Friday, 9 August 2013

Tip of the Week and Another Bonus

It’s so important to have an exit strategy for your business so that when you retire or want to do other things, you have a plan.  Don’t just close it down or hire a manager, consider selling or adding a partner.

So many retailers open a business because they love what they do or sell, or love helping customers, but what do we do when it comes time to move on?

When beginning your business, it’s a good idea to put an exit strategy in place.  What would you like to do?  How would you like to go about it?  Many people sell off their merchandise and close their doors or hire a manager to run the business for them.  Both of plans have definite drawbacks, so why not consider alternatives?

You could sell your entire business to someone else or you could sell off a portion of your business to someone who is willing to be a partner and share in the duties and responsibilities.

Consider hiring a business broker to help you through the process.  While using a realtor or going through a private sale can be tempting, a business broker can help take you through every step of the process with experience and expertise. 

Not sure how to choose the right broker?  Ask for referrals and references from people you trust.  If you’re in the Edmonton area and looking for someone, ask me for a recommendation.

Happy selling!

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Another bonus tip:  Sadly (for us Canadians, at least) the crisp, cool air of fall is approaching.  Be sure to make payments on orders and try to get fall stock to start rolling in for mid to late August.  People start getting excited for new product, so get it front and center in the store!  If you have leftover product from last year, you can get it out now.

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