On the Market

Discussion in 'The Think Tank' started by wa dave, Feb 14, 2017.

  1. wa dave

    wa dave Well-Known Member

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    After 11 1/2 years and now reaching the ripe old age of 65 I have put my business on the market.
    Time for some young blood to come in and take the store to another level.
    Some recent illnesses plus too many old football injuries from my younger years catching up on me has had a profound affect on the business over the past couple of years so time to head for the pastures and get my nights and weekends back.
    Been a good ride over the years seeing the business build over the years only to see a decline over the past 18 - 24 months when the mining boom in our state crashed. Unemployment skyrocketed, spend on non-essentials dwindled yet food costs and rents kept going up making it hard to keep the nose in front.
    Still a good business but will do better with a fresh outlook and a younger mind and body.
    Been great being a part of this forum over the past 11 years and have learnt a lot from you guys and developed some great online friendships.
    Will still be around here for a few more months yet and will probably follow the forum later on - pizza gets into the blood :)
    Special thanks to some of the guys here from the start who passed on great ideas and support - Tom, Daddio, Steve bodegahwy, Paul7979, j_rOkk, George, Nick, pizza pirate, royster, brad and many more.
     
  2. George Mills

    George Mills Well-Known Member

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    We will Miss you Dave. Good Luck.
    George
     
  3. bodegahwy

    bodegahwy Well-Known Member

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    Best of luck to you in your sale Dave. Our store is also on the market... but I have been there before. Not counting on anything happening fast but ready to pull the trigger!

    Remember, the best time to sell is WHEN YOU HAVE A BUYER. If you have a live one with money to do the deal making an offer it is often the best path to get the deal done! We are our own worst enemy as sellers!

    How about a bet: Who ever sells first............. ?
     
  4. RobT

    RobT Active Member

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    Best of luck Dave. Hope you find a buyer and a smooth closing.


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  5. wa dave

    wa dave Well-Known Member

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    The way our economy is I would favour you in selling first Steve.
    Plus I don't want to trump you. You have enough of that going on over there at the moment :)
    Will probably sell to someone who has been made redundant and got a healthy payout but can't get a job, so they will be "buying a job"
    I'm happy to take double the value of the place, but when reality hits anything close to the mark will do the trick for me.
    Got my house on the market as well but we are in a depressed market where I am (Western Australia) but where I am moving to, Melbourne on the east coast, the market is over heated.
    Will probably go into semi-retirement working 3 or 4 days a week for another 2 - 3 years
    Dave
     
  6. Daddio

    Daddio Well-Known Member Moderator

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    It has been a great 11 years. I am glad you have been part of the OFBPG club. I have enjoyed your contributions to the Think Tank.

    Maybe at some point in the future we will meet face to face.

    Best wishes on your future endeavors.
     
  7. wa dave

    wa dave Well-Known Member

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    Plan is to travel to the US and that great northern country above it and hopefully catch up with a few of the guys, especially those OFGPG's.
    Never been there but my wife, son and daughters have and they are pushing me hard to visit. Never been able to take the time off to make it a worthwhile trip. Needs at least 6 weeks to see what we want. Would need half that just to track down the other OFGPG Nick Sasso who has turned gypsy traveling from here to there in their mobile home.
     
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  8. LittleMissPizza

    LittleMissPizza Member

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    Good luck to you! I am quite envious, I might not be too far behind in regards to selling although I'm too young to retire;)
     
  9. wa dave

    wa dave Well-Known Member

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    Update after being on the market for about 5 months.
    Listed on a self sell site and had lots of interest but had trouble getting them over the line.
    Ended up going with a broker who had it listed for 4 weeks and got the sale done with the first person he brought through.
    Now in the hands of the landlord (Australia's 2nd largest S/C owners) to qualify the purchasers for assignment of the lease.
    When done I will be spending a month with the new owners teaching them about the pizza industry.
    Hopefully will be all clear of the place by end of November early December into semi-retirement
     
  10. paul7979

    paul7979 Well-Known Member

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    Congrats Dave, I sure hope the landlord doesn't screw things up for you with the lease assignment. I have to admit, I'm a bit jealous as the idea of "semi retirement" seems very appealing right now. Good luck and keep us posted as this progresses.
     
  11. d9phoenix

    d9phoenix Well-Known Member

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    Congratz
     
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  12. wa dave

    wa dave Well-Known Member

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    Thanks Paul
    Hopefully everything should go fine. THey have the money to purchase, plus enough for 3 months rent guarantee we have to pay the landlord, plus enough cash reserves to be fully financial operational for 3 months. On top of this they have previous business experience owning 2 cafes previously.
    With all this they meet the criteria set down.
    As added insurance I am staying on for 1 month as a business mentor for them so hopefully this get it done.
    Dave
     
  13. RobT

    RobT Active Member

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    Congrats Dave. I hope it all works out for you.

    Best of luck !


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  14. wa dave

    wa dave Well-Known Member

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    Thanks RobT. Fingers crossed
     
  15. bodegahwy

    bodegahwy Well-Known Member

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    My experience over the last 10 years as a business broker has been that about 9 out of 10 inquiries either are not seriously intending to buy anything or do not have the resources to complete a deal. Much time is spent weeding through the inquiries!
     
  16. stpaullee

    stpaullee Member

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    Thanks for all your knowledge over the years!
     
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  17. wa dave

    wa dave Well-Known Member

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    Tell me about it Steve. At least the agent scored a goal getting the sale from the first person he showed the business to.
     
  18. bodegahwy

    bodegahwy Well-Known Member

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    Actually that happens more often than you might think.... it is the 20-30 inquiries that you weed through to get 2-3 real "buyers" that you provide additional information to that results in 1-2 who look... the idea is that they should be qualified, serious, informed and interested before they ever set foot in the place!

    Congrats!
     
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  19. Wizzle Wassell

    Wizzle Wassell Member

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    Well is been a few years since I've been on TT but thought I'd pop in tonight. Looks like some of the old gang are still kicking around here. I remember learning so much from that list of members you posted.

    I hope your sale goes through and you enjoy your retirement Dave, sounds like you've had a tough year. I sold my two stores after 10 years in business in Aug 2015 and retired (age 45). It's been quite hard not having the phone ring with the bizarre problems the staff used to come up with and waking up wondering if I've ordered enough. Pizza never really gets out of the blood stream!

    As I say fingers crossed the sale goes through for you.

    I'm off to NYC in a few weeks maybe I'll get to try some proper pie. any recommendations from my US friends?
     
  20. wa dave

    wa dave Well-Known Member

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    Thanks for the thoughts.
    Things moving along slowly but smoothly. Hope to transfer lease on December 1, then spend training time with new owners and hopefully back with the family by Christmas (yes I am politically incorrect and still call it Christmas )
    Will be a few years before the pizza sauce is out of my systems