What to Consider When Selling a Florist Business

Selling any small business is always a very personal decision. You have put your all into your store, so when it comes time to sell, you want to make sure you are looking at all aspects of the market so your sale is a success for you and the new owners. We are here to help you understand what you should consider when selling a florist business.

These 6 Items Will Make Selling Your Florist Shop Much Easier

As you put together your final floral arrangements and bouquets, you want to ensure that all the hard work you put into your flower shop doesn’t get pushed aside. To ensure the sale of your flower shop is a success, consider these tips.

1. Research the Local Market

It is always a good idea to understand your level of competition when selling a business, so get started by researching the local market to see what other flower shops are for sale in your area. Doing this will allow you to evaluate the potential time frame of your sale, assess your selling price, and gauge where your business falls within the market.

2. Meet With Potential Buyers

Most sellers want to make sure that their business is going to a responsible entrepreneur who is well-prepared to manage their shop once they are gone. To ensure that your floral shop goes to a qualified buyer, you should meet with potential buyers in person and discuss their previous business ownership experience, financial sources, etc. Ask why they are looking into your floral business specifically and what they hope to get from the purchase. It would also help if you asked to see the buyers’ business plan to understand their capabilities and plans for the future of the floristry.

3. Think Like the Buyer

Your assets and liabilities will be considered, so it would benefit you to take time to organize any related documents of interest to buyers, including any organizational, financial, and legal paperwork. Consider whether there are any specific items that a new business owner would want to know before acquiring your company.

4. Establish the Usability of Your Equipment 

Your equipment can either be a tremendous asset or detriment to your sale. If your equipment is in peak condition, you can add them into your tangible assets, which will add to your selling price. However, if you have more than one piece of equipment that requires some TLC, it may benefit you to consider upgrading before selling, as it would increase the value of your store. If upgrading your equipment before selling is not a possibility, talk with the buyers and establish a compromise surrounding the future of the equipment.

5. Draft a Sales Agreement for Potential Buyers

Once an offer comes in that you agree to, you’ll need to draft a sales agreement for your flower business that includes sale price, terms of payment, interest rates, and more. You should also clearly lay out your tangible and intangible items, as well as all other important details surrounding the transaction.

6. Use a Business Broker

Including a business broker in your sale will ensure that every step is taken care of and that the selling process goes as smoothly as possible. With extensive training, background, and knowledge, business brokers are a must in the sale of your flower shop business. Brokers will take care of the nitty-gritty parts involved in selling in the floral industry and make sure you’re included in all of the important decisions of your sale.

Sunbelt Network is here to provide you with the best quality intermediary services so that you can sell your florist business with ease. Find a local Sunbelt office today to get started!