The recession is not a good time to sell, is it?
Tuesday, May 12, 2009/
Dear Aunt B,
I operate a fast food franchise in Sydney. It’s travelling well and has not been hit by the recession, and we are a market leader.
But I am 28 years old. My husband is an IT consultant and works for a well known company. We have been married for two years and are planning to have kids, so I will not be able to run the business. My husband and I came to the joint decision to sell it.
Some of my friends are telling me not to sell for another year, as they are saying that no one is buying businesses anymore and that people will think I am selling because of the recession. Do you think it’s hard to sell a food business these days? I don’t know what to do. It’s very hard to get correct advice.
Dear P Bains,
You are running a recession-proof business. As you say yourself, fast food is doing well. People turn to fast food when times are tough. And it should be easy to prove you are a market leader.
This should be a good time for you to sell. I don’t know what your revenue is, but you could approach a broker or your accountant to see if they know anyone who might be interested in a sale.
You could also list your site on BizExchange or other for-sale sites. It might take you a little while to sell your business, so you should start the preparation now.
Get your books and business in top shape. Having a family is a good reason to sell and people will believe your story.
Go for it.
Your Aunty B.
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