Stitch n' Frame/ Sorority Stitches

We are looking to acquire a cross stitch and framing business and its property in Fort Wayne, Indiana that is about to close because of retirement. It is a local small business that has been around for 20+ years in this location, but over 40 years within the area with the same owners. The shop is in a great location and in a building that suits the business, and it would be hard to find another location that would be this accommodating for all of the inventory and retail space. This is the only cross stitch shop in NE Indiana that people can physically visit, and it has a very loyal customer base that comes from around the area and even from other states. My partners and I, who are all sorority sisters from a local college, all stitch and have bonded even more talking about buying this business and making it our own. The four of us have degrees in Engineering and Accounting, which will help in money control and managing the store. We all work full-time jobs with retirement still a few years off, so this would be an investment for us, and something we can look forward to when we fully retire. The business, as it stands now, does not make a huge profit, but there is so much potential. The current owners are older, and they have a lovely shop, but I think they just like to keep it like it is and not raise prices and just live with what they make.  My partners and I have so many ideas to expand this business and have more of a presence within the area and on-line. The current owners do not advertise as much as they should, so that would be a priority and also expanding the on-line retail presence. They do have a website, but you cannot buy on-line, you can only call your purchase in to the store. We would definitely like to upgrade their POS system that would help with the on-line sales and inventory. They have had requests to purchase other items to sell in the store, but they have not done that either, which I believe has hindered their earning  potential. They do have a great framing business and they really cannot be matched in price or product outcome of how great the pieces look when finished. That would be the first place to raise prices, but not so much that we lose people to Michael's and Hobby Lobby. They are very knowledgeable about the framing and we do hope to train and learn from them so we can keep the quality that they have always given to their customers. They have one employee which is their daughter, and we would retain her as an employee, most likely as our manager who will order items, and look after the store for us. We all have some retail and management experience, so this would not be far out of  line for us to be owners, we would need some help with payroll and taxes. We would like to hire at least three more people at least part-time to fill in and help. The partners would fill in on Saturdays and other days when needed, we do plan on being hands on and helping. We have looked into loans for buying the business and the building, but from what we would need to have as income right away to cover everything, we would be paying out of our pockets and we do not have that kind of income laying around. We are looking for an investor that can help us with the start up funds so we can get in fully and build this business up to its potential.  We have seen other cross stitch stores that do a great business and host stitching parties, conventions, and have become a destination for crafters. We know we could get this business to that place with help. Thank you.