The end of the year is fast approaching, so if you hoped to sell your business in 2017 then time is quickly running out. December is obviously one of the busiest times of year for butchers, with a growing number of orders for fresh turkey and other meats for Christmas dinner. However, that doesn’t mean you can’t close the deal before New Year and end on a high (taking those holiday profits with you).
In the housing market, prices often fall in December as sellers become more eager to change hands before the New Year approaches. However, in the business market, there are too many factors which influence individual sales to note seasonal fluctuations. If you aimed to exit the business before 2018, here’s a few last minute tips to improve your strategy.
1. Pro-active approach
You need to generate a lot of interest in your butchers shop to find a credible buyer. This means finding a business broker which is a complete all-rounder, offering advertising on a number of national platforms to guarantee a quicker sale. Pro-active brokers such as Hilton Smythe utilise its marketing by looking out for social events to tag relevant businesses, for instance did you know there is a UK Sausage Week? We do and we have used this event to help promote our butchers.
2. Reach out to your industry
While brokers can help connect you to buyers from all backgrounds, sometimes the fastest way to sell your specialist shop is by offering the opportunity to the industry community. A butchers shop is traditional specialist store, and people without the necessary skills may have to think twice before deciding to take the risk. You’ll probably be aware of other butcher shop owners who may wish to expand their business, or butchers which don’t yet run their own establishment. Network within the local community and connect with other sector experts through industry organisations such as The Q Guild and The Meat Training Council.
3. Incentivise buyers
Lowering your asking price isn’t your only option when it comes to speeding up a sale. Entice prospective buyers by including added extras in the sale, including equipment, furniture, staff or other additional assets. Many shop owners include their current manager in the sale process which makes the transfer period a lot easier for the buyer.
4. Approach your employees
Some business owners are lucky enough to have talented employees within the company who could acquire the business. If you have trained a staff member to a high standard and think they’re ready to take over the butchers shop, then it could be possible to sell your business to an employee. This can be rewarding for both parties, as you’ll know the business will be in good hands and you won’t be letting down your regular customers.