3 Questions to Ask Before Buying a Gift Store in Oklahoma City

The power of a gift is unquantifiable. If you’re looking to get into the business of delivering smiles, buying a gift store in Oklahoma City may be a good fit for you. The rise of online retailers has made the novelty goods industry a bit more competitive than before. However, thanks to rising disposable incomes and increased tourist activity, gift stores are still sustaining a healthy balance sheet and generating $17 billion a year as an industry. As with all business ventures, you can’t rush into buying a gift shop without some hard work. The experts at Sunbelt Business Brokers of Oklahoma City recommend referring to these three questions to ask a gift shop owner before purchasing.

3 Tips for Buying a Gift Store in Oklahoma City

The business buying process is intricate, and it requires the investor to take a bit of initiative. Here are three topics you’ll want to inquire about when contacting gift shop owners.

1. Price

As with any retailer, one of the elements that make buying a gift shop so unique is the assets (or lack thereof) that a buyer acquires after the sale. What the owner decides to do with existing merchandise will be reflected in the sales price. Some owners choose to have a “closing sale,” and let customers scrounge up any leftover goods for a nominal cost. You’ll want to determine what existing inventory, as well as equipment and tools, the owner plans to include.

2. Future Product Offerings

Gift stores can be tricky to own considering a lot of goods sold are based on what’s on trend. Of course, you’ll want to have a handful of items that are ever-green and not pervious to fads. But, you’ll also want to see if the current owner has identified any potential product offerings. If so, you may want to sway the seller to stick around as a consultant for a few months. Many are happy to help their successor get off on the right foot.

3. Vendor Relationships

It’s of great benefit to an Oklahoma city buyer when a local seller can help them sustain relationships with successful vendors. In this case, you’ll want to contact the current suppliers in the area and inquire about pricing, as it’s subject to change upon new ownership. But, keep in mind some vendors are loyal to a specific owner, rather than the business itself, so they may not be willing to maintain a contract. This shouldn’t discourage you, but it definitely should be a point of conversation early on in the buying process.

In addition to these retailer-specific topics, you’ll also want to inquire about some more general business terms. Does the gift shop have low customer concentration? Does it have a good reputation in the area? If the store has a physical location, is the lease transferable? Having all these to-do’s on your checklist may feel overwhelming, but a business broker familiar with the area’s market can help. If you’re interested in buying a gift store in Oklahoma City, check out our local listings! When you’re ready, contact our brokerage team for a successful business transaction!

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