Working weekends and holidays in the retail industry can be difficult. If you own a gift shop that you have put your effort and time into over the years to make sure that your business is a success, it may be time to sell and move onto the next phase in your life.
There are a few things to keep in mind to make sure that you get the best possible price for your business. Hopefully, if you put in the preparation, you will receive the gift of a smooth sale and a fair price!
Don’t slow down
Once you have made the decision to sell, it can be a difficult task to keep your mind on the day to day tasks of the business. Task such as pushing sales and increasing revenue might seem counter-intuitive, however, this is exactly the time that you should be focusing on the business.
Pushing for your business in the year leading up to the sale will greatly improve your chances of getting a good price for it in the sale. Buyers will want to see that there is potential for growth in revenue.
There are a few ways that you can so this. Why not add a gift-wrapping service? You could also host events in your shop that will bring in new customers.
You may not be able to introduce these new features on a permanent basis. However, it can even be valuable to show potential buyers that it would be possible and, therefore, that there is room for growth.
If you have been running your gift shop for a while, it may also be a good idea to take a critical look at your inventory. Is everything in the shop up to date or do you have stock that has been there for years? Selling your stock with your business means that a buyer will want to know they are getting something worth paying for.
No matter what you decide to do to prepare for the sale, the earlier you start thinking about the sale the better.
Get your business ready
The aesthetics of a retail space makes a difference. Before the sale, you need to make sure that any potential buyer will love what they see as they set eyes on your gift shop.
It goes without saying that your shop should be clean and tidy, but you may want to think about readdressing window displays or changing the layout of the space to make sure it’s not too cluttered.
Your storerooms should also be ordered as should the sales and ordering systems you use.
Finding a buyer for business can be a process and you should be prepared for it to take a long time. Consider listing your business online and in relevant local publications.
The kind of buyer that you are appealing to will vary depending on your business. If you have a gift shop that is in a seasonal holiday destination, you may want to target a retiree that is looking for a lifestyle change.
Tourism is an important part of Canada’s economy and keeps increasing so this is a good target market to have for your store.
Your gift shop could, however, be in a busy city center, in which case you will be appealing to a different audience. Make sure you word your business listing to suit your business and who you think your audience is.
You can reach a wider audience by advertising your business online or, get help by using a broker.