Many Retail 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 Retail Business- This is the best way if the store is making a lot of money, 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 $200,000 in inventory at cost, don't expect for someone to buy it at that price. Most likely, you are looking at $100,000-$160,000. Where you make your money on a sale is based on your earnings.
2. Do an Auction- NO, NO, No
Unless you want pennies on the dollar
3. Liquidate Your Merchandise & Fixtures- Often this is the best way to get the best return quickly. Sale can start in a couple weeks and be done within 1-2 months 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.
1. Sell the Retail Business- This is the best way if the store is making a lot of money, 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 $200,000 in inventory at cost, don't expect for someone to buy it at that price. Most likely, you are looking at $100,000-$160,000. Where you make your money on a sale is based on your earnings.
2. Do an Auction- NO, NO, No
Unless you want pennies on the dollar
3. Liquidate Your Merchandise & Fixtures- Often this is the best way to get the best return quickly. Sale can start in a couple weeks and be done within 1-2 months 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.
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