Do you have a great pet shop that you’re ready to sell?
Whatever the reason for selling your pet store, it’s important to follow the rules for selling a small retail business. For a fast sale at the highest possible value, get expert advice right from the start. Read on for the step-by-step guide to selling a pet business from Hilton Smythe’s leading business advisors.
1. Sell your industry
Throughout the process, bear in mind that you’re not just selling your individual business – you’re selling the retail sector too. Your business could be an interesting venture for entrepreneurs and investors as well as experienced pet shop managers, so don’t presume they already know everything about the pet supply industry. Pet shops in the UK are thriving so really sell the industry with favourable statistics – for example Brits are spending over £7 billion each year on pet supplies and services. Buying your pet shop is an amazing opportunity to tap into this growing market.
2. Clearly define what is included
It’s really important to define what’s included in the sale from the get go. Every business sale is different – a shop could include all equipment, furnishings and stock for example. Are you going to hand over valuable staff who understand how the pet shop operates? A strong team of employees or expensive specialist equipment could up the asking price. Always include a list of assets in the sale description!
3. Hire a leading broker
In order to get an honest business valuation and advertise your business to a wide audience, you need to hire a leading business broker. As experts in selling businesses, they will be able to market your pet shop to serious buyers and have a nationwide reach. Hilton Smythe offers a free valuation to get you started.
4. Look your best
Think of selling your business like selling your house – you need to make sure it is presentable and looking its best at all times. Not only will you have scheduled viewings so potential buyers can scope out the store and the surrounding area, but they often ‘mystery shop’ you too. Buyers may want to see how busy the pet shop is at certain times or ask unsuspecting staff questions about the business. Never forget that you’re selling your business 24/7.