Need some help guys. Everyone chime in and tell me what you think.
The first part of this post was placed on another forum earlier this week.
I am currently working at a local exotic lumber/woodworking store part time 30 hrs per week. I enjoy it and I get a good discount .... However this limits my time in my shop quite a bit. I also find myself putting in very long hrs trying to keep up on things. My averaged day is opening the store at 7:30 and closing my shop around midnight.
Another local store across town has offerd for me to move my woodworking business to their location. The deal would be for me to set up shop in the back of their store for a minimal rent. The space is about 1600 Sqft. They would also give me about 28hrs per week part time in the store. When things are slow they have no problem with me being in the back in my shop. The space is fully equipped and I would only have to move a few tools over. They also want to sell the store down the road and would like me to consider buying it. We talked about this about a year ago but I was unable to do it. They mentioned they would make it relatively easy for me to buy if I wanted it. Their son started the business and had to relocate with his wife. The owners were left with a business they really did not want so they are motivated to get out of it.
Part II The update
Met with the store owners today. Was a good meeting. We discussed buying the shop in the future but the meeting concetrated on me moving my woodworking business into their shop space.
Here is the deal....
They want me to move my business down to their store. The shop is located in the heart of the shopping district .5 miles from the largest mall in town. We are directly behind a SAMS and Walmart and a block away from Lowes. The back area is about 3300 Sqft which I would have half. Not a lot of space but for a one man operation not too bad. I have 24/7 access to the shop. The shop is already equipped but I would want to move some of my stuff (my slider) in eventually. My rent would be 500.00 per month and that includes utilities. All business I bring in is mine. Any business they bring in they get a small percentage. The owners own a small local advertising paper they distribute througout the nicer neigborhoods in town. They would provide me with free advertising in their paper. They want me to work in the store Tuesday, Wed, and Thurs (their slowest days of the week) When there are no customers I work in my shop during that time. I only have to monitor the store and wait on the occasional customer. This means I am getting paid to work in my shop. Sounds like a good deal.
I know the guy that is in there now and he loves it. He gets a lot of small repair jobs ($60.00 mimimum charge) most average around $100-$150. The owners are friends with a designer that has provided him with about $5K worth of work in the past few months. Only reason he is leaving is his wife got a great job and he has to relocate out of town.
I can advertise in the store. Meet with my clients in the store and conduct business all while working in the store. They also made me an offer to teach classes in the evenings if I want to and I take 100% of any tuition I charge for the class. I am doing this now at the other store I work at but only getting paid an hourly wage.
I have known the owners of this store for a couple of years now. They are good decent people. Straight shooters and they just want to keep the place running. To them it is a win/win situation. They get an employee they really can not afford to pay and I get a shop and business location I could never afford to pay. Everything I buy (supplies, tools, etc) is at cost plus 10%. I will not be running the store just working in it. What do you think