Starting a high-end audio shop... Am I crazy?

I am actually thinking of giving up a $120,000 yr job and starting a high-end audio retail biz - both online and hopefully later on a brick & mortar store

From a business point of view, and assuming you don;t have a revolutionary business-model in mind, I would definitely join Rec's suggestion to keep yr present job (at least for now).
Highly fragmented market;
Higher margin products are very slow-moving;
The hi-end target clientele is small -- as opposed to consumer electronics. Worse, the advertising support is minimal -- as is the corporate equity manufacturers have compared to, say, Sony.
It's difficult to create and retain a loyal client-base;
Hi-end audio's value proposition is weak (the excitement of "good sound").
Do you have a value proposition (that hi-end clients will buy into)?

With your sales & marketing background, I am sure you've studied the issue extensively. However, I believe that trying this out as a "paying hobby" before you give up everything else would be more opportune!

As always, there's also lots of merit in pursuing a dream! Cheers

given the sales of used equipment on the internet, transhipping and the consumer's goal of getting a discount when purchasing components, you are taking a big risk in retail.

in addition, there are many manufacturers who are selling direct. they are your competitors along with other dealers.

I know 2 dealers that cater to 2 channel only. One of the dealers comes from a wealthy family so whether he makes money or not doesn't matter to him. The other dealer recently told me that if it wasn't for 1 great customer he has he would close up tomorrow. I say keep your job and dabble on the side that is my advice.

People are just one mouse click away from a better price these days.
How can you compete with that?

Your desire to 'throw money out the window' is equal to your desire to burn piles of cash on a useless fantasy.
Sorry, but nearly ALL the stores I know of that are 'bricks and mortar' are either going bankrupt, or are nearly doing so.
Only the really big private stores have a chance. you got $25,000,000.00 to invest on a 'midlife crisis'?
If you started a web business, you might have a starter business.
Locally in SE Wisconsin:
Flanners: just moved to a BIG new location, does TV and install big time. (they are the $25,000,000. store) great place!
Sound Investments: How they stay in business is a mystery?
Audio Emporium: nice place (no comment here, just too close to home.. I like them)
Sound Stage: turned into a small, barely surviving 'last stand'.
So!!! you too can go grey worrying about loosing everything you own.
Why not just blow $80,000. on a Corvette?
Or find a hot babe and run away to Mexico?