At my end

[Jen]

I have had my place for a year in half and I really thought when I got.into this that I was going to be able to struggle business and a family. Well its not working. Our place is doing really well but my 7 year old cries just about daily bc he never sees me…it’s time I make some decisions…who do you even go about selling? Who do u ccontact?

Sent from my SM-G900R4 using Tapatalk

 

[rgjujitsu]

When it seems like there are only 2 options there is often a 3rd and better one that just awaits proper perspective. if the business is profitable why not pay a trusted employee as a shift supervisor? it adds to my labor and I can barely afford it but I have to do it. without it is wouldn’t be my best self and wouldn’t run the business as well. I get my kids ready for school every day and get them ready for bed every night, spending about 1.5 hours a day with them. and I take 1 day per week off . if it’s truly not the work load and it’s the kids you can make it happen but you have to adjust budget and expectations . good luck

 

[Jen]

When it seems like there are only 2 options there is often a 3rd and better one that just awaits proper perspective. if the business is profitable why not pay a trusted employee as a shift supervisor? it adds to my labor and I can barely afford it but I have to do it. without it is wouldn’t be my best self and wouldn’t run the business as well. I get my kids ready for school every day and get them ready for bed every night, spending about 1.5 hours a day with them. and I take 1 day per week off . if it’s truly not the work load and it’s the kids you can make it happen but you have to adjust budget and expectations . good luck

I am still looking for that employee! I have 2 that are good but it still isn’t me!

Sent from my SM-G900R4 using Tapatalk

 

[bodegahwy]

Rgjujitsu is right. Look for that person. Decide to trust. Invest in training.

It may be just someone you can trust to open. You might find someone that wants to come in for the morning and do prep and leave so you never have to go in during the day while the kids are at home… or someone you can trust to close and would allow you to get out of the store a couple of evenings a week.

If you do decide to sell, find a business broker (NOT a realtor!) Expect to pay 10% with a minimum commission of 10K or more. Search for my old thread on what pizza businesses are worth: http://thinktank.pmq.com/threads/selling-your-pizza-store-what-is-it-worth.13300/

I did a google search for business brokers in Wisconsin and these guys look pretty solid: http://www.vrbizlakes.com/office-listings.asp

 

[rgjujitsu]

I am still looking for that employee! I have 2 that are good but it still isn’t me!

Sent from my SM-G900R4 using Tapatalk

Here’s the thing, it never will be you. How can you expect someone that doesn’t have the same level of vested interest show your level of care? Live with it or it will eat you up.

 

[Georgiascp]

Get someone in there during the day to replace you. This is what I do I have a 5 and 6 year old that I take to school and pick up do homework etc. There is nothing crazy going on during the day time that the staff can’t handle without me plus it allows me to do things that need getting done at home and it’s a good time to do paper work. I’m there at night when I’m really needed. I think that you have to come to terms that no one will do as good a job as you will but there are people that will do a good job when given the opportunity. Sometimes I feel like my staff works harder when I am not there as opposed to when I am there because I feel like they rely on me more when I am present. Time with your kids is more important than the amount of money you will pay someone to replace you for a few hours a day especially now that they are young and they actually want to spend time with you.

Sent from my SM-N920V using Tapatalk

 

[bodegahwy]

Time with your kids is more important than the amount of money you will pay someone to replace you for a few hours a day especially now that they are young and they actually want to spend time with you.

Absolutely right. Also, the kids appetite for your time will drop fast pretty soon. I know it may seem like a long time off but by the time middle school happens the needs will be very different. When we opened our first store the kids were 5 and 3. (Now they are 23 and 20!) This too shall pass.

 

[GotRocks]

ya know, for 7 years I tried to find someone with enough brain power to be able to accomplish things without constant supervision, it never happened
I wasn’t asking for much, just someone that could do things correctly without being constantly reminded on how to do it.
I gave up,

As for selling, I originally listed with a realtor, but their pictures made my place look like an abandoned building and brought in nothing but tire kickers who wanted me to finance them. Then one day a customer asked " what price would you sell this place for?"
The rest is history, I’m out, and much happier not dealing with millennials with zero work ethic.

 

[bodegahwy]

I originally listed with a realtor

Exactly. Realtors are not business brokers.

This gets confusing as most business brokers have a real estate license. The reason for this is that nearly every state (I don’t know of any exceptions but hesitate to say all) requires a real estate license to broker the sale or lease of real property. This could certainly be interpreted to include the lease assignment so commonly part of the sale of a business. So… nearly all business brokers get a real estate license.

I have had my real estate license 10 years later this year and about half the business opportunity listings I have sold were previously listed by a Realtor. In all that time I have never represented a buyer or seller of residential property. (When asked, I refer to one of a few Realtors that I know will do a good job on that). I have been involved a numerous sales and leasing transactions of commercial property as well brokering the sale of many small businesses. Both commercial leasing and business brokerage have VERY little in common with residential real estate work. The fact that a real estate license is required for many (most?) business sale transactions DOES NOT mean that everyone with a real estate license is qualified to do business brokerage.

In my experience Realtors do not:

1. Have any idea how to value a business. (If they can’t define and calculate Seller’s Discretionary Earnings run for the door!)
2. Do not subscribe to data or marketing resources appropriate for business brokerage. (NO the listing should not go on the MLS!)
3. Do not respect appropriate levels of confidentiality for business brokerage. (They report inappropriate information to the MLS and are sloppy about buyer qualification and Non-disclosure)
4. Are unfamiliar with the presentation of a business opportunity and what information is disclosed at what point in the process.
5. Are unfamiliar with the sale process and components of a business closing. Among others: Non-compete, training agreement, assignment of proceeds, lease assignment, credit and UCC search etc
6. Are unfamiliar with different ways a sale might be structured or financed and therefor are not able to assist buyers and sellers in reaching a structural solution to the challenges that may stall a deal.
7. Are unfamiliar with different ways to work past the most common impasses in the deal process.

Unfortunately for many potential sellers who list with them, Realtors do not even know what they don’t know! They say to themselves, “what the heck, take the listing and put it on the MLS. What’s the worst that could happen?!” For one thing, time wasted waiting for the listing to expire so that the business can be properly listed and presented for sale.

 

[The_Fat_Boy]

I know it is hard but you gotta let go a little or it will just consume you, talk to your people let them know what you need and expect from them. My 1st store I was there Open to close 7 days a week and it just sucked the life out of me and my marriage. I thank God that I have a awesome wife that saw that it wasn’t me as much as the store and hung it out. Then the oilfield bust actually saved me because I had to close up, but then 18 months later I opened again but with the forsight to bring in the people and train them 4 years later i go by the store maybe 3 times a day if I am in town and call about 4 times.

Another suggestion take your kid to work with you as often as possible, teach him the ropes, let him do stuff around the shop(boxes,trash, clear tables, cash out customers they get a big kick out of a family owned and operated business)

remember it isn’t the QUANTITY of Time but, The Quality of Time

The Fat Boy
aka Dennis