Sell Your Store & Business Sale Consultants
So the time has finally arrived. After years of sweat put into your business, it’s time to pull out of it.
It’s time to sell your store.
When it comes to selling a retail store, there’s a lot to consider. Whatever your next phase in life is – whether retirement or a career change – you’ll want as much cash on hand as possible to make sure the next phase of your life goes as smoothly as possible.
That’s where Silverman Consulting comes in.
We’ll help you liquidate your business assets, so when it comes time to move on, you’re in the strongest position.
Closing Your Business Vs. Selling Your Business
If you’re deciding to walk away from your business, the two main options are to sell your business, or close it down altogether. Each of these has its own benefits and drawbacks, and the right decision often depends on what the circumstances are surrounding your reasons for leaving.
You might consider selling to a family member, staff person, or even one of your competitors. Over the years, you’ve built up a list of clients, your own proprietary systems, software, equipment, and more. All of this has value, and someone may be interested in buying it from you.
The choice whether to sell your business or close it down can be an emotional one. However, from a financial perspective, it’s important to analyze all the numbers. At times it may be more profitable to run a closing sale event, or sometimes to sell your business.
If there is an opportunity for you to sell your business, are you confident the new owners will continue to run it to the standards and reputation you have built over the years?
Will the new owners pay you more than you would get running a retirement/store closing sale? Will it be more profitable to sell the business empty after a sale or fully stocked?
These are all important factors to consider. Silverman Consulting can help.
What To Consider When Selling A Retail Store
So you’ve made the decision to sell your business. This might not be as simple as it seems, however. Here are some things to consider when thinking of selling your business.
First, Plan Your Exit Strategy Ahead Of Time
What’s your plan for letting go of your store? It’s a good idea to have a plan in place, since unexpected factors may force you to sell. This may include:
- Illness
- Wayward business partner
- Children not wanting to take over the family business
- Increased competition
- Decrease in interest
- Economic downturn
If you sell due to one of these factors without a plan in place, it could lead to you not selling your business for its maximum value.
Find Out What Your Business Is Worth
Before you take your business to the open market, it’s important to know what to charge for it. Speak to a third party to get a realistic estimate of what your business is worth. These third party business valuation services will examine your business from a number of different angles, including:
- Sales
- Inventory
- Receivables
- Assets
- Debt
- Liens
- Industry trends
- Market demand
- Etc.
Make Sure Your Financials Are Tight
In today’s relatively soft market, prospective buyers want as much transparency as possible, says Steve Rosen, a Philadelphia-area business broker with Sunbelt Business Brokers. They are performing more careful due diligence, kicking the tires on everything from a business’ financials to its real estate and equipment. “They’re contemplating longer,” Rosen says.
An owner can avoid red flags by working with an accountant to present clean financial statements and business tax returns dating back at least three years, and ensuring that all income is accounted for.
Among the no-no’s are keeping family cars and boats on the business books. And don’t be surprised if would-be buyers ask for year-to-date results, Rosen says.
On the seller’s side, even commercial landlords are getting into the due diligence game in the post-recession world, taking on the role of bankers by vetting the credit-worthiness of interested buyers before they’ll consider transferring a lease.
Increase Your Sales
If you plan on selling your business, do what you can to increase sales revenue. This will make your business more appealing to a potential buyer.
Increasing your sales may involve running promotions and bringing in more appealing inventory, but there’s more to it than that. Giving your store a fresh coat of paint, adding a new service, or even getting rid of disagreeable staff can help. Plan this as far ahead as you can – up to 5 years before you plan to sell.
Hire A Retail Store Business Sale Consultant
If you’re planning on selling your store, you’ll be moving onto another phase in your life at some point. Whether that’s retirement or a career change, it helps to have as much money as you can get on hand to support yourself and your family.
That’s where Silverman Consulting comes in.
We’ll help you organize, promote, and execute one final sale to help you get the most out of your business.
Why Choose Silverman Canada?
What’s the benefit of hiring a retail consultant like Silverman Canada? Why not just do it yourself?
Good question.
You’ve planned sales before. You’ve even planned sales that have been a smash success. And all the while, you maintained your store’s daily operations. But there’s more on your plate this time, and there’s more at stake.
When you’re preparing to sell your business, you have a lot on your mind. You’ll need to worry about taking care of the legal paperwork, taking care of your staff, paying off debts, training the new owner and/or new staff on everything they need to know, and a lot more.
Will you have the time, the mental clarity, and the patience to plan your final sale?
Will you be confident you didn’t miss anything?
Can you walk away from your store knowing you squeezed every last dollar you could out of it?
Let Silverman Consulting help you plan your store’s final sale before it changes hands. After running hundreds of store ownership changing sales, we know what we’re doing.
When you work with Silverman Consulting, you’re getting access to one of the top retail sales consulting firms in Canada.
Our marketing team will get to know your unique business. Our goal is to promote your sale to the widest audience possible, in a way that will resonate with your audience.
From there, we’ll source additional inventory on consignment or at deep discounts. This will help you avoid missing out on sales opportunities without having to tie-up excess capital in inventory.
We’ll organize all the details of your sale, so you can focus on the hundred and one other things you’ll need to worry about when selling your store.
Contact Silverman Consulting to find out how we can help today.
As one of Canada’s top rated retail sales consulting firms, you can rest assured your final sale will bring in numbers far beyond your original goals. It’s not uncommon for our sales to bring in numbers that exceed your previous year of sales in a single sales event.
Don’t leave money on the table. Contact Silverman Consulting today, and feel the confidence in knowing you’re doing everything you can to secure a stronger, more prosperous future for you and your family.
Contact Silverman Consulting today.