlord reckons he knew nothing about it and will get the solicitor to draw up the contract as per the old lease agreement, $49k + gst with CPI adjustments. Just waiting for the piece of paper to sign now. cheers quoll

G'day Macca Like a lot of industries things change. I worried about the piracy, cable TV, video on demand, but in the end I decided a lot of loanly people want to go and have a chat with someone, the numbers looked good. The DVD by mail thing seems OK but you still have to go and post the...

G'day Marc1 It's a video store. Rental and Retail of DVD's, Games, Music. There are at least 50 for sale around Oz currently. Buying the wife a job and getting a managed business with 6 staff. It'll give us something to do in the evenings, talk and buy DVD's. Just keep an eye on the for sale...

Thanks Geoff Got out of that one, borrowed against residential property, with an interest only loan. The lease is the only purchasing hassle. Once we are in the business we have to build it back up as it's been run down alot. Cheers quoll

Thanks guys. It's so much fun steping into a new area, so much to learn. Anyone know a good commercial property lawyer in Adelaide? I might need to talk to one. The landlord has accepted us as tenants, it's just the terms of the lease that need sorting out. The blurb you get from the broker...

There appears to be shops in the area that have been vacant for 6-12 months. I'm hoping I can reason with the landlord and make him see that having a tenant at $49k is better than not having a tenant for 12 months. The current lease is for the next 3 years. Cheers quoll

The current owner is only paying rent by the month, he had a lease, the lease expired, he negotiated a new lease but didn't sign it. The business was sold with a copy of the new lease attached. I thought I was going in with this lease being transfered to my company. Extremely rich!!!! I was...

Purchasing a business and we just got the draft of the new lease. The previous owner was just about to sign a new lease at $49,775.88 per annum + GST, the lease the landlord has sent us is for $58,807.80 per annum + GST and he wants to up it by 3% + CPI each year after that. This is the first...