Nobody opens their store with the dream of closing it one day.
You worked hard to build your business and it can be difficult to say goodbye.
Maybe your store has been a cornerstone in your community for years, or maybe it’s been a new and exciting venture for you up until now.
Whatever your circumstances, if you’ve arrived at the point where closing your business seems like your next move, consider contacting a retail store closing consultant.
Everyone seems to have advice on how to start a store but when it comes to closing; it can sometimes sound like crickets.
Silverman Consulting & Retail Services understand what you’re going through, and we have the skills to help you move on to your next adventure.
Without any loose ends.
Is It Time To Put Your Business Up For Sale?
It’s always a good idea to consider all options before closing your store.
If it’s possible to tweak parts of your business, why not try it?
Take a moment to ask yourself:
- Have I been keeping my valued employees happy?
- Are my customers returning regularly?
- Am I meeting or exceeding my annual revenue expectations?
- Am I genuinely happy while running my business?
Did you answer no to one or more of these?
If you did, it may be time for you to consider closing your store.
We’re not saying that you should shut it down immediately.
Just that it may be time to at least give the idea of closing some thought.
There may be aspects that you still love, and parts that you can keep working on to make your store better, but there may also be something in the back of your mind that you might rather be doing.
Business isn’t always instantaneous, you may fall below your projections one year, and climb back up the next.
Trouble arises when you start to notice that you’re missing the mark two or three years in a row.
We all have days where it’s hard to get out of bed and go to work, but if going to your store has become a real drag, and you find yourself depressed even thinking about work, it may be time to close up shop.
If your business is a continuous strain on your finances, mental health, and overall quality of life, you might need to take a step away and move on to the next chapter.
Whether it’s to end a bad cycle or to try something new that excites you, once you’ve made your decision to close, you’ll want to do so without any loose ends.
You’ve invested years, and your blood, sweat, and tears into that business and your closing events should reflect and celebrate that.
You want to recoup whatever you can from your inventory investments, other assets, and continue to offer your customers a great shopping experience to the very end.
As retail consultants, we’re here to offer the support you need at each stage of a closing event.
Store Closing Checklist
We not only have decades of collective experience dealing with store closing sales events, but we are more than happy to share our knowledge and expertise with you.
When it comes to closing your retail business, most people are surprised at how many steps there are.
We’ve boiled it down to a basic checklist that we can tailor to your needs.
General steps to contemplate while working towards closing your business include:
- Picking the right time to conduct your store closing event
- Making the plan to market and advertise your sale far and wide.
- Clearing and selling all of your remaining inventory
- Preparing your real estate for sale or terminating your lease and leaving the premise as required
- Collecting outstanding accounts receivable
- Clearing any store credits
- Selling off your equipment and fixtures
- Contacting and notifying your suppliers, employees, and customers
- Administration – from final payroll to closing bank, tax, business license accounts, and more
These are just some of the steps and a general guideline on what steps are important to take.
Each step is as important as the last, and none of them are skippable for any business.
If your store is a specific niche, it might have additional steps to consider, these are just a guideline.
We’re aware that no two businesses are alike, and your steps need to fit your unique situation.
How A Store Closing Consultant Can Help
We realize that this can be an overwhelming and exhausting time for you.
Each step that you take towards closing your business can feel like undoing all of your own hard work.
We’re here to ensure that the process is painless as possible.
You should close your doors with the peace of mind that every step has been thoroughly taken care of.
When you contact Silverman Consulting & Retail Services, our associates will sit down and go over your business with you.
We’ll work with you to understand your business and your closing goals.
You’ll be paired with a store closing consultant that will go over your store history, assets and inventory to coordinate a successful closing sale.
From there our team will execute the planning and step by step process of your closing event.
With our vast experience in advertising and marketing these specialized events, we are more than capable of suggesting what is ideal for your community and products.
At Silverman Consultants & Retail Services, we pride ourselves in making sure your business closure is in the most capable of hands.
You can feel confident that your decision to close will be handled professionally and with the utmost care.
Your customers may be sad to see you go, but they, and you, will be happy with the note your business leaves on.
Closing your business can be a tough choice, but we’re here to honor and celebrate the business you’ve built and to help you move on to your next chapter in life.
Contact Silverman Consulting & Retail Services Today
Contact us to learn more about how we can help you breathe easy through your business closing process.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069