Summary
A rare "Lifestyle Business" opportunity for passionate owner/operator to walk into well-established (34yrs), respected family owned & run, strong & profitable musical instrument/sheet music business.
Revenue
$800,000 pa
Rent
$69,000 pa
Expenses
$220,000 pa
Net Profit
$80,000 pa
Location Details
68 Grenfell St
Convenient CBD location next to Gawler place, just off the Mall. Parking in nearby city car parks, metered parking and loading zones abound. Walk-in traffic from professionals in city buildings and abundant passers-by and window shoppers.
Potential
Our business is well-known and popular for its diverse range of musical instruments and accessories. It is hoped that this mutually rewarding service to the music community will continue. The business currently has a strong focus on guitars, ukuleles and other strummed instruments as well as an extensive sheet music service. Whilst hopefully retaining the core products the business would nevertheless respond well to being re-focussed and/or expanded according to a new owner's particular strengths or musical interests.
Skills
Attention to detail and a commitment to customer service and satisfaction are the well-known and essential ingredients that have successfully built this business. Knowledgeable and helpful staff are the indispensable keys to its continued health and growth. Catering particularly to newbies, beginners, hobby players and some professionals requires a willingness to patiently seek the best products and outcomes for the increasing numbers of learners and players needing guidance through the overwhelming offerings confronting them.
Hours
Store opens (new post-Covid hours) Monday-Friday 11am-5pm, Saturday 11am-3:30pm. No extended trading hours.
Lease
Lease expires June 30th 2024 with one further 3yr right of renewal.
Employees
Two full time staff (plus full time owner/operator) are the core of the team, supported by 3 long time regular casuals. One staff member does all our bookkeeping inhouse and may possibly continue to be able to assist with bookkeeping going forward.
Reason for Sale
The current, second-generation owner is seeking to transition to his primary passion of violin making and repairing. It is possible that, if appropriate and desired, this service could continue to be offered to the established string community clientele that look to the store for service and repairs to their violins, violas, cellos and string basses.
About the Business
For the right owner, this is a dream job. Surrounded by music and musicians this is a chance for giving back to the music industry through curating a unique offering of products and services that fill niches and scratch musical itches. Our customers are passionate and they are often particular in what they want and what they need. Price is not everything, but it is important and so careful purchasing is essential. Keeping stock up to date and at hand is also vital and requires constant attention and adjustment. A systems based approach has been established and documented and assists in keeping on top of the multitude of tasks and opportunities that relentlessly arise. A relatively small footprint over two floors (ground and basement) gives great scope for creativity and efficiency of storage and display. Supplementary storage areas and a nearby basement storage room allows for quick and efficient re-stocking.
Music's timeless and universal appeal has kept business strong during the recent lockdown challenges. Our recently updated webstore has facilitated online browsing and shopping which has contributed very positively to a robust bottom line. Going forward this should continue to keep demand for sheet music and upgrade instruments and accessories strong.
History
A full history can be enjoyed in the "About" section of our website at www.harrisonmusic.com.au Established over 30 years ago, the business has been in the current CBD location for 26 years. The second generation owner took over the family business 15 years ago and by building on the solid foundation of central location and a customer-centric ethos has seen the business continue to grow to its current strong financial position. Large and small competitors have fallen by the wayside leaving ample room for a well-run business to thrive.
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