Rick Keller
Monday, June 24, 2019
My partner and I recently sold our Shopify store. So, for me, the most important take-away from that process is that it may take a long time, and it’s not over until it’s over. What I mean is that I thought it’d take a month or two, but it took us about a year until the deal was done, and the payment came through. And during that whole time, it is imperative to keep the store going at full speed and, if you can, even improve the store’s performance. You have to keep in mind that large transactions typically take a long time. But unlike selling a house, for example (which can also be a significant transaction), selling a store is a much more complicated deal because there are a lot of aspects the buyer has to check (if they’re smart). They need to understand where you buy your products, your supply chain, fulfillment, inventory, marketing, conversion rates, and on and on. Your job is to present the buyer reports and all the information they require while you keep running the store. And remember, a deal is not over until you have a signed contract and money in the bank. Some buyers will show interest, commit verbally, and even give you a letter of intent. But they can always walk away on the deal unless they have paid. In fact, some buyers might give you a signed LOI and then string you along for a while to see how the store is doing overtime. Then, if your sales go down, they will ask for a discount, but if the store’s performance improves, they will expect to keep the original price. So, I’d say that if you can get a reasonable price on your store, don’t hesitate to sell it. During the process, you gotta be patient, keep working hard, and present all the data to potential buyers.
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