Business Exits By Industry
Selling a Convenience Store
In any market, there are sellers and then there are serious sellers. We'll give you the tools you need to be taken seriously when you decide to sell your convenience store.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a convenience store sale works.
If your exit strategy involves selling a convenience store these days, sellers need to make a strong case for buyers to purchase at or near the asking price.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your convenience store's physical assets. But you'll need to commission your own appraisal before you put your convenience store on the market to arm yourself with information for the negotiation phase. A pre-sale appraisal is a prerequisite for because it offers insights about your assets' market value before you initiate conversations with prospective buyers. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your convenience store.
Preparing for What's Next
The decision to sell your convenience store can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Share this article
Additional Resources for Entrepreneurs