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Buying a Tackle shop in FL. ?'s, Concerns, Ideas....

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Buying a Tackle shop in FL. ?'s, Concerns, Ideas....

Old 10-12-2016, 07:19 AM
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Default Buying a Tackle shop in FL. ?'s, Concerns, Ideas....

Backstory:

The wife and I have grown weary of the rat race.... She's in the mortgage industry and I work for the state. Lately we have gotten more and more serious about the idea of moving to Florida. The idea to end up there has always been on the table but it's now looking more desirable.

The big concern is always what are we going to do for money? Both of our skills are needed in Florida in some capacity. However that leads us to the same situation we're in now just in a different location.

Having a pretty good heart to heart with myself and my wife, I know I need to be on or near the water to really be happy. Until the last 4 years of my life, I made my living on the water. Charter boats through high school, Commercial ships, USNS ships, worked for SeaTow, and multiple launch services in my area. So the idea of me getting my 100ton or better and moving forward with that came up... However, me running an owners boat or my own charter, leaves my wife going back to mortgage work. This will leave her unhappy which will, in turn, make me unhappy and yet again we are back at square one. We are looking for a lifestyle change more than anything, not a need to get rich.

That being said..... I stumbled across a couple tackle shops for sale in Florida (both coasts). I brought the idea up to my wife and she surprisingly got very excited about the idea. I of course thing it's a great idea and have spent more than a few hours day dreaming about the possibilities.

I guess what I'm looking for is a little feedback, ideas, or even a "Go home Kyle, you're drunk" from you guys.....

p.s. It's a pretty slow day at work.......
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Old 10-12-2016, 07:43 AM
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Originally Posted by Spruill242 View Post
Backstory:

The wife and I have grown weary of the rat race.... She's in the mortgage industry and I work for the state. Lately we have gotten more and more serious about the idea of moving to Florida. The idea to end up there has always been on the table but it's now looking more desirable.

The big concern is always what are we going to do for money? Both of our skills are needed in Florida in some capacity. However that leads us to the same situation we're in now just in a different location.

Having a pretty good heart to heart with myself and my wife, I know I need to be on or near the water to really be happy. Until the last 4 years of my life, I made my living on the water. Charter boats through high school, Commercial ships, USNS ships, worked for SeaTow, and multiple launch services in my area. So the idea of me getting my 100ton or better and moving forward with that came up... However, me running an owners boat or my own charter, leaves my wife going back to mortgage work. This will leave her unhappy which will, in turn, make me unhappy and yet again we are back at square one. We are looking for a lifestyle change more than anything, not a need to get rich.

That being said..... I stumbled across a couple tackle shops for sale in Florida (both coasts). I brought the idea up to my wife and she surprisingly got very excited about the idea. I of course thing it's a great idea and have spent more than a few hours day dreaming about the possibilities.

I guess what I'm looking for is a little feedback, ideas, or even a "Go home Kyle, you're drunk" from you guys.....

p.s. It's a pretty slow day at work.......
Go home Kyle, you're drunk.

Unless you have a lot of experience running a small retail business, I would not put my retirement savings into a tackle shop. One, I couldn't bear to lose my nest egg. Two, as a small business professional I can tell you the pressures are enormous - in your case from internet sales and the big box stores. Three, I love fishing and boating, but I wouldn't want to take my recreation passions and turn them into what I depend on to put food on the table.
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Old 10-12-2016, 08:06 AM
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With reward comes risk.

Only you can determine your level of risk. We don't know your knowledge of business, work ethic, finances, etc.
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Old 10-12-2016, 08:12 AM
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If you own a tackle store you won't be able to have much time on the water, you will be competing with online stores/marinas/big box stores, and you also are weather dependent. It's blowing 20kn and waves are over 4'? No sales until it calms down.
It's doable, but it's tough.

Suggestion, pets. Either boarding or treats or something. People spend so much money on their pets and are always looking for more ways to spend money.
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Old 10-12-2016, 08:20 AM
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Around here it seems that location is everything for a tackle shop. I would guess that 90% of your business would be early morning and then late afternoon. I would think if these were such great location they would not be up for sale. From what I see most long term successful small business tend to stay in the family. The ones that are marginal tend to be sold because no one in the family want to work hard making very little.
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Old 10-12-2016, 08:25 AM
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lol don't buy a tackle shop they are for sale for a reason

mortgage industry... good luck.

you should both get nursing degrees you'll get hired instantly, so many old people
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Old 10-12-2016, 08:28 AM
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What are your ages? I think you need to get in good with the charter guys. That's constant income. You're going to be working all weekends and holidays.
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Old 10-12-2016, 08:32 AM
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Only you know if you have the skill set and the resources to run a tackle shop business. But if you do why not just open your own instead of buying an existing business?
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Old 10-12-2016, 08:34 AM
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Also you are going to ruin whatever good rep they might have had being from VA
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Old 10-12-2016, 08:36 AM
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Fwiw almost everyone I know shops exclusively at local tackle shops. A few in my area do very well.
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Old 10-12-2016, 08:54 AM
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If you do it, one of you should keep their full time job until you are established. More than likely you will not draw a paycheck from the business for awhile.
Also, margins have become very thin in that Industry because of the internet. You will, more than likely, need other revenue streams....(boat rental,rod building, guide service)
And as others have said, you are mostly selling a commodity.
Location is key.
Good Luck,
I am jealous that you are in a position to even consider this kind of adventure..
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Old 10-12-2016, 08:54 AM
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Kyle,
Small business owner here - thankfully not in retail. As others have said, with owning your own business comes the potential for big rewards. But there is a cost you have to be prepared for. Long hours, very few days off and especially on the front end you can probably forget about taking a vacation. As above, I don't do retail but have clients that do and they constantly deal with theft problems (employees as well as customers) and the pressure from online vendors. With Amazon and other offering rapid and free shipping, tough competition.

I think some tackle shops are actually convenience stores using bait and tackle as the hook to get you in instead of the gas pumps ! JMHO tho.

Anyway, I'm not saying dont do it - you gotta do whats right for you. I'm just saying go into this with a wide open mind and talk with others in the same type(s) of businesses. When I was looking at buying a business, the one thing I always asked myself was "What can I bring to the table that the seller can not?" As someone said above, they are selling for a reason and once you buy it, sales will dip some so it is up to you to have a good plan in place to hit the ground running.

Best of luck to you - follow that dream my friend !!
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Old 10-12-2016, 08:56 AM
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Originally Posted by Danny33486 View Post
Fwiw almost everyone I know shops exclusively at local tackle shops. A few in my area do very well.

If I can't get it online, I don't need it! Free shipping and no sales tax.
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Old 10-12-2016, 09:05 AM
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Originally Posted by Spruill242 View Post
Backstory:

The wife and I have grown weary of the rat race.... She's in the mortgage industry and I work for the state. Lately we have gotten more and more serious about the idea of moving to Florida. The idea to end up there has always been on the table but it's now looking more desirable.

The big concern is always what are we going to do for money? Both of our skills are needed in Florida in some capacity. However that leads us to the same situation we're in now just in a different location.

Having a pretty good heart to heart with myself and my wife, I know I need to be on or near the water to really be happy. Until the last 4 years of my life, I made my living on the water. Charter boats through high school, Commercial ships, USNS ships, worked for SeaTow, and multiple launch services in my area. So the idea of me getting my 100ton or better and moving forward with that came up... However, me running an owners boat or my own charter, leaves my wife going back to mortgage work. This will leave her unhappy which will, in turn, make me unhappy and yet again we are back at square one. We are looking for a lifestyle change more than anything, not a need to get rich.

That being said..... I stumbled across a couple tackle shops for sale in Florida (both coasts). I brought the idea up to my wife and she surprisingly got very excited about the idea. I of course thing it's a great idea and have spent more than a few hours day dreaming about the possibilities.

I guess what I'm looking for is a little feedback, ideas, or even a "Go home Kyle, you're drunk" from you guys.....

p.s. It's a pretty slow day at work.......
There is a Rick's Yellow Bait Shop in Florida City that seems to be extremely busy on weekends and holidays when it is good weather. I would suspect that their business varies greatly from day to day. I haven't started buying fresh or frozen ballyhoo on the internet, and Rick's sells us some other things.

It would be interesting to look at the numbers of the bait shops for sale. If they are making a great income from the shop it might be something to consider. If it is like the Chinese Food Restaurant at the local mall, some of those numbers might not be so great.

I sure have seen some nice gross sales numbers from some fast food restaurants.
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Old 10-12-2016, 09:35 AM
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If it's the one for sale in Dade county, do not, I repeat, DO NOT consider that one.

I know there's another one in Brevard county that could be doable.

From what I gather, this is not something you need to do for income, more as something to keep you two together and doing something of your own. If that's the case and you're not investing your nest egg, why not? You both sound like hard working folks and it could be fun.

If it was me, I'd look for more of a fish camp set up, something with properties that can be rented and generate revenue. You'd be amazed at what people pay for seasonal rentals and even RV sites here in the winter and they're all jam packed.
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Old 10-12-2016, 09:42 AM
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Ricks sold for over $1.3 mil and use to be Jacks for 40 years.Yea money maker but cost are high also.I owned a tackle shop and been in the tackle industry for 15 years now.Shops are tuff and you have to be there ALL the time or have someone you can REALLY trust.Hard part!Another point is most shops rent and the over head is the killer.Like every business.No margin on tackle is also the case.Have to do huge volume.I been in the tackle business for 15 years now and own a lure company and a close out tackle web site.I know more about the tackle business then most anyone out there.I talk to shops everyday.PM me you wanna talk.Its like everything,Theres in and outs for sure.
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Old 10-12-2016, 09:46 AM
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Another small business owner here, also thankfully not retail but the first thing I would want to look at forward backwards and upside down are the numbers. All of the numbers. For as long back in history as possible.

If the numbers work then I would want to know what you plan on doing that is unique. In other words, retail has changed and will continue to change in the future so why would I take the effort to visit your store when Amazon can deliver it to me in two days for I'm sure less money?

Lastly, do you know any small retail owners? I would want you to talk to as many as possible to appreciate exactly what it means to be a small business owner 24/7.

All that said, if it all makes sense and you guys are up to it I wish you the very best luck. Risking so much is not for the faint of heart.

When i started my business in 09 everybody said don't do it. That's natural. You will always get much more negative advice. But business owners are a different breed in regards to risk. The other side of the coin are the blind optimistic ones who refuse to accept facts as they are. Be smart, carefull and listen to your brain instead of your heart

Last edited by David2; 10-12-2016 at 09:57 AM.
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Old 10-12-2016, 09:51 AM
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Your crazy:

First as noted you will need to get up very early every day and you will need to close late as well, so expect 14 hour days every day.

Second: It's a low margin business, there is competition everywhere. To add onto that in 2016 with Amazon killing every retail outlet on the planet why would anyone want to be in any type of retail. Yes they don't sell fresh bait bait but if I want a new 50W set up be rest assured I'm doing all of my homework online and coming to you with a price you need to match or beat. I will pay a bit more for a local guy that will service me but in my experience 85% of people will screw you for $.05 they will go in your shop see what they want scan in the bar code and order in other places. Why do you think West Marine and others have moved to "Lifestyle Stores" AKA clothing and Yeti tumblers.

Third: If your not in the perfect location don't do it, you need to be the closest to a boat ramp or gas dock / marina. It's probably for sale because they can't do the volume you need to actually make decent money.
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Old 10-12-2016, 10:08 AM
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We are both VERY hard working people. Just tired of being in a situation where no matter how hard we work we still get the same compensation.... If I'm going to work my tail off I'd rather do it for myself. We understand that one of us (meaning her and she's aware of that) would need a full time for a while, for the benefits at least.

None of the money would come out of our retirement. We got very lucky with the housing market in our area and would be able to secure financing (within reason) after the sale of our home. Both of us are 30 so we have some time to mess up and still get on our feet again.

The tackle shop (or really any outdoor oriented small business) became an idea because it would give her a chance to get involved at some point and to some capacity. If I was running a charter, or an owners boat, there is less chance she'd be very hands on. (Unless I ran booze cruise/dolphin watches which isn't out of the picture either) That would be a bummer for her and end up with a little resentment towards me.

I understand location location location. And an active and attractive website with easy ordering process is a must.

So it really is a life style concept as much as a make money concept for us. It would be our source of income but I'm not looking to buy vacation homes in Costa Rica either.
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Old 10-12-2016, 10:16 AM
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Check my site out http://fishingtackleoutlet.net 24/7 Id sell it for the right amount.hehe
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