Don't Close... Someone Wants to Buy Your Business
Since Hurricane Helene, we’ve heard of endless business closings. This week, Vivian’s (opened for 8 years) and Little Pearl (opened for 4) both announced they were closing. I don’t know their situations personally, and I don’t know if they looked into selling and all the thought and heartache and exploration that went into their decisions. But from personally buying a lifestyle business nearly 4 years ago, I can say that there is probably someone or a group of someones that might have very well bought one of these businesses, even though they are restaurants with razer-thin margins.
“Can I really sell my break-even business?”
The answer is yes. Serial entrepreneurs know how hard it is to build a business from scratch. They value the branding, community building, and systems already in place. While trying to sell your business outright or through brokers might feel overwhelming, the truth is, we need small businesses to live on beyond the original owners. If we don’t, then we risk giving up more and more commercial space, land, and community identity to larger corporations. The more small businesses that we can keep open for decades (and eventually centuries), the more we can push back against Big Everything and keep the American Dream alive.
Today, I was at the sinkhole on Tunnel Road where Lowe’s, Walgreen’s, and U-Haul once sat in East Asheville. These Big Businesses will continue, even if these locations do not (but I’m sure they will). They have security, resources, and plenty of money to rebuild and resurrect. But what about the small business owners who have poured so much time, energy, and money into their dreams? The owners who are looking at their spreadsheets and wringing their hands and wondering how to pay the next bill? What if they don’t have any obvious family or employees that want to take over—do they just pack up and start over?
But, maybe there’s someone who would love nothing more to continue your dream, just like I felt years ago when buying my first legacy business. Maybe they have ideas for some new revenue streams, or ways to streamline some of the operations, or they have some great marketing ideas. Maybe they have started from scratch before with a business, and this time, they would rather build on something already created. Regardless, their fresh eyes, newfound enthusiasm, and personal experience can help grow your business in new ways that you might have been too tired, overwhelmed, or just plain DONE to add to your entrepreneurial plate.
If you’re thinking about closing or feeling like you have no choice but to close, please reach out. Maybe we can help find a way to keep your business going, keep the legacy alive, and help another entrepreneur start the next chapter of their lives. You may not make a lump sum, but maybe you could make a nice monthly amount as the “bank” for your buyer. That’s how I bought a lifestyle business that had been around for 22 years—the original owners got a business evaluation and we drafted a contract with monthly payments. Kept the same EIN and bank accounts and socials and client list and everything! They got a little security every month versus flat-out closing and making nothing, and their original dream got to live on. They even helped with some mentoring after the sale and would do occasional brainstorms and downloads.
We know that 60% of businesses close within 3 years of a natural disaster. Maybe yours doesn’t have to be one of them. Email hello@madgeniusstudios.com and let’s talk.