Finding the Right Buyer
Retail business can be profitable which gives you the opportunity to interact with different kind of people every day. A lot of shop owners enjoy building relationships with customers.
After few years of this, though, you might feel that it is time to sell your shop. There could be several reasons for this. You may want to be able to have more time off, or you could want to sell rather than upgrading your shop’s online presence and technology.
Either way, selling your business should be smooth as long as you’re prepared.
After years of working weekends and holidays, Emily thought that it was time to sell her business so that she could spend more time with her family.
Her shop is claimed to be the oldest retail shop in the area. She decided to put her shop up for sale and we (CBC Business Brokers Sydney) spoke with her when she did.
It is a tea room and gifts shop in Sydney, Australia. It is a historic and picturesque business and so it could be difficult to understand why someone would want to sell it.
Emily said, “I’ve done it for seven years. I’m not in a hurry to sell because I do absolutely love the place but it’s about changing my life. Family commitments mean that I would like to have weekends off – whereas weekends are our busiest time. When we have the whole place open, the tearooms and shop, is on the weekends.”
Retail can be a seasonal business, and this was also the case with this shop, however, not in the same way that many other retail shops experience the seasons.
“Though the business is seasonal but it is strangely seasonal. We are sometimes, busier in January than we can in the beginning of August – when everybody makes New Year’s resolutions to get out in the country and to walk and cycle more” says Emily.
Selling a business that you have put a lot of work into over the years is usually about more than the money. Finding the right buyer is also a factor in who you end up selling to.
The type of people that Emily saw taking over the business would be aware of the kind of work that went into running it. Seller says, “The shop will surely suit a couple wanting a lifestyle business. It is a beautiful place to live and to be but it is work. It is something where you can work five or even seven days a week and be busy doing it.”
If you have considered who will be interested in your shop, you will find that marketing it to the right target audience can be challenging. Who will be interested in buying it? People that live in the same town or people that might be considering relocating?
If your shop is located in an area that is developing and expanding, there may be people from further afield that would be interested in buying your business.
Marketing your business with CBC Business Sales will reach the biggest audience and will help you to get the best buyer.
Ready to sell? Contact CBC Business Brokers Sydney today on 1300 661 498 for a free strategy session.
CBC Business Brokers Sydney
Level 34, AMP Centre,
50 Bridge St,
Sydney NSW 2000
T: 1300 661 498