Hi Everybody. I`m new to SuNation, and to computers. Currently, because of the death of my Mom, I am out-of-town. When I return home (NV), I am contemplating making an offer on a small (800 square foot) retail niche business (New Age Shop) which is currently a sole proprietorship with Enron-type accounting practices by the current owner. She appears to have a very loose way of doing things, although the business has been around for 13 years (she`s retiring out of the country). She wants to put my name on her personal banking account and take her name off (I won`t agree to this), she wants to let the suppliers know I will be her "manager" so I can do the ordering through the accounts she`s already set up, she`ll put my name on the lease (which runs 2 more years), and the business will transfer to me after I obtain the proper licenses and permits. I know she was NOT creative with the accounting for the retail portion, but everything else (expenditures, etc.) seems "creative". She wants to simply install software she purchased in her name onto my own personal computer and charge me more than what she paid for it (this is not legal and I won`t allow it as I found out it was registered to her personally).
I would love to own this shop, know I can upgrade it into a much greater revenue producing business, but what is the best way to offer her what I think the business is worth (1/3 of what she`s asking). I did a "retail pricing inventory" the best I could because she claims she gets 100% markup.
I would need to discuss an offer as soon as I get back to Nevada next week, so any suggestions would be appreciated. I`ll try to get a profile in sometime soon too. Thank you so much for any help you provide.