#regionalsmallbusinesses are at the centre of healthy #localeconomies, both as a supplier of goods or services and as an employer. It's in everyone's interest that these #businesses successfully transfer from one #owner to another. #Owners of #regionalbusinesses face additional hurdles when selling their business.
In this 3 part series #owners of #regionalbusinesses share their own personal experiences from going through a #businesssale process.
This first interview (over 2 weeks) is with Carolyn Fryer from #FishCreek in #SouthGippsland who bought, revitalised, and, eventually, sold the Fish Creek General Store and Newsagency. Over the 2 weeks we cover;
- her plan of moving back to @FishCreek to #retire having bought a #smallfarm
- being approached by some #local people about purchasing the Fish Creek General Store and Newsagency, which was having a bit of a struggle and looked like it might close which would have been quite devastating for the small town (a nail in the coffin)
- the devastating impact on rural towns when they lose their general store and their newsagency
- saying yes, taking on the challenge thinking it would be "interesting" and that she could "turn it around fairly quickly", offload it, go back to the farm
- putting off your retirement plans
- the 6-year project - 2.5 years to revitalise and 3.5 years to to sell it (having assumed 6 months). So I ended up being there for six years - way longer than she had anticipated
- the weight felt and challenges faced by Carolyn when approached by some people who wanted to take over and 'ditch' the grocery and newsagency - as much as she wanted to sell and get out she wouldn't do that to the town, otherwise, I would have defeated the purpose of going in there to maintain this service for the locals
- keeping staff in the loop and motivated during uncertainty
- keeping the business improvements going
- #stickybeaks regularly commenting "this is a lovely business"
- her business career and buying and selling businesses in the order of 10 businesses over the years
- her recommended #stepstoselling and the need to allow a lot more time and to be patient
@kerrcapital
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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
michael.kerr@kerrcapital.com.au
www.smallbusinessbanter.com.au