Buying a Business that Works for You Now
Now May Be the Time to Build Your Own Enterprise
Apr 19, 2009
When she met her future husband, Marine Capt. Chris Dingman, she had worked for 3 years at PricewaterhouseCoopers as a Certified Public Accountant and had already moved on to Robert Half, an accountant and finance recruiter company. “Chris and I got engaged and I was moving to Lemoore NAS in California. There is a Robert Half in Fresno so I transferred,” she says in an interview with Suite 101. “But every time you move, you have to build your contacts and accounts all over.”
Ah, yes, the “building your business every time you move” trap that faces many entrepreneurs. “The drive time and starting over put me off and besides, I was planning our wedding,” she smiles. While looking for her wedding dress, a friend at Robert Half mentioned that she had a friend who not only sold the designer gowns but was looking to sell her business. “It was listed for sale in the Wall Street Journal and I made an appointment to look over the financials and the tax returns,” says Dingman. Bride Couture and its web site had a strong market and “it travels with me, has great flexibility and I love the gowns,” says Dingman.
Learn from the current owner
Before agreeing to buy the business, Dingman learned the process of buying the gown from high-end stores and salons. “The previous owner took me to meet contacts at the flagship stores, salons and the designers themselves,” she states. In order to carry the designer elite many stores are required to buy a certain number of gowns from a particular designer. To make room for next year’s designer gowns, dresses are sold in bulk to buyers like Erica Dingman.
Wedding gowns sell for $3000 to $8000 in salons, while Bride Couture offers the same dress at 50 percent off the retail price. The catch is that Bride Couture is only going to have one dress in one size. So if you are looking for the Vera Wang gown that you saw in the salon and Dingman has it in your size or close enough that it can be altered, you are in luck. And so is she. With an inventory of 150 to 200 gowns, the Dingman house in Lemoore was overflowing.
“We are talking about having a brick and mortar store in San Diego, when he is transferred there because we know he will be there for three years,” she says confidently. “Chris will be thrilled not to have to clear out of the house when someone wants to come by and try on dresses!”
Dingman’s advice to those considering buying any business would be to know the person you are buying from, study the financial statements and even hire an accountant to go with you to look over the books.
Getting Experience in the Field you Want to Buy Into
As someone who has worked in recruiting she also recommends registering with temp and recruiting agencies. “Go to work in the field you are considering moving into. It is really hard to find good temps and if you work well in Fresno, you can get a recommendation if you move to San Diego,” she says. Most importantly you will get a feel for whether or not this is the career move for you. “I love having my own business and I have great flexibility because it is online,” Mrs. Dingman states happily.
Working bridal shows, advertising in bridal magazines and online has promoted the website and helped bridecouture.com gain traction. But the most important decision was the one to buy an existing business after making sure it was an honest, profitable business. “Be careful because there are a lot of shady people out there. But having the financial background helps you avoid those scams. Hire an accountant to go over the books and listen to their advice.”
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