O
oddwire
Guest
My parents own a small independent retail outlet (newagents / deli etc, very 'local') and are looking to retire. They have the business up for sale but are willing to lease it to my husband and I, which we are considering at the moment.
We would take over the business as it is but make some changes - modernise it, increase the food section etc. The business is quite profitable at the moment but we would foresee increasing the trade greatly.
I have a couple of questions about this that I hope people can help me with:
1. How do we calculate what rent to pay them? Is there a standard formula for working this out based on turnover, square footage etc?
2. What would be a good company to price things like till systems, deli counters etc as we need to factor in these costs to our own figures.
We are also hoping that after an initial period of me working there full time we would have the staff / systems in place that wouldn't require either of us to be involved in working there day to day, just doing the background stuff (accounts, ordering, wages etc) which I could do a few hours a week. Do another other similar retailers have such a system in place - is it workable or are we kidding ourselves?
Thanks in advance for any help!
We would take over the business as it is but make some changes - modernise it, increase the food section etc. The business is quite profitable at the moment but we would foresee increasing the trade greatly.
I have a couple of questions about this that I hope people can help me with:
1. How do we calculate what rent to pay them? Is there a standard formula for working this out based on turnover, square footage etc?
2. What would be a good company to price things like till systems, deli counters etc as we need to factor in these costs to our own figures.
We are also hoping that after an initial period of me working there full time we would have the staff / systems in place that wouldn't require either of us to be involved in working there day to day, just doing the background stuff (accounts, ordering, wages etc) which I could do a few hours a week. Do another other similar retailers have such a system in place - is it workable or are we kidding ourselves?
Thanks in advance for any help!