If the time has come to sell your beloved retail business, it may be easiest to do so online. You can buy and sell homes and cars online, so why not a business? It’s all about preparation and research, and taking this approach may allow you to find the best buyer for your business, especially if you have a specific idea of who you want that person to be.
Selling your retail business online isn’t all that different from selling it in person. The advantage is that you will reach a wider audience of potential buyers by selling online. Here are a few steps you should take when trying to sell a retail store.
- Prep your business for sale. When you first decide it’s time to sell your business, that’s when it’s time to get to work. If you’re not planning to sell to a friend or family member (as some people choose to do so that their vision for their business stays intact), you can broaden your search to include buyers from all over the country or even other parts of the world.
This is a good opportunity to make the necessary repairs you’ve been meaning to get to, upgrade, and make sure things are in tip-top shape. If you have a product, make sure it’s displayed neatly. Consider giving your business a fresh coat of paint, or doing any necessary cosmetic touch-ups. It may also be time to change the bulbs in your signage that may have burned out. Remember that, even if you think your business is ready to sell as-is, this usually isn’t the case so long as no buyers are biting.
When your business is in show-condition, meaning it’s about as clean and polished as it can be, it will attract more buyers.
- Hire a specialist to price your business. Unless you have bought and sold a lot of businesses, you may not know how to correctly price your business for sale. If you price it too low, you will lose out on money you have worked hard to earn. If you price it too high, you’ll limit interest from buyers.
Hiring a professional to help you determine the most accurate and fair price for your business will alleviate these concerns. You’ll attract the right buyers from the beginning and have a greater chance of finding the right buyer and fetching your desired price.
- Get your books in order. Maybe you’re one of those people who has a concrete accounting system that isn’t conventional, but it works for you. This is a good time to standardize things to make them accessible and usable to others. You’ll need to reconcile your books, organize all of your bills and receipts, and make sure a potential buyer has all the information they need when they take over. The more time you spend on this task, the fewer problems there will be for you down the road. Ensure you and your business will have a smooth transition from one owner to the next.
- List your business for sale. Listing your business on a website specifically targeted to commercial buyers will attract the right crowd and will help sell your business in a shorter amount of time. Check out other retail listings here.
While selling your retail store can be a lot of work, with careful planning, it doesn’t have to be stressful. These tips can help ensure a smooth selling process for you and your business. To learn more about selling a retail store online, or if you’re ready to list your business, visit www.businessesforsale.com.