Selling Your Retail Business
Many small business owners when they retire, family members are not interested in the business. What are there options to get cash in their pocket?
1. Sell the Store- This is the best way if the store is making a lot of profit, otherwise why would a new owner like to spend a lot of money to make a little or even lose money. Be prepared sometimes it can take many months or even a few years to get a qualified buyer.
If you have $100,000 in inventory at cost, don't expect for someone to buy it at that price. Most likely, you are looking at $50,000-$80,000. Where you make your money on a sale is based on your earnings.
2. Do an Auction- I will be blunt.................NO, NO, No
Unless you want pennies on the dollar
3. Liquidate Your Merchandise & Inventory- Often this is the best way to get the best return quickly. Sale can start in 10 days to 2 weeks and be done within 30-60 days in most cases.
Whatever, you decide think carefully before you make the decision, You don't want your last major decision be a big mistake.