Fully describe the business's activities?
The long established & well known business operates as a Retail Jeweller and a trader in gold in a busy shopping mall.
How long has the business been established?
The business was established in 1903.
How long has the owner had the business?
The Owner has had the business for 40 years.
How does the business operate on a daily basis?
The business is staffed by Two Managers and a part time lady. The Owner works flexi hours. The business retails jewellery and buys gold which it sells to a refiner.
How are the clients attracted to the business?
The store is prominently located in a busy suburban shopping mall and attracts foot traffic as well as a regular client base built up over the years.
What competition exists?
It is the only jewellery shop in the centre.
Is the business VAT Registered?
What VAT documentation is on file?
VAT documentation will be supplied to serious buyers at a due diligence stage.
Are there up-to-date Management Accounts available?
Up to date Management Accounts are available. For the purposes of this report the annual Financials to end June 2018 were utilised. The Owners Discretionary Income was added to the Revenue which includes all personal expenses paid for by the business such as Medical Aid, Home Insurance and Home Rates. Depreciation has not been added back as the assets have been fully depreciated on the Balance Sheet.
What Balance Sheet and Income Statements are available?
Financials for the 2018 Financial year are on file.
What percentage of the business is cash/credit?
The business is largely cash.
Is Seller finance available and for what amount?
Seller finance is available and can be negotiated .
What is the total staff complement?
There is a Manageress, one full time sales lady and a part time sales lady. The owner is present daily but works flexi hours.
Are they on contract?
Staff have letters of appointment.
Do any have management potential?
There is a Manager in place
How involved is the Owner in running the business?
The owner is fully involved on flexi hours.
When does the current lease end?
The current lease expires at the end of June 2019.
Is there an option of renewal & what period?
There is an option for renewal but a new owner would be required to sign a new lease.
What are the trading hours?
Mon - Fri: 8.30am - 5.00pm. Sat: 8.30 am - 3pm. Sun: 9am - 1pm.
What is the square meters of the business?
Who is the Owner/Landlord?
The centre is managed by J.H. Isaacs.
Is a copy of the lease available?
A copy of the existing lease will be made available to serious buyers.
Do you require a licence?
A second hand goods is required to trade gold. There is a licence in place, a new owner would be required to apply for a licence under their own name.
What lease deposit and/or other surety is required?
1 months rent deposit would be required.
What are the main assets of the business?
Display Cabinets and Counter, Office furniture , Approved Safes and Paintings. A full Asset list will be made available to buyers.
Are any items not included in the sale?
The Motor vehicle is a personal one and is not included in the sale nor shown under assets.
What is their overall condition?
All items are in good order.
How have they been valued ?
Assets have been shown at cost
Which assets are on lease/HP and with whom?
All Assets are paid for.
Are they presently insured?
All assets are insured.
The well known business is situated prominently in a busy Berea, Durban shopping mall, where it has been operating for the last 20 years (but operated for over 40 yrs) and has a loyal customer base.
The business has seen a slow down over the last year or so due to economic trends & with less energy from the retiring owner.
Bring your enthusiasm to get the store back to where it used to be
The usual economic threats.
What is the reason for the sale?
The Owner wishes to retire as he is at an advanced age and has recently suffered from health problems.
Why is this a good business?
The business is well established in a popular suburban mall and has grown a loyal customer base.
What is the price plus stock and the net profit?
Due to the Seller needing to retire, the business has been priced at a bargain price of R 700,000 which includes stock of R 610,000 and fittings of R70 000, with a NP of R157 000pa . The Owners Average Monthly Discretionary Earnings are just over R 13,000 pm which means the pay back of the business price excluding stock would be about 7 months.
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