The sale of Lydney Launderette, Gloucestershire.
Now in retirement, Mr Raymond Boycott (Ray)was on the market with other business brokers and estate agents before instructing Hilton Smythe to help sell his business and less than a year later Ray has successfully sold his business in preparation for his retirement.
Now that the business has sold, Ray still finds himself shadowing the new owner of the property and business, which is still operating as a launderette. In addition to the business, Ray has also helped oversee the transition of a property above the business being rented out. The new owner has been extremely grateful for having Ray around and admits the input is a benefit and helped the business continue to succeed. As the new owner has never owned a launderette before, Ray’s assistance during the transition period has been extremely helpful.
The launderette also provides a delivery service to local businesses such as B&B’s. Having Ray around after the sale of the business has helped ensure the continuity of this service and secure even more contracts with local clients.
“It’s a weird feeling, waking up and realizing you don’t have to be anywhere.”
Ray admits that having to hand over the keys to his business wasn’t an easy process. Ray recalls a time when he went to open the till for some change after the sale, only to realise he couldn’t!
New owner is also appreciative of having the previous owner around as it’s good for keeping loyal customers.
When it came to putting his business on the market, Ray had previously instructed a local estate agent who marketed the business through contacts. Ray admits that didn’t have the same resources or access to the same platforms as we do at Hilton Smythe. “The platforms Hilton Smythe used to market my business were much more wide scale than any other estate agent”.
Before retiring, Ray tells us how he has enjoyed travelling to and touring the south of France and since his retirement he can now make plans to tour the south of France even more.
Financial planning, in addition to various pensions Ray can now benefit from the sale of his business. Self-employed for over 30 years with a private pension. Now going to top up ISAs from the sale of the business to help plan for his retirement even further.
Ray’s business employs six members of staff and being upfront and honest with his staff was something important to Ray, keeping them informed at every stage. “Honesty was the best policy, it’s especially hard to keep secrets especially with viewings and if you want to market your business as effectively as possible.”
When leaving a testimony for the services that Ray received from Hilton Smythe he commented, “I would fully recommend their services and highly recommend the services of the sales team, who did their best to get my business sold quickly.”