Alright, So there is big news in my world right now. I went down to Edmonton on the weekend, to the coinshop, and had quite the opportunity offered. Ray (my dealer) told me he has been thinking about getting out of the business he's getting into his 70's and looking to retire. He knows I will be opening a shop when I'm older, and have a genuine love for coins. Which is why he said he would like to have me take over the business. I realize I still have TONS to learn. and that is why I turned him down right away, explaining to him that I would end up getting myself into trouble, guaranteed. his response... he said he would work with me for the first 3 years, teaching me and showing me everything there is to know about running the business, and about the type sets and such. Just explaining my situation, and hoping to hear some input. and only one question I would appreciate a direct response to. would the age of a business owner deter you from bringing your business there?
Opportunity arrives at doorsteps in many different ways...it is not the age of the businessman but yet his savy to conduct business. Life does not often make such oppotunities and with out risk, there is no reward! Look deep into yourself Snaz...is the love of a hobby the passion of your life? Only you can truly answer that question..be truthful to yourself and whatever path you take, walk tall and know your subject! RickieB
Age is but a number my friend. You could make it with the older folks(they would probably respect your enthusiasm and determination) and possibly corner the market on the younger collectors. Ask to see his business plan, profit loss statement and break even point if you are seriously considering it. Think about what changes you would make and how this would effect your success both positives and negatives. Calculated risk vs. reward.
If you love your hobby enough to be able to eat, breathe, sleep, etc. coins, then I say go for it. It's not what you know - it's knowing that you know nothing and being willing and able to learn.
Sounds like an opportunity you'd regret if you passed it up. I don't know that the guys age should be a consideration. His health, yea. Do you think he's got three good years in him to mentor you through the ramp up? Maybe he's the type that's going to be active and with it until he's 95, I don't know. Also, you didn't say anything about what your risk is if you take this opportunity. If there's an upfront payment involved, are you sure you're paying a fair price for the business? There's 1001 ways a business can change hands, and it's important to make sure that it makes sense for both parties. I think it's really great that he's offering to mentor you for three years, and I'm assuming he's doing that because he's built up a great relationship with you over the years and thinks you're the best person to carry on a business he's built up with his sweat and tears and years of hard-work.
Snaz, it's like Vader just asked you to come over to the dark side and is dangling the keys to the Death Star in front of your face... it's a difficult opportunity to pass up! Make sure you think about it long and hard...
I would just tell him that you are interested but would like to seriously think about it for a while. I wouldn't worry over whether you could do this or not. I would be more concerned over how this will affect your view of and enjoyment of the hobby. It could be a rude awakening being on the other side of the counter.
“There Are People Who Put Their Dreams In A Little Box And Say, “Yes, I’ve Got Dreams. Of Course, I’ve Got Dreams.” Then They Put The Box Away And Bring It Out Once In A While To Look In It, And Yep, They’re Still There. These Are Great Dreams, But They Never Even Get Out Of The Box. It Takes An Uncommon Amount Of Guts To Put Your Dreams On The Line, To Hold Up And Say, “How Good Or Bad Am I?” That’s Where The Courage Comes In.” Erma Bombeck “When You Come To The Edge Of All The Light You Have And Must Take A Step Into The Darkness Of The Unknown, Believe That One Of Two Things Will Happen. Either There Will Be Something Solid For You To Stand On, Or You Will Be Taught How To Fly.” Patrick Overton Good Luck.
this IS my plans. My plans are to open a shop. take some courses in college, and work, more than likely, in a trade such as electrical or framing. Then when I have the money saved open a shop. The real kicker in this for me is that Ray is willing to teach me and stay there with me for the first few years. There is so much more to learn. And Ill admit, this is MUCH sooner than I had anticipated for running a shop, but the pro's in this case seem to outweigh the con's. Having a shop with an inventory, and a mentor to teach me as much as he can is huge bonus.
Ok Snaz...now comes the question..... how much..... and can you get a loan for that amount? My local coin dealer is in his mid 80s and has said that he has over 3 million in inventory... thats dollars not coins. Thats a lot of clams to be coughing up, especially when you don't know what you are doing. I would maybe recommend working there on the side for a little bit to see if that is even what you want to do. I know you said that you have always wanted to open a store.... but heck..... I always wanted to be a psychiatrist until I got to hang around with all the nuts..... changed my mind really fast. Unfortuately, I still work with all the nuts.
You sound as though you have an idea what is involved in running you own business. There are a whole lot of little details don't see or think about, but they still have to be done and they have little to do with coin collecting/sales. Be sure that you understand what they are and that you are prepared to handle them. My guess is that those details and the hours will have a lot more to do with your success or failure than your age.
I think it sounds like a great opportunity to learn from someone with extensive experience. However, there are probably elements of a modern day coin shop that he won't be able to help you with much. This sounds like a Brick & Mortar shop. I personally don't understand how B&M shops stay in business with the overhead involved without an equally successful Internet store that helps with revenue. If you don't have the computer skills necessary to start and operate an online website for the store, you may get yourself in trouble. Furthermore, you will need expert level coin photography skills as well. I have considered opening my own online coin business for years but feel that numismatic knowledge as well as computer and photography skills still need work before I can do so. Lastly, I don't have the initial capital required to purchase a coin inventory to start so I would need to prove to investors that my business plan and skills will give them a decent return on their money. I fear that the only way I could ever realistically pull it off would be to use my personal collection as my starting inventory. Something I am not willing to do at this time. I wouldn't be worried about his age, I would be worried about how much money he wants for his business. Just my two cents.
When I was growing up, I loved Kentucky Fried Chicken. Then my Mother started working there under some sort of Senior Citizen hiring program. She used to bring home KFC chicken almost every night. Even after all these years, I still can't stand the sight of KFC chicken.
Depends. How much of a discount do I get? Of course not. If you aren't afraid to learn, and you treat your customers with respect, then go for it. I'd buy from you.
Go for it, we'll all stop by and buy up all of your stuff! [I'll take all of your Barbers at bid, I need a few more 1896 S quarters, a copuple of 1895O dimes, and some others. Lemme know where to send the check.]. Good luck, we'll all live vicariously thru your experiences! Just remember to continue your college education!
The interesting thing about being a youngster in that business is you will have to earn the respect of the older collectors, it won't be as automatic as it is for the older dealers. So it is extremely important to learn all you can and to always treat the older collectors like they know more than you, even if they don't. Ribbit
You really need to speak with Hobo (Bruce) about attending the ANA summer sessions. I think this would be an absolute must if you were to own a coin shop. Then I would make sure you surround yourself with those people that know more than you do. In business some people look at that as a weakness.... but not me. If you surround yourself with good people, you will learn quick, and in turn (most of the time) they will make you look good... until they get too big for their britches and then you have to fire their ass.
snaz, it sounds like a wonderful opportunity. I would certainly consider what all have said. For me, I had the opportunity to get into the coin business a year and a half ago. At the time, it just didn't fit in right with all the other stuff going on in my life. Maybe it will later, but try to weigh all of your options and possible ramifications. I hope it works out great for you! If you open a web store, we'll certainly all buy from you!
