What should I know about an eyewear shop’s warranty and breakage claims?
Ask what the shop promises customers about breakage and replacement, in writing and in practice, and who pays when a claim is made. Check whether suppliers cover any of it and review the shop’s claim records for patterns. A promise that has been made to customers becomes yours to honour once you take over.
Begin with the promises. Ask for the wording on receipts, signs and the website, and ask the staff what they actually tell customers. Differences between the written terms and the habits of the shop are important to know about. Customers rely on what they have been told.
Next, learn who pays. Some claims are covered by a supplier or lab, while others are absorbed by the shop. Ask for a record of recent claims, with the cause, the cost and who bore it. Look for repeat problems with one brand, one lens type or one process.
Then ask about open claims and unfinished repairs. Which are still in progress? Which customers have been promised something that has not happened yet? Your purchase agreement may need to say who handles them. Finally, ask your lawyer how pre-sale promises carry over, and your accountant how to account for the cost of future claims. Ask to see a few closed claims from start to finish, so you can judge how fairly and how quickly the shop settles them. Ask, also, how the shop handles a customer who disagrees with its decision on a claim. A fair and consistent way of settling disagreements protects the shop’s name. Keep copies of every complaint you see, together with how each one ended.
Key takeaways
- Compare the written terms with what staff tell customers.
- Review claim records for repeat causes and who paid.
- Settle in the purchase agreement who handles open claims.
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Sources
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- 01Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 02Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
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