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Exiting Your Business
There are many reasons to exit a business
Retirement
Lifestyle change
Health issues
Trouble with vendors
Debt
Burnout
Low wages
Decreased sales
Smaller profits
Employee turnover
Increased competition
... but only four ways to exit a
business
Sell to a new owner
Sell to family
Declare bankruptcy
Hire professional
liquidators
Sell to a new owner
This is the first choice for most retailers,
but it's also the least viable.
- Can you find a buyer who can actually afford
to buy your store?
- Can they get the financial backing?
- Can they pay back their loan and still
draw a salary based upon predicted sales?
- What they are willing to pay for your inventory?
- How long will it take to find a buyer?
Certainly, this is an option for a limited
number of retailers.
- First, you must find a family member
who wants to go into the family business.
- Second, you must objectively qualify
them just as you would any buyer. Do they
have the necessary expertise and financial
background to make your business successful?
No retailer wants to go this route. If you
think your business is insolvent or nearly
so, call us for help. It may not be necessary
to declare bankruptcy.
This is the only logical choice for most retailers.
- Sell your inventory to an already established
market - your present customers. We will
return our fee back to you many times over
through a carefully structured business plan
designed just for your particular situation.
- Call us to discuss any of these four exit
options. We can review with you the advantages
and disadvantages of each method as it pertains
to your situation. Then you can decide for
yourself which is the best path.
Don't even think about it
We don't even mention liquidating the store
by yourself. Over the years we have watched
many retailers try to do their own liquidation.
Each would have done better getting help from
professional liquidators. It is not unusual
for us to receive phone calls from retailers
who say, "Can you come and help us out?
We started a liquidation, but it isn't working."
At this point, it's too late. Regretfully,
we must say, "Sorry, there is nothing
we can do."
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Selling to your established customers
After a sale
"Hi Mike,
"It seems very weird to be...
not emailing you with sales figures
every day and not seeing you every
week. I'm sure you know by now
how big of a success our last day
was!! It was just as you said it
would be... just like the first
day. People were standing in line
at the door at 8 a.m.! And, yes
we did sell everything, even
the pegboard off the walls!!
I want to say "thank you" for
the very professional and expert
help throughout the sale. I don't
know how many times I've said this
and have heard my mom say it, "We
couldn't have done it without you!!" It
was a huge task, but I feel
that we accomplished a lot for
my dad.
Thanks again Mike, I can't say
that enough."
Furniture store owner |
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We can discuss your situation.
Call 866-222-7992
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