233. Preparing Your Retail Business for Sale or Expansion: The Essential Checklist
With host retail coach Wendy Batten
https://wendybatten.com/podcast-intro/
In This Episode:
Are you thinking of selling or expanding your retail business? Think that’s not for you? Never say never! Either way, it’s important to prepare for the unexpected - and that’s exactly what we’ll be discussing in this episode. We need to be building brands that are sellable.
As a retail coach, I’ve helped countless retailers through these phases. I’ve identified four critical areas you need to review to ensure your business is in top shape for opportunities as they arise.
Key Takeaways: The 4 Key Areas for Growth-Ready Retail Businesses:- Solid Systems
- Document operational processes (think recipe cards for everything!)
- Create living documents for your team to reference
- Ensure systems can be scaled to a new location
- Financial Health
- Keep organized, clean books—no messy finances
- Use tools like QuickBooks or Xero
- Make sure your business is profitable and cash flow is clear
- Brand Strength & Reputation
- Consistently deliver on your brand promise
- Monitor your reputation in the community and online
- Conduct regular brand audits
- Email List
- Grow and nurture your email list—it’s an asset you own
- Don’t rely solely on social media for customer connections
Are your wheels turning? What’s on your to-do list after listening to this episode? Where can you improve your sell-ability? Let’s continue the conversation in my DMs on Instagram (@wendybatten.biz) or join my email list!
Related podcasts we think you’ll like:
Episode 89: Money Talk & Mindset with Profits First Coach April Stroink
Episode 118: How To Create Loyalty and Amazing Customer Experiences with Guest Expert & Author Shep Hyken
Episode 183: Fine Tuning Your Retail Business Operations with Business Strategist Gwen Bortner
About your host, Wendy Batten
In case we haven’t met yet, I’m Wendy, a small business coach and founder of the Retailer’s Inner Circle, where I help other independent shop owners learn how to gain the right business skillsets to see more profits, paychecks, and joy as they navigate running their retail business.
Through online classes, business coaching programs, speaking, and a top-ranked podcast, I’ve helped hundreds of retailers around the globe reclaim their dreams and see the success they want from their beautiful shops. My signature private coaching community, The Retailer’s Inner Circle, has helped retailers around the world build their retail business skill sets and confidence.
I am proud to have been featured in several major publications, including my own business column in What Women Create magazine. I have been privileged to be a guest on top-ranked podcasts and sought-after as a guest speaker and teacher for several brands, associations, and communities that are passionate about the success of independent retailers.
When I’m not coaching, you will find me either DIYing and renovating my very imperfect old crooked cottage by the sea in the UNESCO World Heritage town of Lunenburg, NS, or blogging about our travel and RVing adventures and the weird fun things we get up to in our coastal village. I’d love to invite you to check out one of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Retailer’s Inner Circle - Join Wendy inside the best retailer’s community
Free resources for shop owners
Hang out and connect with Wendy on IG
All of Wendy’s programs and services for shop owners can be found HERE.
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