Opening Record Store


Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.
fromunda
Spend the money on as good accountant. They will tell you exactly what it's worth. (or not) If the guys business records are iffy, RUN, don't walk! Joe 
Music stores, book stores closing everywhere. What are you planning to do that escaped the attention of everyone else? All you know about this place is that the previous owner couldn’t make the business work, despite what he claims is "steady customer base" (which he plans either to take with him or sell to you w/ his inventory for 10K.  Doesn't seem like he thinks that base is worth much.) Minimally, you should ask to see his books in detail and study them carefully. After that, walk away.
Northern California Bay Area. 

California???! No one in their right mind is opening a business in California! Democrats have so thoroughly screwed California the people trying to flee can't, there aren't enough rental trucks to move them all out! Hong Kong I can understand, its far enough away and Americans are such global zeroes they don't even know the country has been in a state of virtual siege for going on a year now. But California, surely everyone knows the state is second only to Illinois, or maybe NY in corruption, taxes, crappy schools, nanny state regulations, and disrespect for property rights and the rule of law. All of which- guess what?- are pre-requisites for a successful growing business economy.

You would have to be mental to open a business in California. Mental, or democrat. But I repeat myself.
Oh Millercarbon.     Your thumbnail pic explains you...., YOU'RE A GENIUS!!!!

.. and probably probably a really stable one... 

but to the OP , $10k will buy some great speakers, think used Wilsons!!