You own a small music store in Florida with a recording studio attached.
The store is completely stocked and operational with internet sales to augment your good walk in traffic.
Your personnel are high caliber, better than the mega stores. Knowledgeable, low key, many experienced players themselves wait on your customers. Well made inventory that presents good value for the dollar spent in all price points. Quality, up to date recording equipment and pros that know how to run it operate the recording studio. They have a list of local musicians and singers that can be called upon to come in and record tracks if necessary.
In spite of a tough 2011 economy, the store had an increase in sales and profits.
It has a lot to offer a buyer, and you are now ready to sell your music store to someone else. Maybe, you have a combination of medical issues and a desire to retire from the day and night rat race that has finally won you over.
Prepare a worksheet that details your profit and loss statements over the last three years. This should include tax returns, interest expense, lease arrangements, everything of a financial matter that will help a potential buyer make a decision in your favor. These should also include arrangements with manufacturers detailing inventory financing be it consigned or purchased.
Time to Find Qualified Buyers
Once that is done, it is time to find qualified buyers, folks that can afford your price and have the finances to weather the storm of new ownership.
Your vendors may have prospects in your area that have inquired about selling their product direct. Most large distributors protect their dealers, to a greater or lesser degree by pricing structure and other means. They may already have some information on these folks that will save you some time.
Potential buyers will contact you should they hear of your impending sale by word of mouth, print media, or on the ever more popular internet. You will need to rate the financial viability of these prospects and try to find out as much as possible about their true ability to buy and run your business.
If you offer owner financing, you do not want a “wannabe” running it into the ground, going belly up, and signing it back to you in terrible shape. You built it. You do not want to see it fail.
Of course, you will provide training and support for 60 days or so after closing.
Getting Help from Florida Business Brokers
Another option is to contract a Florida Business Brokers to help you sell your business at the best price. They will process all the paperwork and do all the preparation to present your business in the best possible light to make it sell fast, and at the highest possible price.
They will pre-qualify potential buyers and guide them through the process of buying your business including building lease, vendor agreements, tax responsibilities, licenses and permits, and all the other steps necessary for a successful transfer of ownership.
Business brokers will charge fees for their services. This can be a good investment as they can deliver peace of mind and a complete legal closure in the sale of your Florida music store.