thinking of buying aquamart need your opinions
- Thread starter chris 67
- Start date
Why don't you try to find Dave, one of the original owners, and talk with him. I believe he works for Costco now. You can also talk with Will, of Premier Fish and Reef for his opinion when he was a part owner in that location.
Most everyone has a favorable opinion of Premier Fish and Reef, and then Aquamart when Dave ran it. Sadly, even with talented management, I believe the fixed costs to be too heavy to have a successful store.
Perhaps with the economy being what it is, you could negotiate a substantial rent reduction if you choose to stay. Be sure to get a full set of financials from Aquamart (in their ad to sell the store they stated financial weren't available), but I would insist on them. Most likely they show substantial losses, but you need to know what costs may come up that you didn't contemplate.
Good luck with whatever you decide.
Most everyone has a favorable opinion of Premier Fish and Reef, and then Aquamart when Dave ran it. Sadly, even with talented management, I believe the fixed costs to be too heavy to have a successful store.
Perhaps with the economy being what it is, you could negotiate a substantial rent reduction if you choose to stay. Be sure to get a full set of financials from Aquamart (in their ad to sell the store they stated financial weren't available), but I would insist on them. Most likely they show substantial losses, but you need to know what costs may come up that you didn't contemplate.
Good luck with whatever you decide.
Dave is handling the possible sale of the assets(that is why he is listed on the ad). There are no financials available, I asked, because I tried to buy it and see if it could be returned to what it was the year and a half I was there when it became Aquamart(the no financials was added to the ad after I asked). It was profitable when I was there. Not sure about what has happened since, but if it is an asset only sale, you would have to question what the financials look like. I wont discuss the talks that I have had about the purchase with Dave or the opinions I have gathered from others in the industry, but I will say I am still pursuing a career in another industry. With projections of the economy loosing more jobs and home values continuing to drop, hobby industries are not a safe bet being they will be the first to suffer. I would not discourage you from pursuing the idea, but keep in mind people were still calling Aquamart "Premier" more than a year after the purchase, so don't expect a name change to have a immediate effect.
I don't think most people know since I was at the store before the doors opened most of the time doing work and not there schmoozing people during the evenings or weekends. And I would not take anything from Dave and the relationships he built there, He was a great GM for the store. But I did do all the marine ordering, maintenance, quarantining, and pricing for the first year until Jake came in and took over the Corals and displays. Then I still did all that for the fish until I left the store. Again, not sure what has happened since my departure.
As Zen said, Good luck with your decision.
I don't think most people know since I was at the store before the doors opened most of the time doing work and not there schmoozing people during the evenings or weekends. And I would not take anything from Dave and the relationships he built there, He was a great GM for the store. But I did do all the marine ordering, maintenance, quarantining, and pricing for the first year until Jake came in and took over the Corals and displays. Then I still did all that for the fish until I left the store. Again, not sure what has happened since my departure.
As Zen said, Good luck with your decision.
Hey gang- I am currently back at Aquamart. The store has been openly on the market and we have 2 individuals that are in serious discussions at this time regarding the purchase of the store. In my humble opinion the store is in a great location. Size does not matter! You just have to be creative on utilizing the space to generate revenue. So many potential ideas that have not yet been utilized.
We have been in clean up mode for the past several weeks and and I promise- most of the aiptasia are gone! In the interim, we are again quarantining the fish and restocking both dry goods and livestock. WE HAVE LOWERED PRICES!! I believe you will find the new livestock prices to be very competitive. Customer service is the key to surviving in the retail jungle.
For anyone who is interested in purchasing Aquamart, the financials can be available. However, being an asset sale it is typically not necessary to provide them. I will be glad to answer any questions a serious, potential buyer may have. Please come by and say hey!
Dave M
We have been in clean up mode for the past several weeks and and I promise- most of the aiptasia are gone! In the interim, we are again quarantining the fish and restocking both dry goods and livestock. WE HAVE LOWERED PRICES!! I believe you will find the new livestock prices to be very competitive. Customer service is the key to surviving in the retail jungle.
For anyone who is interested in purchasing Aquamart, the financials can be available. However, being an asset sale it is typically not necessary to provide them. I will be glad to answer any questions a serious, potential buyer may have. Please come by and say hey!
Dave M
Check out vivid aquariums in Cali. Www.vividaquariums.com. Colorado needs a store like this and aquamart could be it with the right owner. Also look at aqua imports in boulder. They are not the best around price wise but I go to them often because the quality is top notch. Their employees are also the most knowledgeable around. Cheap frags are great but don't necessarily attract the customers that you will make a lot of money off of.
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Just a few questions to ponder:
1. How many different owners have been there?
2. Why has it been sold so many times?
3. If it is struggling now and before, why would it make it this time around?
4. Do you have enough capital to last at least 2-3 years?(http://wiki.answers.com/Q/How_much_money_does_the_average_small_business_owner_make_a_year)
5. Will you be throwing away your lifes savings to do this and is it worthe it?
Used to be in the restaurant business. I understand this is a completely different business but I would watch a new mom and pop restaurant come and go on an annual basis in the exact same location. Just a few basic questions for you to think about.
1. How many different owners have been there?
2. Why has it been sold so many times?
3. If it is struggling now and before, why would it make it this time around?
4. Do you have enough capital to last at least 2-3 years?(http://wiki.answers.com/Q/How_much_money_does_the_average_small_business_owner_make_a_year)
5. Will you be throwing away your lifes savings to do this and is it worthe it?
Used to be in the restaurant business. I understand this is a completely different business but I would watch a new mom and pop restaurant come and go on an annual basis in the exact same location. Just a few basic questions for you to think about.
A friend owns retail property around Aquamart and something tells me that rent in that area is far from cheap. IMO the space is far too big. The best LFS's I've been in around the country are small, well planned out and very clean. They keep their overhead down by not having a ton of tanks that end up sitting empty with 1 fish or some snails. That's one thing I find funny when you go into a huge stores with lots of tanks. One tank with 5 hermits. Then one tank with nothing but a piece of caulerpa. Then a tank with 50 small clowns then an empty tank with a peppermint shrimp.
I would perhaps look into purchasing the equipment and moving into a cheaper, smaller space. Start fresh but know what you're doing because IMO LFS are going to be a thing of the past with locals propagating and selling their own corals and online stores that offer fish and corals for much cheaper with great customer service as well. Then you also have the basement business guys who sell livestock and equipment. Tough business to be in.
I would perhaps look into purchasing the equipment and moving into a cheaper, smaller space. Start fresh but know what you're doing because IMO LFS are going to be a thing of the past with locals propagating and selling their own corals and online stores that offer fish and corals for much cheaper with great customer service as well. Then you also have the basement business guys who sell livestock and equipment. Tough business to be in.
Maybe dedicate some space for raising fish/snails and/or cultivating different types of macro algae.
Have a huge online presence. Most of your sales could come from the internet.
I agree with WrasseAttack, maybe have a smaller shop.
Maintain lists of things people want and order them in one big order (possibly discounted if they aren't going to be quarantined).
Find out which equipment people in the area use and stock that.
Try and find a wholesaler to work with you to sell you salt really cheap so you can match online prices.
Have a huge online presence. Most of your sales could come from the internet.
I agree with WrasseAttack, maybe have a smaller shop.
Maintain lists of things people want and order them in one big order (possibly discounted if they aren't going to be quarantined).
Find out which equipment people in the area use and stock that.
Try and find a wholesaler to work with you to sell you salt really cheap so you can match online prices.