Opportunity to purchase a 40 year old bridal shop

I don't even know what I'm asking here. Any advice at all would be great.

We decided to invest in a new business and I was offered a woman's bridal and formal gown shop, she wants to retire. I am a member of several women's organizations and Mardi Gras groups so I and most of the women I know buy 3-5 formals a year plus cocktail dresses. There isn't a lot of competition in the area and this is really the only niche shop aside from the chain David's Bridal that offers amazing dresses at inexpensive prices, and a nice selection for all sizes.

  • 40 year old business

  • she will give me her supply relationships and customer relations

  • beach town, wedding destination

  • only 5 shops in 400,000 person area

  • 1 of 2 shops that are affordable (other is David's Bridal chain)

  • 1 of 2 shops that offer over size 18 (large market in South)

  • shop has no debts

  • We own a building one lot off a main highway in town we'd like to move it to

  • Her current shop is on a less frequented main road that isn't in a retail area. She said she thinks moving it won't be an issue as most of her clientele doesn't live near the shop anyway, and we are centrally located, 10 minutes from all the major areas of town.

  • She rents the building which is very dated

  • She does not advertise and her shop has no decoration (fake wood paneling, old carpeting) and honestly isn't a 'nice' shopping experience for brides, yet she still does very good business. I know I personally spend $600-$1000 a year there and I'm not even a frequent customer.

  • Our area has multiple military balls, formal church functions, galas, charity balls, dozens of Mardi Gras functions, a second celebration season with balls similar to Mardi Gras in the summer, southern cotillion, pageants, a college with sorority formals and inductions, many proms, homecomings, and is a wedding destination.

  • I have a background in makeup artistry so I'm used to working with brides, and I've thrown many balls/events and a couple weddings. I feel very comfortable with retail as well.

I'm meeting with her CPA next week, I'm excited but terrified! I have a list of questions already but anything you would ask?

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