Tuesday, February 19, 2019
Ready To Sell Your Convenience Store Business?
Source: NRC Realty & Capital Advisors, LLC
A recent study showed that convenience stores completed their 15th year in a row of record in-store sales, with numbers that exceeded $10 billion in pretax profits for the fourth consecutive year. Statistics like these, combined with overall market volatility, could make this the perfect time to consider a sale. Before moving forward, here are six top tips to consider.
Be prepared
Selling commercial real estate requires a lot of paperwork, so it only makes sense that selling a business comes with a correlating amount of documentation. Ensure that all necessary financial documents including tax returns, balance sheets, income statements, cash flow statements, and the like are up-to-date and close at hand.
Know what makes you stand out
Convenience stores are obviously so named because they're convenient - there's one on every corner. What makes your convenience store business different? If you can't identify your "unique selling proposition," consider collecting some small data to help with making the distinction. Do an informal survey of some regular customers to determine what it is that brings them in so often. Perhaps it's the location, but chances are, there's something more that's behind their loyalty - and that's the "it factor" you want to capitalize on.
Location, location, location
Speaking of location, your accessibility is a considerable asset when you decide to sell. Owners of convenience stores for sale should emphasize how close their stores are to important streets and highways, key attractions and locations, and traffic patterns to show off how prime a spot they've nailed down.
You don't get a second chance to make a great first impression.
Ensure that your convenience store business is in peak condition. Try to step back and look at it as an outsider so you'll notice the things you may normally overlook - bulbs that are out, peeling signage, sagging shelving. Minor improvements, a deep cleaning, and a coat of paint can dramatically improve the appearance of your stores.
Check your reflection online
Even before a buyer shows up at your location, they'll visit you - online. Make sure your web presence is up-to-date in both appearance and content. If your site is not only populated with erroneous information but also looks like it was last updated in the late 1990s, it gives off a highly unfavorable impression.
Know your worth
Knowledge is power. Go into any negotiation armed with an honest expectation of value of your convenience store business. With this information, you'll be dealing from a position of strength.
If you answered "yes" to the questions "Is it time to consider selling my convenience store business?" or "Is selling my gas station business a good idea?" now is the time to act. Putting a small amount of time and effort into the preparation can reap big rewards when it comes time for the money to change hands. Put these tips to work if you have convenience stores or gas stations for sale for guaranteed results - right on the bottom line.
To see a list of convenience stores for sale and gas stations for sale, click here.