Awesome Opportunity

WooHoo!!!!!!!  

 What kind of stuff does it already sell? I have one idea though, make sure that at least one pet outfit fits a Corgi. It always peeves me because shes long and low, I'm sure Amanda can agree cause of Shooter and Shatzi.

That is awesome!  Congratulations...how much fun will that be.  Work...but fun!

Tiff, Right now it sells stuffies, collars, chew toys, some suppliments, treats, leashes, clothes, some beds, some decorative items.  Just so kitties aren't forgotten there's some cat stuff too.  I'd like to add more cat stuff but my strength is in dogs as are my friends & contacts.

One idea I had for a name was For Paws.

Barb, ya all know I love dogs, DUH! I love to shop.  I love to talk dog with whoever will listen.  The boys are always mad at me for 'cheating' on them.  Why not try to make a living at it?  When ever I did those aptitude assesment test, sales always came up as a strength.  I always pictured sales as a door to door gig & that is just not my style.  This IS my style and I can take a dog or 2 to work with me.  I know it will be a lot of work but I'm up for the challenge.  Plus the owner will stay with me for several months to make sure I know what I'm doing.  She wants this to succeed.  So do I.

 There's a dog day care here called Four Paws. Don't think you're close enough that the customers there would know of this place though. Not sure what to call it, but why is she getting out of it? I always think that if it were doing wonderfully well, the owner wouldn't want out.

Griff, I'm thinking FOR Paws.  That would include canine/feline.  The reason she's selling is that she has 2 businesses.  She's gotten both to a point where they are ready to go on to the next level of growth.  She can't do both businesses & one has to go.  I've known her since the store opened up & know what she's put into it.  I'm ready to take it to the next level.

Annie, I have a feeling you're going to rock at this!  I'm sure your attorney will be looking over all her financials to make sure you're not buying her troubles.  I have confidence in you.  Congrats, you must be soooo excited!

miranadobe

I'm sure your attorney will be looking over all her financials to make sure you're not buying her troubles.

Agreed!  In terms of what to do, definitely have an attorney and an accountant look over her books, etc. to make sure everything is good.

What about her suppliers?  Will they be willing to extend any discounts/contracts to you as well?

Just thinking of things off the top of my head 

- Speaking from a sales standpoint you would need to start thinking about x-mas probably right away to get your orders into suppliers, etc. 

- You will probably need a credit card merchant account.

- Your state should have a list of business names that aren't already trade marked, etc.  Check there to make sure you aren't infringing on someone else's name - otherwise that could get a little sticky.  They don't necessarily have to be exact for people to get their knickers in a bunch and try to sue you.

- Web-site.  Does she have one?  Do you want one?  If so, who hosts it, how about shipping, etc. 

- Sponsor events - adoption day, rescue support, etc.  We have a small local pet store here and they are always sponsoring adoption events to get people in the store

- One more thought for x-mas - you could do pics with Santa...free pic (using digital camera and printer) with the purchase of $5 of merchandise or donation to rescue, etc.

This is just so cool.  This is DH and I's dream to own a shop.  I am soo soo excited for you!

Congrats on the new venture!

I'd check around in the yellow book first to see what names are "taken" no sense getting attached then finding out you cannot use it!

I like what you picked but, check it out thoroughly since it's a common play on words.

Posh Pets or Pets & People...or you could try something Frenchy and upscale sounding...Le Pet Terrifique or somesuch, my French is like...PePe LePew level...LOL!

Unleashed, Leash on Luxury, Pooches & Purrs (ooh that's cool like Peaches & Herb, lmbo).

Wow, Annie, how exciting!!

BF & I had a similar experience a couple years ago (buying a business).  Neither of us had run/owned a company before, but we both knew the industry, as we'd worked for the company we purchased for many years.  It is scary, but when opportunities like these come along, and you feel it in your heart that you can do it and will love it, you just gotta go for it.  We love owning our own company, and so far, a year and a half in, things are going really great for us, even in a cruddy economy.

I assume since you won't be buying the name, that you are simply purchasing the company's assets.  In that case, you will actually need to set up your own brand new company.  The person you are buying it from may be able to help you with that since she's done it before; don't pay a lawyer to set up your corporation...you can do it yourself.  Also, feel free to PM me, I did all that for our company; we did the same thing in setting up a brand new company, so I know what you need to do federal & state to get that part set up.

You will want an accountant to look over the company's financials (balance sheets & P&Ls for the past few years), and an attorney to look over her initial offer.

Really, PM me if you need any advice on doing this stuff.  I'd be more than happy to help!

rwbeagles

I'd check around in the yellow book first to see what names are "taken" no sense getting attached then finding out you cannot use it!

I just emailed you -- Gina is right and so is whomever said above about the name similarities.  If you go to your state's Division of Corporations (should be under state government -- may be online -- Florida's is) you should hopefully be able to find out what sort of  Ficitious Names have been filed for -- you can't duplicate another name (I say more about that in my email -- you *need* an attorney to get thru all this) -- but there's this whole big deal about corporate entity names and then if you choose a fictitious name to use for the company to go by ... but that's where you get into registereing the name and a trademark if need be.  That's usually later -- but she's probably going to keep her fictitous name and she MAY be going to do something iwth it locally so you'll need to find out what the ramifications are of all of that.

Someone above mentioned deals with suppliers -- and there are times there may be contracts involved -- again it's stuff you **gotta** know about and you probably can't navigate thru this by yourslelf.  Buying a business that is a going concern is a whole different deal than starting one on your own.  Not worse just different.

Good luck -- it can be SUCH an exciting venture.  But the due diligence search is SO critical -- finding out all the things she may not tell you -- things maybe she doesn't even know -- so you don't get caught out.