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130 sats \ 6 replies \ @siggy47 OP 25 Jul \ parent \ on: Bitcoin Brick & Mortar bitcoin
Yes, I remember this post and discussion.
Unfortunately the financials they provided me were a bunch of crap. It took about 15 minutes walking around the store, reviewing the inventory, pricing, customer counts to realize they would have to turn over the entire store inventory every week to make the amount of revenue they were claiming to make.
The business is still for sale and I am somewhat still interested but until I can get a better look into the financials I am hesitant. I don’t want to buy a money pit. There is two years left on the lease and the landlord is will to extend it under current term for a new owner or renegotiate but it’s kind of a moot point if the business is losing money.
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From what I know about you you're more experienced in analyzing this stuff than me. I have been involved in a few business buys in the past, and I automatically build in a pretty high bullshit assumption when talking to prior owners. No matter what they say, I always assume it will be a major turnaround project.
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Agreed. The hang up is I want sales data directly from the pos system to consider moving forward and they want me to take their bullshit spreadsheets at face value.
My argument is just give it to me now because you are going to have to give it to me eventually and the sale will just fall through and it will be a big waste of our time but I guess they are counting on sunk cost and whoever buys already being too far down the road to turn back.