Are you considering opening a dollar store? If you are planning to purchase an existing store, there are some suggestions to consider. Every potential business buyer is strongly encouraged to start by identifying and utilizing a team of experts.
Your team of experts should include both an attorney and an accountant or CPA. The attorney should be an expert in business law, and franchise law if franchises are being examined. The accountant or CPA should be an expert on business accounting, preferably in the discount retail trade area. Other experts could include trusted advisors, bankers, consultants and industry experts with appropriate credentials to add value in examining the specific business that is of interest to you. All of them come together to provide you the right support as you are opening a dollar store.
Use your expert team to complete the development of your investigative due diligence process and questions. Plan beforehand; identifying exactly which team members will be doing which tasks to support the process. This is especially important at key decision-making points during the process. Opening a dollar store doesn’t need to be too overwhelming. That is especially true if you have the right team on your side.
Remember: It’s better to have spent $5,000.00 on investigative due diligence and not started a business that would have failed than to have spent $1.00 and lost everything on a business that should not have been started. Be frugal in your investigative due diligence spending, but don’t stop short of spending the right amount to enable you to have the data and to make smart decisions.
Opening a dollar store does have an element of risk. Reduce that risk a little by assembling a solid team of experts and conducting thorough investigative due diligence.
