I've been running my hardware store for 17 years and I'm finally thinking about selling. A broker told me they'd handle everything but I'd have to consider any reasonable offer. I don't like that. I want to pick who takes over. Anyone here sold privately and felt good about the control?
Private Sale
Why selling privately gives you total control over who buys your shop
Sold my bike shop privately last year. Best decision I made. Broker wanted to list it and bring me offers from anyone with a pulse. I found a young couple who actually rode, knew the local scene. Took a lower price than a chain offered but I sleep better, though.
Control is great until you realize you still need a lawyer and an accountant. Private doesn't mean alone. Just means you're the one saying no.
How did you even find buyers without a broker? That's my hangup. I don't want to advertise to time wasters.
Local Facebook groups, a sign in the window for my regulars, and one industry forum. Got maybe 6 serious inquiries. Two were tire kickers. You learn to filter fast.
This thread is basically 'how to feel like a control freak while losing money' but honestly? I get it. My old boss sold to a private buyer instead of a private equity firm and the staff kept their jobs. That matters.
I tried private. Drafted my own NDA, sent it to a buyer, they ghosted me. Then a friend said the NDA looked like a ransom note. Brokers have templates for a reason. Just saying.
BreadAndBarbell that's funny but also real. The paperwork is the boring part everyone underestimates. You can control WHO you sell to without reinventing the legal process.
> a friend said the NDA looked like a ransom note lol that's a friend whi tells the truth.
I bought a laundromat privately. Seller and I met at a diner, talked for two hours, shook hands. The broker route felt like dating apps. This felt like a real conversation. He said no to one offer because the guy wanted to convert it to a vape shop. Seller didn't want that. Was that dumb? Maybe he left money on the table. But that's the poijt of this thread.
quietstorm_84 that's actually a good story. Did you use a lawyer at all?
yeah a small local guy. flat fee. worth every penny.
So the common thread is: you still need pros, but the broker isn't mandatory. I can live with that.
Not to derail but some of us are ignoring the elephant. What if your 'perfect buyer' can't get financinng? Then you're six weeks in with nothing. Broker's list has people pre-qualified. Control has a price.
VelvetPancake just described the tradeoff in twoo sentences better than the rest of this thread.
True. I asked for proof of funds before the third meeting. One guy got offended. Bullet dodged.
Asking for proof of funds early feels like a smart middle ground.I'm noting that. Also noting that my original question was about control and half this thread is about paperwork and financing. Which probably tells me something.
It tells you control is the fun part and diligence is the job. Anyway my NDA horror story aside, I'd still go private again. Just with a better template.