I've identified a local mom & pop retailer that also offers wholesale prices on a particular premium product (which they import from overseas themselves). I'm interesting in buying in bulk from them, re-branding and retailing online to a niche market that I think they are overlooking (or maybe can't access themselves). Any tips on how to approach them, or pitfalls to avoid? There might be potential for a joint venture if it was structured properly.
I would offer them a proposal to reveal their source to you in exchange for a small percentage or fixed amount of each unit ordered. You would also need to structure the offer in such a way as to guaranty that you would not compete with them or circumvent them, if they agree then you would need a legal contract drawn up between you and them
Why don't you buy direct from overseas? I'd love to hear more about the product to give you some ideas here. Let me know how I can help!