Selling your Coffee Shop
We’re sorry we’ve been so quiet over the last few weeks but have got a really good excuse. On Monday 7th September, we completed the sale of one of our coffee shops.
This has come as a major shock to lots of people who asked us “why would you sell it and what are you going to do now?” The answer to the why is that we were made an offer we couldn’t refuse and that every business is really up for sale all the time and if anybody tells you differently don’t believe them.
The answer to what are we going to do now is just simple, the sale frees us up to focus on our remaining coffee bar, publishing our book and developing the café success website, so we still have plenty to do. The book, The Daily Grind–How to open and run a Coffee Shop that makes Money, will be out in December 2015 so deadlines are looming.
The next question people ask is “what are they going to do with it?”. Pretty much what we were going to. Over the last 12 months we have worked hard in preparing a development program for this site, that included getting the correct permissions to operate a fully blown restaurant, changing from A1 to A3 and acquiring an alcohol licence.
These two key things, as well as the excellent location, attracted the new owners and with the trading history, it fitted perfectly into their long-term plans.
In our book, we have dedicated a whole chapter to selling your business, as we believe it’s something you should think about on the first day you start planning to open a new coffee shop. So many people we have spoken to, have never ever considered an exit plan and so when the time comes to retire or move away they are not at all prepared and often get very little for all the years of blood, sweat and tears they have put into their business.
In our chapter The Clever Coffee Shop Location, we talked about how important it was to consider the resale value of your coffee shop before even embarking on a site. We truly believe this should be at the forefront of your mind when you set up.