How do I get my tailor or alterations shop ready to sell?
Prepare records a buyer can follow. To sell a tailor or alterations shop, organize your order history and repeat customers, show that the sewing does not depend only on your own hands, plan for garments still on hand at closing, and tell your landlord and staff at the right moment, with your lawyer’s guidance.
Buyers of an alterations shop are buying a steady stream of customers and a team that can do the work. If you are the one at the machine every day, a buyer will ask what happens when you leave. Your preparation is mostly about answering that question with records and a plan, rather than a promise.
Organize orders and repeat customers
Gather your order tickets, customer lists and notes on regulars. A buyer wants to see that work arrives week after week, not only in a busy season. Ask your lawyer how to share customer details with a buyer in a way that respects privacy, and share only what is needed at each stage.
Show the work is not only yours
If staff sew, say so, and show how work is assigned and checked. If you do the complex jobs, think about training someone before you list, or offering a period of working alongside the buyer. A shop that runs when you take a week off is easier for anyone to take over.
Plan for garments, landlord and staff
Decide how orders in progress and unclaimed garments will be handled on closing day, and write it down. Talk to your lawyer about when to tell your landlord and your staff, and check your own lease for any consent requirement. A buyer’s own search is described in how to find a tailor or alterations shop for sale.
Related reading
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to Find the Right Buyer for Your Business
- 02Business Development Bank of CanadaGovernmentUnderstanding the options for selling your business
- 03Business Development Bank of CanadaGovernmentHow to minimize negotiations when selling your business
- 04Business Development Bank of CanadaGovernmentWhat are financial statements?
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