The British consumer has been fond of baked goods for hundreds of years. This demand has continued although tastes and trends keep shifting. Businesses in this sector that are able to adapt to these changes can thrive.
Keeping up with these changes in consumer preferences, however, can be a lot of hard work giving you no rest. So, if it has come time to sell your business, read this to find out how to make the process go as smoothly as possible.
If you are thinking of selling your bakery, hopefully, you have been planning for the sale for a few years. This will give you time to prepare and the ability to choose the right time to list your bakery.
Keeping your eye on market trends will allow you to assess when you will be able to get the best price. Consider whether there is consumer demand for baked goods and how this fits into the wider market.
There are several reasons that you might consider selling your bakery. Hopefully, the reason you are selling will allow you to take your time to get the right price. If, however, you are not able to base the sale of your business on the market, there are other ways to make sure you get a good price.
Preparing your bakery for sale
You should be preparing your business for eventual sale from day one. This might seem counter-intuitive, however, keeping your business running in a way that will keep it at its maximum value will pay off in the long run. This will let you reap the rewards of your hard work.
Leading up to putting your business on the market, though, it is a good idea to boost your sales where possible. Consider offering free samples to passers-by and pushing your marketing strategy to include new areas.
You should also look at partnering with an events company or local restaurants to get contracts in place that will benefit the new owner.
Have you got your website up to date? Are you active on social media? These are parts of your business that can make it more attractive to potential buyers.
You will also need to get all your paperwork in order- your licencing, insurance and any permits. Then, get all your equipment in tip-top shape. Will your equipment be included in the sale and the sale price?
All of your finances over the past few years will need to be in order when any potential buyer looks through them during the due diligence process. Make sure that there aren’t any red flags that could put the buyer off.
Due to the limited shelf life of the products sold by the bakery, it’s important to be detail-oriented when it comes to your accounting. Consider hiring someone who can help you get your books in order before the sale if this is something that is not a strength of yours.
There are several ways that you can start looking for a buyer. Using more than one channel will increase your chances of finding the right one.
Spread the word among friends, family and customers. You could even find that one of your employees might be eager for the opportunity. You should also list your business online if you are hoping to reach a wider audience.
Finally, consider using a broker that has relevant contacts and experience. A good broker will give the sale of your business the attention it deserves in order to see the sale through. They will charge a fee so make sure you find someone who you feel will give you your money’s worth!