LFS Business offer

[jmichaelh7]

Hello reefers those with experience and advice , any input is appreciated.

I was offered an opportunity by two people. One person who does finances like Loans , etc and the other who owns a local fish store.
Has anyone ever own a LFS business and work 40 hours at another job? Is it too much ? I’m seeing if it’s too much .

Thanks

 

[blaxsun]

I'm not entirely sure what you're asking...?

 

[Someguyfromsc]

If you are asking if anyone would want to own a business and all the stress from it and have to work full time dealing with someone else’s stress I’d say yeah that’s too much .

 

[Pyrogens]

I'm not entirely sure what you're asking...?

I second this, I'm confused. But if I do understand what you've said, this sounds like a terrible idea. Hard pass if it were me.

 

[w8lifts]

don't quit your day job, there’s a reason they asking…

 

[Tamale]

Are they offering to sell the whole business to you? Or are you planning to work there?

A successful LFS is a full time job to be sure. Tank maintenance, customer service, livestock care etc. that’s more than 40hrs a week. And I wouldn’t try to pawn that work off on an employee alone who has no stake in the business’s success long term.

Not to mention if they are looking to sell there is likely a lot of capital that needs to be invested into the store. Especially if there is competition within like 50 miles of you.

 

[jmichaelh7]

I second this, I'm confused. But if I do understand what you've said, this sounds like a terrible idea. Hard pass if it were me.

Sorry typing something and talking is terrible.

Pretty much keep my job but run a successful business at the same time . Hire someone to run it for you while you work .

 

[jmichaelh7]

Are they offering to sell the whole business to you? Or are you planning to work there?

A successful LFS is a full time job to be sure. Tank maintenance, customer service, livestock care etc. that’s more than 40hrs a week. And I wouldn’t try to pawn that work off on an employee alone who has no stake in the business’s success long term.

Offering to sell the LFS at a lump sump. And the other guy is willing to approve the loan so his buddy can retire. He’s going to send me the books . but I think I’m getting the input I thought , you would need to be 100% all in there at the business . He offered to hire someone he knows who was a manager at petco to run it for me but I’d obviously have to take a pay cut of the net the business brings in monthly.

 

[Pyrogens]

Sorry typing something and talking is terrible.

Pretty much keep my job but run a successful business at the same time . Hire someone to run it for you while you work .

Easy to put this on paper, executing is a whole other thing. I've been on the retail side with a successful LFS as a manager for years, and it's not nearly as easy as this is made to sound. Unless you plan to dive off and do this as your full time venture, don't do it.

 

[billyocean]

If you had the know how, ordering prowess, money for rebranding/overhead and time to dedicate to it....maybe. There are several stores around here that are lacking in the coral department. Taking over a business like that takes time to rebrand also...so slow over a year or two. Plus..online is the ticket in most cases for cost. If it is indeed corals...ypu could work full time at your job and try a coral operation at home...but that's still all of your free time if you're serious.

 

[Tamale]

Offering to sell a LFS at a lump sump. And the other guy is willing to approve the loan so his buddy can retire. He’s going to send me the books . but I think I’m getting the input I thought , it would need to be 100% all in .

Yeah most definitely. And again, I would expect you’re going to need to put funds on top of it unless it is absolutely crushing it as is.

There’s a lot of risk taking over a business. Any goodwill that is standing is not necessarily going to transfer to you. So you’re going to have to crush it and rebuild relationships. It’s going to be 110% effort for a few years at least I’d reckon.

As others above stated online is going to be your biggest competition bar none. And the stuff I said above about current customers is even more critical. So don’t take any numbers at face value. They might disappear when the current owner does.

 

[jmichaelh7]

Easy to put this on paper, executing is a whole other thing. I've been on the retail side with a successful LFS as a manager for years, and it's not nearly as easy as this is made to sound. Unless you plan to dive off and do this as your full time venture, don't do it.

Thank you! I almost feel a little dumb for asking the question because I know it’s not doable to do. I always wanted to own a LFS but to replace it as your day job doesn’t interest me.

Reef2reef please close this thread! All jokes aside thanks for everyone’s input

 

[jmichaelh7]

If you had the know how, ordering prowess, money for rebranding/overhead and time to dedicate to it....maybe. There are several stores around here that are lacking in the coral department. Taking over a business like that takes time to rebrand also...so slow over a year or two. Plus..online is the ticket in most cases for cost. If it is indeed corals...ypu could work full time at your job and try a coral operation at home...but that's still all of your free time if you're serious.

He did mentioned the owner was going to stick around for a month or so to show how everything works ordering process , stocking , inventory etc .

Again it goes back to the books unless it’s making more $$ than my day job I wouldn’t switch over.

 

[Tamale]

He did mentioned the owner was going to stick around for a month or so to show how everything works ordering process , stocking , inventory etc .

Again it goes back to the books unless it’s making more $$ than my day job I wouldn’t switch over.

Very level headed brother!

 

[Bj’s Reef]

You will get your best advice from those that are actually doing what you are thinking about doing. Don’t take this the wrong way. But never ask advice or permission from those who aren’t doing what you want to do. Finally don’t be afraid to take chances. The success will come with hard work and focus.

 

[jmichaelh7]

You will get your best advice from those that are actually doing what you are thinking about doing. Don’t take this the wrong way. But never ask advice or permission from those who aren’t doing what you want to do. Finally don’t be afraid to take chances. The success will come with hard work and focus.

Thanks. I called a buddy who has a LFS and he told me “do you like what you’re doing? Do you make good money? Then don’t worry about the business. You need to be ‘ON POINT’ with this they are animals not cell phones”.

Again he has sticks in 80% of his tanks. But it made me think 1) I don’t love what I do but it pays good . I wouldn’t quit my day time job unless the business made 1.5x what I make now. I love this hobby , I’m so passionate about it. But it might be better to be a hobbyist .

It’s good information though so I would definitely gather 100% of everything before ever making a move.

The advice on this forum is unbelievable though , great input all the time thanks

 

[Pyrogens]

I love this hobby , I’m so passionate about it. But it might be better to be a hobbyist .

This right here is such an underrated statement. I can't tell you how many times I've seen hobbyists with this mentality including myself, who enter into a business aspect of this and get absolutely burnt out and quit all together. Luckily, I'm still going but I can think of several instances where I wanted to quit because taking care of everything plus tanks at home was overwhelming at times.

 

[flashsmith]

As a small business owner. You need to be the face of the business. Running a business ain't easy. You've gotta build it with sweat equity. If you're not willing to do that then it's not for you. There's a reason why 90% of all businesses fail within the first two years.

 

[rtparty]

I worked at a LFS about 15 years ago. The owner was a full time real estate agent and high school baseball coach. He was originally the money behind the LFS but his partner running the store bailed on him and he was left trying to do all 3.

Every job got in the way of the other and the LFS was open like 4 hours a day and was a total money pit. I helped out 15-20 hours a week and got store credit to help my hobby purchases.

It was awesome right until it wasn’t lol. It became a job. My tank at home? A job. Cleaning the tanks at work? A job. Helping others with their tank? A job. It absolutely drove me away from the hobby part of it.

I am now self employed and own my own business with my dad. Self employed really means my business is open 24/7/365. There are no days off as a customer could need help at any time. Are there benefits of being self employed? Absolutely and I’d never trade them for having a boss and all that again. But it is something very few ever mention about self employment.

You know your own limits but plan a ton of hours and zero off time until you’re running the store full time making money.

I’d invest heavily in online sales by the way. Very few LFS can stay around with only locals