How to go about selling a business

(2 Posts)
Peppersandrice Tue 09-Jan-18 16:03:31

Hi there, just wondering if anyone has sold their business? Is there any advice? It's a very specialist shop on the high street and does quite well. I worked here from leaving school and became manager, and when the chance came to buy the business 5 years ago I went for it. I renewed all stock, bought more in, and refurbished the premises. It's doing well. Although I do get stressed easily and in busy season it's crazy busy.
I now have two small children, aging parents who are starting to have health problems (70s) my only other family is my sister who is moving to Australia in a few weeks. I just feel that it's becoming too stressful to enjoy. My sister and parents have always came in for shifts and helped cover shop on illness and holidays, but now none of them can come in any longer. I just feel like I want the weight lifted from my shoulders.
It's a good business for someone that they can walk into ready to go. Just don't know how to go about it. Any advice would be welcome.

OP’s posts: |
Badbadbunny Tue 09-Jan-18 18:37:00

I'd suggest you find a LOCAL independent estate agent who sell businesses - whilst most just do residential, there are usually 1 or 2 in each town that do commercial premises, shops, etc.

Avoid the national firms as most give you an unrealistic valuation and tell you they have people on their lists just waiting for a business like yours, to sucker you in. They charge up-front fees, so it doesn't matter to them whether you sell or not. The usual outcome is you pay the fees, they send 1 or 2 people to look, no-one is interested, so after a few months, they suggest you reduce the price, pay more fees for more advertising, rinse and repeat every few months, until you're back down to the value given by your local independent estate agent!

Also, ask your accountant about what they think would be a realistic price - they're more likely to be able to give you a more sensible valuation for the goodwill, fixtures & fittings, etc.

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