How do I check a frame shop’s repeat artist and gallery clients before buying?
Ask for a customer list showing repeat artists and galleries, with job history by account. Then speak to a few of them, with the owner’s permission, to learn whether they come for the shop or for the person. Loyalty tied to the owner may not transfer.
Start with the job records. Sort them by customer and look for accounts that return regularly, as opposed to one big order. A gallery that sends work every season is different from one that used the shop once for an exhibition. Ask how each relationship began.
Find out who holds the relationship. In framing, trust is often personal: artists value a framer who understands their work and meets a deadline. If the owner does all the consulting, ask how the buyer would gain that trust. Ask whether anyone else on staff deals with these clients.
Request a conversation with two or three key accounts at a suitable stage, with the owner’s agreement. Ask what they value and whether they would continue. Be careful about confidentiality until the seller allows contact. Look at how these clients pay and whether any hold unpaid balances. Keep a record of every conversation and every document you receive. Frame shops often hold artwork and framed pieces for customers, so ask about works in progress, unclaimed pieces and any deposits held. These tell you how much future work is already committed and what obligations you inherit. Ask also whether any client has complained, left or threatened to, and why. Honest answers here are valuable.
Key takeaways
- Sort job records by customer and look for steady repeat accounts.
- Find out whether loyalty belongs to the shop or to the owner personally.
- Speak to key clients only once the seller agrees.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 03Business Development Bank of CanadaGovernmentAfter buying a business, what is the next step?
- 04Business Development Bank of CanadaGovernmentMajor pitfalls to avoid when negotiating a purchase agreement
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