Anyone want to buy a coin business?

[jom]

It seems as if "The Reeded Edge" is selling out...with an Ebay auction no less.

 

Anyone know the owner? What is the real reason for the sale?

 

Auction

 

jom

 

PS: JamminJ, I hope you don't "accidently" buy this one.

[truthteller]

When I owned a store for two years(1993-95), it was a full service store that catered to the locals. I also attended about 10 coin shows a year. Literally, I spent 90 hours a week with coins. I used to drop off kids at school, then pick them up and return to the store. Many times we stayed there until 9-10PM. I figured that I was earning a bit under $3 per hour for hours put in. The public end did not make the store worthwhile(a losing venture), the wholesale end made all the money. After two years, I decided to go exclusively wholesale. Best move I every made in coin business. Show schedule went to 15 shows, less expenses, less headaches, less fear of getting shot or held up in a store, much, much more money per hour put in, flexibility, etc. With the advent of ebay, I can see where owning a store has become a very tough grind.

 

 

TRUTH

[jom]

Literally, I spent 90 hours a week with coins. I used to drop off kids at school, then pick them up and return to the store.

 

Being as you were "thinking" coins all the time and working coins all the time, we now know the REAL reason you named your kids Jefferson and Susan.

 

jom

[CoinLes]

From the Auction:

Included with this lot is our complete interactive web store, 1 year of full time web support, 1 year of full time coin and collectible support, a list of 5000+ active customers stemming from over 10 years of established business, exclusive use of the Reeded Edge corporate name and logo, thousands of coins, toys and collectible inventory items worth $300,000-$400,000 and a 1 year paid in full lease on our beautiful showroom in historic downtown Cumberland, MD.

The million dollar price tag seems a tad high to me.

 

And this:

Shipping & insurance charges are to be paid by buyer and will be itemized on the high bid notification. We would be happy to consolidate items for shipment whenever possible. Click here for a more detailed breakdown of our shipping charges

If you're buying the business and the leased building/store front is included, why would you need to have the coins shipped to you? Wouldn't the buyer just go there?

 

Or am I missing something?

[jom]

The million dollar price tag seems a tad high to me.

 

In all likelyhood you are correct but we don't really know the value of the "goodwill" you are buying nor what the books look like.

 

He is willing to "carry" some of the value...

 

jom