I had an email from Keith Davison, who says he has worked in his convenience store in North Yorkshire since he was 16. He is now 62.
He writes: “In that time I have seen it evolve from a small counter service grocery store to what it is now, a Spar convenience store (three times the size it was originally).
“With the long hours and legislation and red tape on the increase, plus shoplifting also now rife, I feel it is time to sell up and start to have a life. I saw my Dad work himself into a grave and always promised my wife and kids that the same thing wouldn’t happen to us.”
His first thought was to retain ownership of the property and lease it out, but he asked me if I thought an outright sale would be better and whether he should get more than one estate agent/business transfer agent involved?
I think yes, if the mortgage is paid off, keep the bricks and mortar and lease it out as a pension.
On the business transfer agent front I had some pretty concise advice. If he did decide to sell, he should stick with one - either a local agent who has been in the area for a long time and who he could get by the throat if necessary, or go with the biggest national agent, Christie & Co, which isn’t all that cheap but isn’t crooked either. And he must be careful about cancellation fees.
If he decides to lease, again, he should go local. They are the only ones who are going to understand his area.
I also offered to run a piece in this issue for two reasons: someone out there may fancy taking on the business. More importantly, I have neither sold nor leased a shop myself, so did I give the right advice?
If you have been there and done that then please get in touch and tell us about the T-shirt.