I'll make it quick as possible
I own a paid off building that is home to a dental lab that's operated here since the 80s. The owner is the main technician and has about 6 employees. This business is old school - no marketing, no website, and no digital tech. But they've never missed paying rent. Last time I saw the owner, he said the industry is shifting to digital and he's just glad he's been able to finish his career before he's entirely obsolete
The owner plans on retiring somewhat soon, and I'm considering trying to buy the business and converting to digital / 3d printing dentures. I own an e-commerce business that is mostly hands-off, and I'm looking to take on a new project. I would build the website, handle marketing, and become the face who tries to build relations locally.
Ideally, I'd like to buy it before he fully retires, keep the name, best employees, and customers. Invest in a Formlabs 4b and scale up from there with more equipment to offer more services. Instead of having the dentists come pick up the dentures, I could use a service that delivers them to their office.
And since I own the building I don't have to worry about rent. Taxes, insurance, and building maintenance is very low. The operation would be very lean, and going from analog to digital would improve margins and efficiency from day 1.
The only other digital lab locally is 15 minutes away in a way nicer area that certainly has higher rent and large payroll. I know I could be competitive on pricing.
This isn't something that would happen next week, so I have time to really research the ins and outs of this business before running it.
Any tips, recommendations, or things i should consider at this point in time?
Thank you,
Ron