dave507233 Posted March 8, 2011 Posted March 8, 2011 Anyone know of bait or tackle shops for sale. Hello I am seeking to open or buy a bait and or tackle shop / sporting goods shop in Wisconsin. Anyone know of any for sale. I am tired of working for others doing something I dont like, so I would like to do something I enjoy. ( being around fishing ) Quote
Super User slonezp Posted March 8, 2011 Super User Posted March 8, 2011 I guess you never want to go fishing again ;D Quote
Super User Maxximus Redneckus Posted March 8, 2011 Super User Posted March 8, 2011 hard times i suppose i seen 4 go out of business the last 3 yrs good for me though i picked up owner hooks jitterbugs,popr,s rapalas last week for $2 a piece i guess about 120 pieces assorted all together Quote
Super User skunked_again Posted March 8, 2011 Super User Posted March 8, 2011 there has to be a bunch the way the economy is. Quote
BassResource.com Advertiser FD. Posted March 8, 2011 BassResource.com Advertiser Posted March 8, 2011 If there are actually making money, they probably are not for sale. Quote
hookingem Posted March 9, 2011 Posted March 9, 2011 All the ones that are for sale would probably not be wise investments. Seeing as most likely the reason they are closing are due to finical hardships. Quote
Getfished Posted March 9, 2011 Posted March 9, 2011 Thinking bout opening one myself, if I can figure out how to keep fishin. Quote
Super User slonezp Posted March 9, 2011 Super User Posted March 9, 2011 Thinking bout opening one myself, if I can figure out how to keep fishin. You can't, unless you employ someone to work there. I can't imagine profits are good enough, that would allow someone to do that. You'd have to supplement the walkin business with internet sales also. If you could find a place on a lake where you could rent boats, charge a launch fee, and sell gas you'd be in better shape. It would still cut into your fishing time. Quote
Bigs Posted March 9, 2011 Posted March 9, 2011 Only ones that make it are the mom and pop shops that have been around for decades. If you find folks tryin to retire then thats ur golden ticket. Otherwise there is little hope of opening a new tackle shop and making it work. Internet tackle shops dominate and always will. Quote
dave507233 Posted March 9, 2011 Author Posted March 9, 2011 Where are you in Wisconsin? I live in Chicago now. But I would like to go up to the Wisconsin Dells area, to open or buy something for myself. Lots of lakes and rivers for fishing up that way including, Castlerock lake, and Petenwell Lake. Like all business's, the job itself will cut into my own enjoyment but to work for your self you have to sacrifice a little now to make the future work for you. Quote
Getfished Posted March 9, 2011 Posted March 9, 2011 I think for me it will be an online store. Still might not make it but doubt I will actually open an actual physical storefront somewhere. Quote
Super User Grey Wolf Posted March 9, 2011 Super User Posted March 9, 2011 Good luck but your not being realistic. Quote
dave507233 Posted March 9, 2011 Author Posted March 9, 2011 I think for me it will be an online store. Still might not make it but doubt I will actually open an actual physical storefront somewhere. Any business now has to have an on-line outlet to ad to your daily sales, but on-line only is not going to make the cut. To many big stores selling that way and a new comer could never compete with the corporate dollar. But a physical store in a good location will always have a chance, because of impulse buying of the customer. When they come in for their live bait before hitting the lake, they may just see that New Rod they wanted or that Reel that just calls out to them. haha And with the physical store you build repeat customers for that area, not just the online shopper looking for the deal of the day. And after they buy in your store, you have a better chance to sell to them on line also. Quote
Super User J Francho Posted March 9, 2011 Super User Posted March 9, 2011 My buddy looked into this. Basically, it takes half a million to really do this right, and give the corporation a fighting chance to succeed. Businesses don't run themselves, either. I hope you have a natural business acumen, or have some business education under your belt. So much of running a business has NOTHING to do with what you're selling. Quote
Stasher1 Posted March 9, 2011 Posted March 9, 2011 If there are actually making money, they probably are not for sale. This ^^^ If they're for sale, there's usually a good reason. Opening a tackle shop might've been a good idea 10 years ago, definitely not right now. Quote
oteymc Posted March 9, 2011 Posted March 9, 2011 There was an ad on craigslist about a tackle shop in IL loosing their building lease and selling their inventory, bait tanks and everything. It has probably been a month ago. Quote
aceman387 Posted March 9, 2011 Posted March 9, 2011 Most of the small shops by me have closed with in the last few years.The one solo guy left has thin inventory and is always complaining about how slow it is,he is surrounded by walmart and a bps a few miles down the road.I also wanted to mention with such slow sales he seems to be a one man operation. Quote
BASSINATORBIGJOE Posted March 9, 2011 Posted March 9, 2011 If this is your "DREAM" then go for it. First though you want to thoroughly research your options, but always remember-----location, location, location. You may want to even establish a new location where there has not previously been a tackle store in that area. Good luck I hope you make this work if you decide this is truly what you want to do..........Mike 8-) Quote
Super User Lund Explorer Posted March 9, 2011 Super User Posted March 9, 2011 After doing accounting work for several very successful bait shops during the last 30+ years, I could probably write a book on the subject. Might do it some day. Like all businesses, the proper management can bring good profitable results. While big box stores may take away some of the customer base, the small mom and pop shops offer personal services that they can't. Internet stores also take a bite out of the sales figures for types of merchandise. But, if an owner is in tune with his/her customer base, you can stock the things that local sportsmen are willing to buy from you. David, if you are interested in looking into this venture further, you are going to want to find a good accountant that can help you work through a potential sellers records to see if the business is viable. You should work out a complete business plan that will provide you with a roadmap to success. I would also suggest that it might be worth the cost to hire a buyer's broker to help in your search of businesses that may be for sale. You must realize that if you deal with a regular real estate agent, they are contractually obligated to work for the seller, and not you. If you decide to go into this further, I would suggest that you move slowly and study this in depth. I am currently working with a long time client who recently opened a sporting goods store in my area. Times are tough economy wise, but they are making ends meet. Their investment in inventory alone was close to $200,000 on top of furniture, fixtures, and equipment. Add to that, the cost of real estate. Unless you have fairly deep pockets, you are going to need seller or bank financing. Bank financing is tough right now but not impossible, and it is normally cheaper than seller financing. If you are going to need financial help, you are going to need rock solid cash flow projections that will need to be based on the seller's historical records. This is another good reason to find an accountant that has a background working with these types of businesses. Did I mention that you are going to also want a "Line of Credit" to draw from and payoff as you transition from one season to the next? Finally, you're going to need to find a lawyer who will help protect you from the legal trappings of owning your own business. Go slow, don't jump at anything too fast, and make sure you can afford what you are looking at. Good luck. I'm not really in a position to take on a fulltime project across Lake Michigan, but if I can help, please feel free to pm me. Quote
BASSINATORBIGJOE Posted March 9, 2011 Posted March 9, 2011 Listen to Lund Explorer, he sounds like he knows what he's talking about...Mike 8-) Quote
Super User Deleted account Posted March 10, 2011 Super User Posted March 10, 2011 Yeah, opening up a retail shop for a sport loosing double digit participation annually, with an older narrow demographic in the worse economic period in decades.......Where do I sign up! Quote
Bassnajr Posted March 10, 2011 Posted March 10, 2011 You need to be near the ocean (which you are not) as live bait, at least here in Rhode island is where the "cash" is. With BPS, Dick's, Academy, Cabelas, etc. out there you have an uphill battle my friend. Only way I see it is to open a shop in a remote area where YOU are the only dog in the race and anglers have to come to you. And that is only if they don't have online access. I was with a guy at a remote tournament who had wi-fi connection and ordered a "special bait" he HAD to have, then paid to have it OVERNIGHTED!!!! I think it was like $50.00 for three bags of baits!!! Damm internet!!! Quote
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