To sell business or not? Also help with new staff? Small shop owner.(4 Posts)
Hi, I've got a formal menswear shop in Scotland (kilt hire and sales). I've always worked with just me and my brother in law for 8 years now. He's flexible, reliable, knows the business likes the back of his hand. He also never really takes holidays and prefers to get paid his holiday time. It works for me as I don't have childcare if he needs a holiday.
Him and my sister are emigrating to Australia in March and now I've got to take on staff for the first time! I really want to take on two part timers as I need extra to cover for sick time/holidays etc.
He works a 3 days a week in winter as we are quiet, but full time in the summer when it's really busy.
The options which I can think of are person 1 works a Monday and every other Saturday in winter, the other does the Friday and every other Saturday. (I work Tuesday, Wednesday, Thursday and Saturday.)
Or I can split the days up so they do half day Monday and Friday.
Can anyone give me advice on what rota would work best?
I am really petrified by taking on new staff that need training etc. I actually feel like putting the business up for sale. Its profitable and I don't know if I can do it without my brother in law. It seems too stressful. I have had a company come in to value it etc but it can take a while so still need to take on staff. I don't know what to do.
I have had a company come in to value it
Be VERY wary. There are some business selling firms who deliberately over-value the business and claim they have lists of people ready to buy, but it can sometimes be just a con to suck you in and get you to pay high up-front fees. Then after a few months of no interest, they suggest you reduce the price and then charge more fees for extra advertising, etc.
You really need to get a variety of opinions, from local and national agents, from your own accountant, etc.
Small businesses, especially owner-managed ones, sell for far less than the types of price seen in the adverts and business sales websites.
Why not just take on a part-timer to do 3 days per week year round? There must be a SAHP somewhere who would snap that up!
Then, in the summer, take on a temporary employee - student, perhaps, to fill in the gaps.
Whatever you do - don't panic-sell your business!
I think what I will try is taking on 2 members of staff for the weekdays, then possibly a Saturday person possibly a student (we are a uni town) that would be able to put extra hours in during the summer period. Maybe the ones during the week could maybe do two half days instead off full so they get experience in more areas of the business.
I think the thing that stops me from selling is thinking what I would do if I didn't have this place! Just worried that the landlord will put the rent up next year as it's a rent review year:-s
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