What does it REALLY involve? (long)

I am searching through the forums trying to read as much advice as I possibly can about owning a biz because......I came across a bakery for sale today. Go figure! Weird, but exciting. Since I hadn't planned on anything like this, and I really hate the whole $ thing (I know...shoot me now), I only thought of a few questions to ask and to throw on my husbands plate. It is a well established place and the price seems good. They would definitely share all records with me. Needless to say I walked out of there ready to scream "WHOO-HOO". But I also knew how crazy it would be.

Now, I know that I need to get the records, which I think I will stop by tomorrow to talk some more and try to get. That is an obvious for me. She basically does wedding cakes with some side pastries (which I would like to replace with cupcakes and decorated cookies). I know that I can decorate as well, if not better, PLUS there is room to hold classes (which is another thing that I want to offer along with parties).

My DH is the biz end of it......he will look at all of the $ stuff to see if it is a sound investment. What do I have to think about? I know I sound like a flitty broad, but I HATE dealing with $!!!!!! And before you want to smack me over the head (because I already do).....I spoke to my sister about this and said she would go in on this with us if we pursue and since she has worked in the food industry and is great with $, she could handle the biz end of it. This way I can just decorate, right?

I have heard about endless hours and LOTS of work, esp. the first year. But if this is already established, what do I have to do? Seriously! I need to know EXACTLY what I would be getting myself into here if we were to do this. Otherwise, I want to get it out of my head and continue along the path that I had set for myself. Keep in mind, that I have been trying to find a kitchen to rent to be legal by September.

Is this a sign from somewhere above that I should be doing this? I mean, so many things seem to have been falling into place for me lately....but I do NOT want to fail or go into this naively!!!!

Please, please, PLEASE....put me in my place and tell me.

This is a relatively new facility and it is up to code and all of that. But that is a good point. There is only one employee at the moment and I could talk to her about it.

Today, I am going to try to find out more. But here is the question again......why long hours? I assume that I have to bake & decorate. What am I missing? I could do marketing....I am good at that. Also, my DH and sister are FAB with $, accounting, and all of that. She worked as a manager in food biz before so it isn't new to her. I want a couple of people to look at the paperwork to make sure I don't miss anything.

Nothing you are saying makes me feel bad....I REALLY appreciate it! I need more of it. And this is a HUGE decision. I was even wondering if she would be willing to help me learn her store (is that reasonable?).

Would there still be a big wait for profit if there is already an established clientele of @ 16,000?

K8 - I am in NO WAY offended!!!! Keep it coming!!!! Seriously! And you are absolutely right.

Do I want to deal with finances? Yes and no. I guess since I have never REALLY been forced to, I have been able to sidestep it. Do I want to....yes...I would like to learn and not be so intimidated by it and learn how to do what is necessary. Do I want to...no...I just want to decorate. Sound wishy-washy? TOTALLY!

I went and spoke to her some more and here is the deal: she never wants to decorate another cake....she has had it. Wants to teach baking. It was always her intention to sell this biz after a few years (which is why she had built it to look SO nice and everything). Everything is included, even the recipes (except for a few personal items).

She would stay and 'teach' me the routine of her place and make the transition to making it my own. I approached her about a partnership (so she can be free to do what she wants and I can make sure this is what I want) and she said that no one had presented it to her, but it is something that she will definitely think about and present to her DH.

She did look at my pics and thought I could definitely handle the decorating - even sad that I am better than she is. Also mentioned that she turns down a LOT of orders for fondant since she only deals with BC.....big plus for me since I do both.

30% of her biz is retail/walk-in and the rest is custom orders. She has no current contract with any place for wedding cakes. She will provide me with her customer database and sign ANY kind of no compete agreement that I want. Also she mentioned that it is common for a person to be at a restaurant (I think they may have owned one before?) for a week to see EVERY transaction that takes place to get a good idea of the flow of money in the joint.

Lease expires around August 2010. That would obviously have to be discussed to continue with this.

I asked her about the hours involved. She mentioned that the long hours come from doing everything yourself (finances, books, advertising, cleaning, baking, decorating, etc). If I were to have help, like my sister, then that would eliminate hours for me to work. (Is this correct?) I KNOW there are hours involved.....but is it something where I can work from @ 8am till 5:30? Obviously with some overtime in places. Her store hours are already 9 - 5:30 Tues - Fri; 9-4 Sat; 9-12 Sun; closed Monday.

How am I doing?!?! I really DO want to learn all of this. I spoke with a friend of mine (BIG business man) and asked if he would be willing to check over this for me....no problem.

I am eager to learn and a relatively fast learner. But in all honesty, CC is my school. I have learned most of what I know here and trust ya'll a LOT! I may be ignorant, but I AM TRYING o change that.

K8.....keep it coming PLEASE!!!

Reputation is outstanding. Only main competition is two towns over and very $$$$. She laid off one person last year for two reasons: economy and then found out that she had to redo a lot of what was being done. It is a destination place for sure. There is a sign out front, but you really have to know that it is there. From what I can tell (I would have to check her books for this), she doesn't really advertise.

Also, I figure that since I would be adding decorated cookies, cupcakes, and a line of Passover goods (if I can get rabbinical supervision), that would help (esp. since there is a temple near by). In addition, I would offer classes and b-day parties.

I get the financials by tomorrow.