Buying A Comic Store

[the blob]

personally i think you're nuts if you're going to have the former owner run the place.

 

not to say comic shop owners can't be trusted (most can't), but i wouldn't be surprised to see him selling [your] comics on ebay or snagging every good deal on books that come in through the door brought to him by little old ladies, etc. why on earth would he have the store buy that FF #1 for $5 when he can do it himself?

 

if you're not around to watch him, how would you ever know? security cameras only say so much.

[drsone]

I don't have anything to add to this thread, but I just wanted to say it's been very informative for me. If anyone else has experience in this area please post your stories.

[shadroch]

personally i think you're nuts if you're going to have the former owner run the place.

 

not to say comic shop owners can't be trusted (most can't), but i wouldn't be surprised to see him selling [your] comics on ebay or snagging every good deal on books that come in through the door brought to him by little old ladies, etc. why on earth would he have the store buy that FF #1 for $5 when he can do it himself?

 

if you're not around to watch him, how would you ever know? security cameras only say so much.

 

Using your logic,I guess you'd need to be in the store at the registar every moment the store was open. Why would you trust an employee?

Besides which,any business owner should put his employees thru integrity test on a regular basis. Leave an extra twenty in his cash draw,have someone come in to sell some books,ect,ect.

 

[dc360]

Doesn't anyone read around here?

[drsone]

Doesn't anyone read around here?

 

Yeah, people who come across the greatest deal in the history of comics tend to do okay with their comic book shops.

[comicworm]

Doesn't anyone read around here?

 

Yeah, people who come across the greatest deal in the history of comics tend to do okay with their comic book shops.

 

 

 

Very true! The comic book business is a very hard business and is only for a select few....

 

If you expect the owner to stay around as an employee and help you run the business, the other poster is correct, you must be dreaming....

 

Good luck to whatever you decide!

Personally I would stick with the internet and eBay for a while before taking this type of plunge!

[the blob]

"Using your logic,I guess you'd need to be in the store at the registar every moment the store was open. Why would you trust an employee?

Besides which,any business owner should put his employees thru integrity test on a regular basis. Leave an extra twenty in his cash draw,have someone come in to sell some books,ect,ect."

 

If employees know you're around more often than you're not, and pop in and out, it keeps them on their toes and more honest. I'm not sure what our OP intends to do.

 

PLUS, the former owner, while maybe he won't steal outright (that may depend on how well the business is doing), may feel entitled to poach a good deal that comes in through the store.

 

Sure, if you catch him, then I guess you find him out. But if the whole basis for the investment is that this guy runs the place, then what do you do?

 

I know three guys who used to own shops. I have no doubts that all three of them would poach if a great opportunity arose, they probably wouldn't steal merchandise outright. They're adults and wouldn't really "need" the job. Also, running your own business for 10-20 years often makes it hard to be an employee. A 20something kid might be worried about getting canned and losing his references (or losing a cushy comic shop gig where he gets paid to hang out all day and read comics).

[Moondog]

>>>My goal is to find an existing comics and collectibles store that has a solid market position, positive cash flow and limited competition. Ideally, the store will have an owner/operator that will be willing to stay on as an employee to run the business and help pursue new opportunities that can be enabled with additional capital.<<<

 

Gray:

 

Almost every potential pitfall has been mentioned so far in this thread, and you're getting some great advice, but your wish list above is so "pie-in-the-sky" that it's potentially very dangerous.

 

First, no first-time absentee owner in any business should expect it run itself. Especially with the former owner there.

 

My background is in comics retailing. I founded the Moondog's chain in 1978 and subsequently sold it in the hot retail environment of the early 90's to a public company. My retail strategy was to bring comics to the masses by putting them onsale where consumers traditionally shopped. Not in out of the way places where most comics stores are located, but in regional malls and other high-traffic areas. This strategy was very successful - except for the new owners. They ran the business into the ground and ultimately all that's left right now are 3 of the original 6 stores.

 

I've bought and sold 11 stores during the past 27 years.

 

The most successful comics stores are those owned and OPERATED by tough-nosed business guys who are keenly focused on keeping costs low and margins high. I know of no absentee owner who has ever been successful. The nature of the business precludes someone from coming in a day a week to see what's happening and count the money. Employees will steal. Customers will steal. Landlords will take advantage of you. The village or city will take advantage of you. Suppliers, contractors, you name it - will take advantage of you. That's why you've got to be there to run things. Sure you need a manager/helper, but you've got to run the store and be there in person to assure a chance of success.

 

I remember getting this call 5 times over the years:

 

3:00 a.m. "This is the police, Mr.Colabuono. You're store has been broken into and the alarm is going... please call the board up people and come in to turn off the alarm. You'll want to clean up all this broken glass too."

 

You're only chance at success is to run the store yourself and do most of the work.

 

Sorry to be a downer, but better to hear this now than make a huge mistake that will cost you thousands of dollars and a ton of headaches...

 

--Gary

[comicworm]

>>>My goal is to find an existing comics and collectibles store that has a solid market position, positive cash flow and limited competition. Ideally, the store will have an owner/operator that will be willing to stay on as an employee to run the business and help pursue new opportunities that can be enabled with additional capital.<<<

 

Gray:

 

Almost every potential pitfall has been mentioned so far in this thread, and you're getting some great advice, but your wish list above is so "pie-in-the-sky" that it's potentially very dangerous.

 

First, no first-time absentee owner in any business should expect it run itself. Especially with the former owner there.

 

My background is in comics retailing. I founded the Moondog's chain in 1978 and subsequently sold it in the hot retail environment of the early 90's to a public company. My retail strategy was to bring comics to the masses by putting them onsale where consumers traditionally shopped. Not in out of the way places where most comics stores are located, but in regional malls and other high-traffic areas. This strategy was very successful - except for the new owners. They ran the business into the ground and ultimately all that's left right now are 3 of the original 6 stores.

 

I've bought and sold 11 stores during the past 27 years.

 

The most successful comics stores are those owned and OPERATED by tough-nosed business guys who are keenly focused on keeping costs low and margins high. I know of no absentee owner who has ever been successful. The nature of the business precludes someone from coming in a day a week to see what's happening and count the money. Employees will steal. Customers will steal. Landlords will take advantage of you. The village or city will take advantage of you. Suppliers, contractors, you name it - will take advantage of you. That's why you've got to be there to run things. Sure you need a manager/helper, but you've got to run the store and be there in person to assure a chance of success.

 

I remember getting this call 5 times over the years:

 

3:00 a.m. "This is the police, Mr.Colabuono. You're store has been broken into and the alarm is going... please call the board up people and come in to turn off the alarm. You'll want to clean up all this broken glass too."

 

You're only chance at success is to run the store yourself and do most of the work.

 

Sorry to be a downer, but better to hear this now than make a huge mistake that will cost you thousands of dollars and a ton of headaches...

 

--Gary

 

 

That was by far the best advice you'll ever get for free! This post is so very true.....

 

Don't say you weren't warned if you don't take this advice. I don't personally know the original poster, but he said it better than any of us could have said it....

[Room 237]

I opened a small store here in the UK, 10 months ago. It's very hard work and its on your mind 24/7. If you can handle working in your store 10+ hours per day and worrying every second of the day if enough cash is being made and worrying if you have enough cash to pay the bills - then this is the life for you.

 

If you can cope with the thought that anything and everything can and will go wrong, if you can cope with having absolutely no life whatsoever for at least 12 months, if you can live on the bare minimum of expense and pump every penny you make back into the business, if you can put up with the crazies, the guys who never pick thier stuff up, 200 questions per day on Zap-Man #2 or the hIstory of Banana Monkey boy (because they will expect you to know), if you can handle this and a multitude of hourly nightmares then go for it...

 

When I told my friend in the US I was opening a comic store he replied "Welcome to poverty".

 

And, I think a previous poster put the answer to your question in a nut-shell "If you can think of a reason not to open a store - don't"

 

After all that, there are a number of positives when opening a comic store, so I don't want you to think its all doom and gloom, but at the end of the day all those positives wont mean a thing when you find yourslef bankrupt and homeless if it all comes crashing down.

 

Just make sure you have a growing market, loyal regulars, a whole pot of cash you can afford to loose and the business accumen to look at it a s a business first and a hobby second.

 

My last advice is this, open a new store, that way the store will take on your personality and the customer base you build will grow with you... one of the most important things left out in the previous posts which has worked for me other than think "business, business, busines" is personality... YOU will lmake your store work, YOU will have to get that guy who came in to spend $10 walk out with $60 worth of stuff (that he wants, not forced on him). YOU will create all the personal relationships with the guys that visit your store... YOU have to become the "cool comic shop guy"... A cool cover will sell a book, but if they learn to trust you you can sell 10 books instead of 1.

 

I hope that makes sence, its 1.10am here and I'm just finishing some paperwork for the store before I go to bed so I may have not made total sence...

[mrwoogieman]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

[goldust40]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

[Room 237]

ha hah ha... "but-shell"... it was very late, I've amended it now...

 

Golddust... I've got a small store in Southsea, Portsmouth... and we are called Atomica.

It's a small store but its a start You are welcome to visit and have a cup of tea if you are ever down south...

[goldust40]

Cool name!

 

I've been to your area several times, but not for a long time - if I'm ever down there (you're only about 80 miles away) I'll definitely drop in.

[mrwoogieman]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

 

Of course, just fooling around is all.

[goldust40]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

 

Of course, just fooling around is all.

 

You mean you're unfamiliar with but-shells??

[kiltman]

ha hah ha... "but-shell"... it was very late, I've amended it now...

 

Golddust... I've got a small store in Southsea, Portsmouth... and we are called Atomica.

It's a small store but its a start You are welcome to visit and have a cup of tea if you are ever down south...

I might pass by one day. Better be careful i don't bump into Goldust though!

[mrwoogieman]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

 

Of course, just fooling around is all.

 

You mean you're unfamiliar with but-shells??

 

I might just be another Yank in your eyes Goldie, but my mum-in-law runs a bed and breakfast in the 'lovely' town of Blackpool. So, as you can imagine, I am quite familiar, nay intimate, with 'but-shells' of every variety.

[goldust40]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

 

Of course, just fooling around is all.

 

You mean you're unfamiliar with but-shells??

 

I might just be another Yank in your eyes Goldie, but my mum-in-law runs a bed and breakfast in the 'lovely' town of Blackpool. So, as you can imagine, I am quite familiar, nay intimate, with 'but-shells' of every variety.

 

I never generalize about you guys!!! Anyway, I've never been to Blackpool, so you're one up on me there.

 

Ian's the guy to talk to about that town......

[kiltman]

You made great sense, except for the part where you alluded to a 'but-shell'. Must be a British colloquialism.

 

He meant nut-shell.

 

forty-seven, lmk where your store is (and the name)!!

 

Of course, just fooling around is all.

 

You mean you're unfamiliar with but-shells??

 

I might just be another Yank in your eyes Goldie, but my mum-in-law runs a bed and breakfast in the 'lovely' town of Blackpool. So, as you can imagine, I am quite familiar, nay intimate, with 'but-shells' of every variety.

 

I never generalize about you guys!!! Anyway, I've never been to Blackpool, so you're one up on me there.

 

Ian's the guy to talk to about that town......

My neice is coming down in mid July so Emma and I are taking her to Blackpool. i reckon i'll have more fun than her though