What should I check before buying a piano tuning business?
A piano tuning business is mobile and runs on a client list, so check who the clients are, how often they book, whether they would stay with a new tuner, how much of the work rests on the owner’s own skill and hours, and what tools and vehicle come with the sale.
A piano tuning business has no shop window. Its assets are a set of tools, a vehicle, a calendar and, above all, a list of people and places that call the same tuner year after year. That makes it easy to overstate what is transferable. Here is what to confirm before you take it further.
The client list and recurring schedule
Ask for the client list by type: homes, schools, churches, venues and teachers. Each behaves differently. Institutions may book on a regular cycle, while homes call when someone notices a problem. Look at how long clients have stayed and when each was last serviced. Check the schedule the owner describes against the records.
Will clients follow a new tuner?
Many clients trust a person, not a company. Ask the seller how clients would be told about a sale, and whether the seller would make introductions or ride along on a few visits. Where possible, speak to a few clients yourself with the seller’s agreement. Their reaction tells you more than any summary.
The owner’s skill and hours
If the owner does every tuning, the business is really their working hours. Ask how many visits they do in a typical week, what repairs and regulating they handle, and whether anyone else works with them. If you are not a trained tuner, ask yourself honestly how you will do the work or who will.
Tools and vehicle
- Which tools and equipment are included in the sale
- The condition and ownership of the vehicle
- Whether the phone number and booking system transfer
- Any parts, supplier or referral arrangements
For a retail comparison, see what to check before buying a music store, which deals with stock and a rental fleet.
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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 CanadaGovernmentWhat are financial statements?
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