No Buyer
The Owner Of a successful 27 year old store in Louisiana had no one
in the family to pass the business to, and wanted to get over $500,000 in
cash out from the sale of the store. After four years the best offer she got
was $150,000 for the “turn-key operation”, plus “A Pick of The
Solution – We developed a “Three-Phase approach” which
was conducted from late June through mid January of the
following year
Phase One – “Retiring Seeking Buyer” which
produced three buyers (none of which was
willing to pay what the store was worth), along
with a counter offer from her original buyer.
What was amazing to her was she had only
gotten two offers after four years of advertising
in the trade magazines, and using “business
brokers”. Phase one produced four offers within
60 days.
Phase Two- “The Negotiating Period” which
would had been the final phase if someone had
make a reasonable offer. No one did
Phase Three – “Going Out Of Business”
which again produced over a year’s volume in
90 days.
All totaled the three-phase approach generated the $500,000 in cash she was
looking for in a six month period, and then the big surprise! Her longest
term employee made an offer to buy the turn-key operation for $60,000
additional cash if she would hold a $25,000 note. Needless to say she took
that offer as it was “found money”