So, after much deliberation you’ve decided to sell your store.
But, like most folks, this is your first time selling a store and it can be a little overwhelming.
This is where Silverman Consulting & Retail Services come in.
We’re experts at store selling and can easily walk you through the entire process so that even the smallest detail is not overlooked.
We even do selling store sales events to help prepare your store for a potential buyer.
The goal is that you avoid these common store selling errors, so that you don’t miss out on thousands of dollars doing so.
It was a lot of hard work and investment to get where you are, so let’s make sure to make it count when you’re ready to sell.
So You’ve Decided To Sell Your Store
There’s a lot for you to consider when choosing to sell your business.
Selling a business is a both a personal and financial decision; one that should not be taken lightly.
But, maybe you’ve received an attractive offer and need advice on how to proceed.
Thinking about a world of opportunity beyond your current one can cause quite the stir.
Whatever the reason, timing is important.
It’s especially important if there are some big circumstances in the world currently affecting businesses like a pandemic, economic downturn, or your health or that of a family member.
Here are some tips to remember when selling that are designed to set you up for success in your endeavour.
1. Don’t Set Your Price Too High Or Too Low
Pricing your business too high can be a quick way to shoot your campaign in the foot.
You have to consider the whole picture when pricing your business, especially if your business requires extensive capital to operate.
You may do well with running a going out of business sale to reduce inventory, as most purchasers will not even pay you the cost on your in stock inventory.
Another mistake is to price the business too low.
After all, whatever comes next in your life – whether retirement or a new career path – you’ll naturally like to have as much money as possible to make it more comfortable.
Even if you’re burned out or took bad advice, do your homework first.
Remember to include looking into industry norms, market rates, the economy and your marketplace.
Find trusted brokers and consultants that will give you the information you need to make an informed decision.
Ask the questions: how many of your type of store sold in the country or your area, and how much did they sell for?
We’re here to help you get the most value out of this opportunity while you’re busy managing every other aspect of your business right now.
2. Don’t Wait Too Long To Sell
Don’t wait too long to sell your business.
This might sound funny, but not planning in advance or waiting too long can cause you to lose your window of opportunity.
Every year it becomes more difficult to sell brick and mortar retail stores and prices are dropping with the rise of online shopping.
It can take two or more years to sell a retail business, so long term planning can be vital to your success.
Also, remember to keep updated records, an accurate business history and a detailed sales portfolio on hand in case that potential buyer walks in your door.
This will also help your successor, so that whoever takes over your business is prepared.
3. Don’t Sell To The Wrong Person
It’s important to make sure you set up your successor for success.
It’s just as important to make sure that you pick the right successor for your business.
Consider that it’s possible for your business to go poorly after the new owner takes over if they’re not the right person to take over.
It could be caused by any number of factors including a lack of retail business experience, poor customer service skills, or poor leadership.
In any case, it’s a shame to see a business fail after many successful years for this reason.
Obviously you still care about your store, and to some extent your reputation is attached to the store – otherwise you’d just close, rather than sell it.
And since you’ve built a name for yourself in your community with your store, it would be a shame to sell it to someone who can’t make it grow and thrive.
Some questions to consider when looking at potential buys:
- Can they connect with my clientele and community effectively?
- Can they buy and run my business smoothly?
- What is their record of success?
4. Don’t Rush Into A Relationship With A Broker
Taking your time to choose the right broker for your business is also super important for the success of the sale.
You’re going to want to take your time and interview many brokers in order to gauge a realistic outcome.
This way, you’ll avoid losing an opportunity and time after months of no results.
Ask the questions:
- How many of my type of business have you sold?
- What results have you achieved for your clients?
- Do you have references I can call and talk to?
Often, an informed and realistic approach with the right broker will get you sales leads within the first few months.
This is what you want.
5.Don’t Run Your Selling Store Sales Event On Your Own
Finally, don’t run your own selling store sales event.
You’re going to have a lot on your plate when preparing to sell your business.
There’s legal paperwork, taking care of staff, settling debts, training the new owner and a whole lot more to be concerned with.
You should let your retail store sales event consultant organize and run the event, so that your mind can stay focussed on where it needs to.
They will take the time to organize all the details of the sale, so that nothing gets overlooked, all while generating the best returns on your inventory, generating the most cash for you.
Contact Silverman Consulting & Retail Services
Reach out to Silverman Consulting& Retail Services to see if we’re the right match to help you sell your business.
We’ve run hundreds of retail events for those selling or closing their stores right across the country, from the smallest towns to the largest cities.
This way, we can help you make sure that you get the most out of selling your business.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069