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AUTHOR
Bruce Coudrey





1.Buying 2. Operating and 3. Selling  

A Retail Business

Buying:

  • Choose the appropriate sector to suit your experience, knowledge or passion
  • Look for the right location, brand & price
  • Prepare a Business Plan with comprehensive financial planning
  • Obtain an expert valuation of the business
  • Equip with adequate training
  • Make sure that you are trained and ready
  • Hire the right staff

 

Operating:

  • Customer service should be the #1 priority
  • Train your staff regularly
  • Train yourself regularly
  • Update and concentrate on stock, category management & merchandising
  • Maintain competitive pricing & promotions
  • Ensure you maintain a professional presentation of the store
  • Look after yourself – working hard is always effective but do not burn yourself out by working too hard
  • Work on the business, not in the business.

 

 

 

 

Selling:

  • Exit planning should start as soon as you buy a business
  • Determine a time frame based on your needs to sell
  • Plan ahead
  • Be safe & ready
  • Accept reality. Market demand is subject to change & may not be always what we want
  • Price the business to reflect its value, but don’t overvalue it.
  • Prepare all the necessary paperwork with your accountant
  • Select the right proactive agent & reputable brokerage with industry knowledge

Lastly, ... always start with the end in mind. 

 

Karthik Arasu - Service Station Specialist Business Broker

Benchmark Business Sales and Valuations



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