Retail can be a financially rewarding sector; however, it is hard work for anyone who owns a shop. If you have been running a successful business in the retail sector, you might find its time to sell and reap the rewards.
If you are thinking of selling, keep these tips in mind so that you can get the value that you deserve for your hard work.
Don’t let things slide
Make sure that you don’t fall into the trap that many people do when they start thinking of selling and take your hands off the wheel. If you want to get the maximum value for your shop, you will have to increase your effort and, hopefully, sales before you sell.
It may seem counter-intuitive, but you will need to demonstrate to potential buyers that there is room for them to increase profits when they take over.
Doing this will mean preparing for the sale of your business long before it actually happens. This will also help you to make sure that your books and your stock are in order and able to stand up to due diligence checks carried out by the buyer.
Over the years, you may have let things go when it comes to your inventory and the aesthetics of the shop floor. Rearrange things, repaint and fix anything that has suffered from general wear and tear.
You may need to think of tidying up the storerooms and reorganising the systems you use in the shop for payments and ordering.
During this process, be honest with yourself about what it is that you do well and what you could improve on. Assess the suppliers that you use and whether these are, indeed, the best suppliers for your business.
You will also need to share how things are done with any of your staff so that this information can be passed onto the buyer. You can also codify the way you do things so that the new owner can have a reference point.
Decide whether you will be available to the new buyer if they have questions after you have sold the business or whether there will be a handover period.
Finding the right buyer
When you have put years of hard work into a business, finding a buyer goes beyond just the price. You will, most likely, be looking for the right buyer.
You will need to have an idea of who it is that you would want to take over your shop before you put it on the market. If you have a clear idea of who would be interested in buying your business and who you would want to buy it, you can more easily filter through interested buyers.
Marketing your business online will reach the widest audience. Once you have found several interested buyers, you can narrow down to the people that you can see handing over the keys to.