Ok - I have owned the shop for 2 years now (3rd owner in my family). Things are looking better, but still a challenge every single day to pay off debts from when my mother was sick.
We are at a point of making choices. We can grow, stay the same passively, or downsize.
Personally this week I drove 6 hours one way (with a 3 year old) to attend the funeral of my best friend's mother. Lots of time to think in the car, said a few prayers, did some more thinking.
The next day I got a phone call out of the blue with someone from my town asking if I would consider selling my property. Wow! This is a legitimate pre-offer, they are looking to expand into the property next to me and possibly take mine, too. The next afternoon one of my competitors came into the shop and while she was there she made the comment she really does not want to do Valentines day again. I don't know what to read into that. Many years ago there was discussion between my mother and this shop owner about her selling out to us, but my mother decided that she could grow our shop without the expense of buying her out.
I feel like this opened a lot of options. And questions.
How do you value property? They would not want my "business" and really don't want my building but those would have to be part of the equation. This is the first thing I need to know to go forward. We're located in a downtown area which is working hard to revitalize. I have about 15% of my business is walk in.
There are so many possibilities, selling sounds attractive because we have outgrown our building and need to make changes or remodel anyway. For the past two years I have been laying the groundwork for this. I have floor plans designed, I have a good team right now. We had a 20% gain last year and show potential for this year.
There's also the possibility of closing. The long hours and financial stress are hard on me and my family. But then I just think we are so close to SUCCESS. And I love what I do every day.
My second business is a trophy and awards shop. It is much much smaller than the flower shop, but I can run it by myself without such killing hours, without staffing problems, and without as many requirements for a building.
There are not many buildings available in our downtown area. We have been located in downtown for over 20 years, but I have the flexibility to move out, I won't lose too much because so much of our business is on the phone anyway.
so- it feels like the winds of change are blowing, I just can't see where they are coming or going.
What would you do???
thanks
Donna
We are at a point of making choices. We can grow, stay the same passively, or downsize.
Personally this week I drove 6 hours one way (with a 3 year old) to attend the funeral of my best friend's mother. Lots of time to think in the car, said a few prayers, did some more thinking.
The next day I got a phone call out of the blue with someone from my town asking if I would consider selling my property. Wow! This is a legitimate pre-offer, they are looking to expand into the property next to me and possibly take mine, too. The next afternoon one of my competitors came into the shop and while she was there she made the comment she really does not want to do Valentines day again. I don't know what to read into that. Many years ago there was discussion between my mother and this shop owner about her selling out to us, but my mother decided that she could grow our shop without the expense of buying her out.
I feel like this opened a lot of options. And questions.
How do you value property? They would not want my "business" and really don't want my building but those would have to be part of the equation. This is the first thing I need to know to go forward. We're located in a downtown area which is working hard to revitalize. I have about 15% of my business is walk in.
There are so many possibilities, selling sounds attractive because we have outgrown our building and need to make changes or remodel anyway. For the past two years I have been laying the groundwork for this. I have floor plans designed, I have a good team right now. We had a 20% gain last year and show potential for this year.
There's also the possibility of closing. The long hours and financial stress are hard on me and my family. But then I just think we are so close to SUCCESS. And I love what I do every day.
My second business is a trophy and awards shop. It is much much smaller than the flower shop, but I can run it by myself without such killing hours, without staffing problems, and without as many requirements for a building.
There are not many buildings available in our downtown area. We have been located in downtown for over 20 years, but I have the flexibility to move out, I won't lose too much because so much of our business is on the phone anyway.
so- it feels like the winds of change are blowing, I just can't see where they are coming or going.
What would you do???
thanks
Donna
