Finally sold our business!!!

[Coconutwheels]

After 3 1/2 years on the market, just yesterday we sold our Pizza Franchise!!

I'm now officially unemployed!

Fire away with any questions if interested.

Cheers,

Ben

 

[Player]

You sold a franchise that you established? If so, nice work in such a competitive space.

Or, you sold a franchise brand pizza store? if so, why 3 & 1/2 years on market?

 

[Coconutwheels]

Just a single franchise pizza store.

I've asked myself why so long many many times, there was a point we were desperate to sell.

I think a lot has to do with location, NT is not a place where people look to buy themselves a job. Good jobs are readily available up here IMHO.

We gradually keept reducing the asking price over time, until people started asking what's wrong with it. Then mid last year I started to increase the price in line with improving sales and bottom line.

Then it felt like a frenzy, I had 3 parties biding at once and another few new inquiries.

 

[Player]

Just a single franchise pizza store......................Then it felt like a frenzy, I had 3 parties biding at once and another few new inquiries.

Murphy's law at work.

Congrats on the sale. Enjoy your unemployment

 

[ok180]

Did you make more on the sale than what you paid for it?

 

[Coconutwheels]

Did you make more on the sale than what you paid for it?

Yes.......but not if you consider all the associated purchasing costs, training fees etc and the new equipment we put into it.

If you take all that into account we broke even. The money we will walk away with has come from paying down the original loan and retained earnings from paying myself bugger all for a while now.

It's not an outstanding outcome, however it's light years ahead of what we were looking at when "desperate" to sell.

 

[pinkboy]

Don't forget the other things you got out of it:

Business knowledge, sales, customer service skills, accounts and bookkeeping skills, networks, legislation knowledge, the skills obtained to actually run the business etc...

Where to from here?

pinkboy

 

[Truly Exotic]

So it's a big franchise and you bought/started a store?

 

[datto]

finger lickin' good!

Where to from here?

pinkboy

Maybe a KFC franchise!

 

[pinkboy]

Maybe a KFC franchise!

Damn you Datto!!!

pinkboy

 

[geoffw]

When I sold my franchise, I had paid off a big hunk of my loan- so I was able to use money which had been tied up.

 

[twobobsworth]

I thought you could make a lot of dough in the pizza industry.

 

[geoffw]

I thought you could make a lot of dough in the pizza industry.

That's what you knead in that business.

 

[pinkboy]

It seems it has delivered!

pinkboy

 

[keithj]

Are there any lessons you can take away from the business ?

 

[geoffw]

We could have bought it as a Somersoft co op.

Then we could have all had a pizza the action.

But then you wouldn't have wanted to slice it up.

Did the purchaser pay a mozza?

 

[pinkboy]

What are you going to do for a crust now?

pinkboy

 

[geoffw]

Perhaps his wife has a bun in the oven now?

 

[Corey Batt]

Guys, you're being so cheesy!

 

[geoffw]

Guys, you're being so cheesy!

Just trying to top what's already there.