my husband & i are looking at buying a different house and we're trying to get something that i could run my cake business out of... we found this property in town and was wondering what you all thought of it... there are pictures and everything so let me know... it's a well established bakery in a great part of town... it's the 4th property down on the right (blue awning) thanks!
http://c21actionrealtygroup.com/homesearch.htm?scope=ALL&mls=0&hometypes%5B%5D=4&minprice=0&maxprice=0&bedrooms=0&bathrooms=0&city=manitowoc&state=WI&zipcode=&radius=0&street=&county=&subdivision=&development=&garage=0&age=0&sqft=&acres=&association_fees=0&listing_status=&email=buda23@sbcglobal.net&autosearch_period=1&autosearch_format=HTML&action=Search
wow! I love it! Wish we had places that looked like that down here! its the best of both worlds for ya'll.
Good luck!
yes, i want something that we can live in as well as have the business out of... i want to be able to stay home with my children so it wouldn't be a full bakery... i just want to do cakes. we paid 84000 for our house so this is quite expensive but i thought it would end up paying for itself in the future...
I don't know how much property is in your area, but in our area, that would be a steal. And with it already have been an established bakery, you will get customers already that you can "wow" them over into being YOUR customers. Plus, if you already have equity in your current home and end up getting quite a bit from the sale of your home, you could have a good down payment and not hurt so much from the payment on this. (I was a mortgage underwriter, can you tell? 
)
Just make sure you have a nice cushion to fall back on til you get your business going!
Good luck!
My only suggestion would be to MAKE SURE you check their books..... not just for one year, but maybe the last five..... and have the place inspected too.....AND the health inspectors reports.....( guess that was more than one !) I hope it works out..... I would be in HEAVEN !!
I own my own store. I know that on transactions like this you need to be real carefull. PM me and I will talk to you about this in much more detail. Because to start writting now it would take up about 5 pages in this forum and it is all real boring. If i can help let me know.
it wouldn't be a full bakery... i just want to do cakes.
Sounds like fun, but you would be losing a money making business- not a good idea. Could you manage to hire people to run the bakery, and then you add your cakes to the mix? Do the ovens and equipment come with it?
You are a stay at home mom now, but your children will grow up and will need you less. Then you could spend more time in the bakery perhaps even a place for your children to work as they grow up.
It's rare that profitable businesses are closed and sold. Every seller has an explanation of why they're selling, but when there's money involved you want to see proof.
There are some questions you need to ask yourself:
1. Is this the kind of house/neighborhood where you want to live and raise your children?
2. This house (while being inexpensive compared to many areas of the country) cost more than $100k over your current house. Will you be generating anywhere near the amount of revenue to compensate for that extra amount on your mortgage? I ask this because you said you would be staying home with your kids and doing "just cakes". I stay home with my son, and my time for cakes is limited to when he goes to bed at night.
It does look like a neat opportunity, just make sure it's the right one for you.
There's one thing no one has really touched on is this is a established bakery with it's own unique clients. If you take over this bakery you need to also think about the clients. People are going to expect the bakery to stay the same, same cakes, same designs etc. What happens when someone does'nt like your cake because the previous owners cake look better. You will for awhile ride the previous owners coat tails but eventually you have your own clients. I have seen someone else buy a established bakery. I got to see the owners frustration when trying to change things and complaints about how the previous owners cakes looking better and so on. She never thought about this and has said later that she wished she had started her bakery from scratch on her own. She paid alot for a supposed client list and had no clients. I don't mean to be a downer but you need to think about these things. Good luck to you no matter what you do and keep us posted!!!
Andrea
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