Home

Have you ever closed or sold ur business

 
Post new topic   Reply to topic    Forum -> Inquiries & Offers

View latest: 24h 48h 72h


eema1




 
 
 


Post  Wed, Oct 16 2019, 10:12 am
This may be weird to post here, but I am not sure how else to find out information. We have a gifts store front (not in NY) business is fine, not amazing.. but we are moving and I just don't have the koach to run it from a distance even though we do have great employees who could run the place on its own. The community really relies on our services. I don't want to put it out to the community that its for sale, but I don't want to just close.. how does one find someone to buy a business.... We opened the business not really knowing what we were doing to begin with . Any advice?
Back to top

dankbar




 
 
 


Post  Wed, Oct 16 2019, 10:45 am
Broker? Ads?
Back to top

Squishy




 
 
 


Post  Wed, Oct 16 2019, 10:46 am
Maybe you can ask your employees if they would be interested in continuing it.
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 10:48 am
dankbar wrote:
Broker? Ads?

How does one find one, we rent our space..
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 10:49 am
Squishy wrote:
Maybe you can ask your employees if they would be interested in continuing it.

They love the work, but don't want to be owners.
Back to top

Squishy




 
 
 


Post  Wed, Oct 16 2019, 10:52 am
eema1 wrote:
They love the work, but don't want to be owners.


Have you asked?

Maybe they know of someone.
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 10:55 am
Squishy wrote:
Have you asked?

Maybe they know of someone.

We asked, they are all first starting out in life as are their friends ....their parents arent interested.. Very Happy
Back to top

FranticFrummie




 
 
 


Post  Wed, Oct 16 2019, 10:59 am
No advice, just sympathy. It's very hard to have a store that is doing "just OK", paying the rent and bills, but with a thin profit margin.

BTDT.

You feel like there's so much potential there that you don't want to give it up, but the numbers say that you're probably spending too much personal energy to justify continuing.

Meanwhile, you have back stock that is valuable, and you keep looking at it going "Maybe I should re-open, maybe I should sell, which way do I go?"

It would be easier to handle if your store was just a total flop. At least you'd have some clear direction. I feel your pain, and I'm sitting on a ton of valuable inventory with no energy to list it right now.

Maybe you can sell it to a wholesaler who can list it on Ebay, or else hire someone to list it for you, and they can take a flat percentage of the final sale price. 20% seems to be the standard. Your employees might be interested in doing that.

I wish you lots of luck, no matter which way you decide to go, and lots of parnossa in the future. Hug
Back to top

dankbar




 
 
 


Post  Wed, Oct 16 2019, 11:09 am
There are business brokers.

Ads can be placed in community circulars. Newspapers. Local magazines. etc.
Back to top

dankbar




 
 
 


Post  Wed, Oct 16 2019, 11:16 am
Even if you don't sell the business, maybe you can have another business buying out your inventory stock.

Is it possible to take stock along with you & reopen in your new location you are moving to?
Back to top

Notsobusy




 
 
 


Post  Wed, Oct 16 2019, 11:45 am
eema1 wrote:
How does one find one, we rent our space..


I know someone who is a broker for business buying/selling if you want to pm me. They are based in the tristate area, so I don't know if they do it for business out of the tri-state. But they might be able to give you some advice.

I'm just wondering why you don't want people to know you're trying to sell it. I realize your reasons might be personal and none of our business, but if it's at all possible to let the community know, that's probably the best option.
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 10:57 pm
FranticFrummie wrote:
No advice, just sympathy. It's very hard to have a store that is doing "just OK", paying the rent and bills, but with a thin profit margin.

BTDT.

You feel like there's so much potential there that you don't want to give it up, but the numbers say that you're probably spending too much personal energy to justify continuing.

Meanwhile, you have back stock that is valuable, and you keep looking at it going "Maybe I should re-open, maybe I should sell, which way do I go?"

It would be easier to handle if your store was just a total flop. At least you'd have some clear direction. I feel your pain, and I'm sitting on a ton of valuable inventory with no energy to list it right now.

Maybe you can sell it to a wholesaler who can list it on Ebay, or else hire someone to list it for you, and they can take a flat percentage of the final sale price. 20% seems to be the standard. Your employees might be interested in doing that.

I wish you lots of luck, no matter which way you decide to go, and lots of parnossa in the future. Hug


This exactly!!
thanks!
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 10:58 pm
dankbar wrote:
Even if you don't sell the business, maybe you can have another business buying out your inventory stock.

Is it possible to take stock along with you & reopen in your new location you are moving to?

I emailed other similar companies- no responses.. : (
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 11:00 pm
Notsobusy wrote:
I know someone who is a broker for business buying/selling if you want to pm me. They are based in the tristate area, so I don't know if they do it for business out of the tri-state. But they might be able to give you some advice.

I'm just wondering why you don't want people to know you're trying to sell it. I realize your reasons might be personal and none of our business, but if it's at all possible to let the community know, that's probably the best option.

Will eventually have to let the community know- we did reach out to other similar style businesses, but they are not interested and sent emails to companies that are similar outside of our State.
Letting the overall community know at this point is too early- have too many other things that need to get organized, personally and we don't plan on opening the business to where we are going... the community loves us, but just can't put the effort in to start again.
Back to top

redheaded




 
 
 


Post  Wed, Oct 16 2019, 11:28 pm
Offer to the competition. They run two businesses and get to save by bulk buying and one office of administrative stuff.
Back to top

redheaded




 
 
 


Post  Wed, Oct 16 2019, 11:31 pm
Other option hire a manager at great pay. After covering costs he makes 85% of the profits. This gets him motivated to keep the business going, and gets you some pocket change.

How about meet with a business consultant to get advice. You seem to be making a decision for the future of the store from an emotional angle, I think you need to look at it from a business perspective.
Back to top

eema1




 
 
 


Post  Wed, Oct 16 2019, 11:57 pm
redheaded wrote:
Offer to the competition. They run two businesses and get to save by bulk buying and one office of administrative stuff.

We asked, they are not interested.
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Inquiries & Offers

Related Topics Replies Last Post
If DH runs a business, what is it?
by amother
27 Yesterday at 12:13 pm View last post
Looking for a business coach...
by amother
10 Thu, Oct 31 2019, 5:43 pm View last post
Help opening business
by amother
4 Thu, Oct 24 2019, 1:47 pm View last post
WWYD re: dishonest Jewish owned business
by amother
10 Tue, Oct 08 2019, 8:02 am View last post
Which Snoods (sold in BP) are the most comfortable?
by amother
12 Tue, Sep 17 2019, 10:17 pm View last post

Jump to: