Retirement Sales Events For Retail Businesses
So it’s finally arrived. You’ve planned and prepared for decades for this, and now it’s right around the corner.
You’ve been running your business for a long time, so long that maybe you can’t imagine doing anything else.
But it’s time for you to retire.
Maybe you were hoping to sell your business, so the family name could continue on. Or maybe your parents left it to you when they retired, and you hoped to do the same with yours, only to find out they have other plans.
Whatever the reason, it’s time to shut down your store and ride into the sunset.
Naturally, you’d like to squeeze every last drop of value you can before you do. You want to make sure you, your family, and your employees are all well taken care of as your business closes its doors for the last time.
Silverman Consulting can help.
We’ll run a retirement sale for you designed to sell off your inventory and even the supplies and fixtures, so you can enjoy retirement a little more comfortably.
Is It The Right Time To Retire?
Should you retire now, or wait a few years? That’s an important question with no simple answer.
For some, retirement may be an age…60, 65, 70? However, if you still love what you do, you’re still healthy enough to do it, and it’s still profitable, there’s no reason to stop working just because of this arbitrary number. You can continue working for as long as you’re willing and able to.
You might be concerned about what post-retirement life looks like for you. It’s important to keep in mind not only where you’re retiring from, but what you’re retiring to. As a store owner, you’re used to being kept busy all day. If you don’t have a way to continue to stay busy after retirement, you might end up longing for your pre-retirement days.
For others, they have a specific financial goal in mind. Maybe you’ve done the calculations with your financial planner, and you know based on a few different factors how much money you need to retire comfortably. Once you’ve hit that number, you might decide to retire, or you might want to stay on for a few years.
For most, it’s an emotional decision. It’s time to leave a job they love or possibly no longer enjoy. It might also be a matter of circumstance – the economy, staffing, profitability, health.
Whatever your reasons for retiring, it’s a good idea to speak to the experts at Silverman Consulting to put a plan in place.
Why Run A Retirement Sale?
Once you’ve made the decision to retire, you’ll need to wind down the operations of your business. And there’s a lot to consider when planning your exit strategy.
You’ll need to let your employees know you’re taking action to start retirement. Chances are they’ll have an inkling you’re moving in that direction, but it will be up to you on how to break the news. It’s a good idea to give them ample time to find another job, but not so much that they leave when you need them most.
It’s likely you’ll have some outstanding finances to wrap up, and maybe some longstanding layaways you’re waiting on. Silverman can help with all these loose ends.
There’s paperwork to file, suppliers to inform, and loyal customers to say goodbye to.
But one of the biggest things to worry about is your physical assets.
If you’re like most retail stores, you’ve got quite a bit of money tied up in your inventory. The more of it you’re able to liquidate, the more comfortable your retirement will be.
But it’s not just your inventory you need to liquidate. The fixtures in your store will have to go, too. You won’t need most of it anymore. This may include:
- Shelving
- Display cases
- Racks
- Tables
- Cash registers
- Product prep & manufacturing equipment
- Repair or maintenance equipment
- Appraisal equipment
- Cleaning equipment
- Break room supplies
- And much much more
All this equipment represents potential capital for you. A successful going out of business sale will help you extract as much value out of your business as you can before you shut it down.
Why Choose Silverman Consulting?
Retirement is a time of significant change in your life. Not only do you have to close your business, you also need to prepare for what your life will look like after that.
You’ll be taking care of yours and your family’s post-retirement needs, closing down your business, and dealing with all sorts of emotions that come with it – all while continuing to run your day-to-day operations.
Through all the turmoil, all the upheaval, do you have the time and energy to devote to making sure your retirement sale goes well?
Sure you’ve run sales and promotions in the past. Some were better than others, of course. But when it comes to a retirement sale, the stakes are much higher. A lacklustre sale might normally just be a disappointment. You can learn from your mistakes and do better next time.
But there is no next time with a retirement sale.
A retirement sale is the last sale you’ll ever run in your business. So it’s important this sale is the best one you’ve ever run.
That’s where Silverman Consulting comes in.
Our team has run hundreds of retirement sales for a wide variety of independent retailers. Whether you’re a single mom-and-pop shop or you have multiple locations in different areas, Silverman Consulting’s team can help.
We’ll take the time to listen to your unique needs and business approach, as well as the most important factors in running your sale. From there, our experienced marketing, promotions, and logistics teams will get to work.
We’ll help you find inventory on consignment or at deep discounts, so you don’t need to miss out on potential sales as your stock dwindles. This can help you increase your final revenue and reduce your risk.
From there, we’ll roll out a custom marketing campaign with proven techniques to bring in the traffic you need to hit your sales goals. We’ll speak directly to those who want your goods, and convince them to come visit your store for some great deals.
And we’ll manage your sale for you, allowing you to focus on the day-to-day operations of your business and the responsibilities of closing it down.
The result? Many of our clients have exceeded their goals by up to 60% or more. In fact, it’s common for our clients to sell the equivalent of their previous year’s sales in a 60-day event.
This means better returns for you to enjoy during your retirement, more happy memories the public will have in relation to your business,
Doing it yourself could leave you saddled with thousands tied up in inventory and equipment. Don’t let yourself get pennies on the dollar with product you could have sold in a successful retirement sale event.
Silverman Consulting has the industry knowledge, the sales experience, and the strategies you need to run a successful retirement sale.
Contact us today to book a consultation and find out how we can help.
Your retirement sale is one of the most important events in the end of your business career. Don’t leave it up to chance. Contact Silverman Consulting today, and enjoy a more comfortable retirement.
Contact Silverman Consulting to book your consultation today.