How can I make my convenience store less dependent on me before selling?
Train a key holder who can open, close and cash out, write down your ordering and cash routines, move supplier accounts and contacts out of your personal phone and email, and let the store run some weeks without you. Keep the records so a buyer can see it worked.
A store that only works when the owner is behind the counter is hard to hand over. Buyers know that if you are the system, they are buying a job with long hours and little room to step back. Showing that the store runs without you does not take a reorganization. It takes a few habits, started well before you list.
Train someone to run a shift
Pick a key holder or shift lead and teach them to open, close and cash out on their own. That includes the safe, the till count and the end-of-day paperwork. Then step back and watch. A person who has done it alone for a few weeks is far more reassuring to a buyer than someone who has only been shown.
Write the routines down
Put ordering routines on paper for each wholesaler and direct-delivery vendor: who to call, which days and what the usual order looks like. Add the steps for the lottery and bill-payment terminals and your cash and safe procedures. A binder or shared document is enough. It also makes the buyer’s first month easier.
Move relationships off your phone
If supplier contacts, account logins and delivery schedules live in your personal phone and email, they leave with you. Move them to a store email address and a shared contact list, and introduce your key holder to each rep. See also what a buyer asks about wholesaler accounts.
Test it, and keep the records
Take some real time away and let the store run. Note what goes wrong, fix it and keep the shift logs and order records. A buyer can then see the store running without you, and your accountant can use the same records when preparing your numbers.
Related reading
15 pages on the same subject, grouped by topic.
Selling
- GuideSelling a convenience store in Canada
- GuideWhat do I need to do to sell a convenience store in Ontario?
- GuideSelling a grocery store in Canada
- Expert answerHow do I sell a cell phone store?
- Expert answerHow do I keep a convenience store running smoothly while it is for sale?
- Expert answerShould I clear out slow-moving stock before selling my retail store?
- Expert answerHow do I hand over vendor relationships when selling my store?
Buying
- Expert answerHow many hours will I work after buying a convenience store?
- Expert answerDo the wholesaler accounts carry over when I buy a convenience store?
- Expert answerWhat happens to the Canada Post outlet when I buy a convenience store?
- Expert answerWhat running costs should I check before buying a convenience store?
- Expert answerWho should help me buy a convenience store?
- Expert answerFranchised or independent convenience store: what changes for a buyer?
- Expert answerHow do I learn a convenience store’s ordering routine before I take over?
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentWhat is succession planning?
- 02Business Development Bank of CanadaIndustryHow to sell your business
- 03Business Development Bank of CanadaGovernmentHow to minimize negotiations when selling your business
- 04Business Development Bank of CanadaGovernmentAdvice for succession planning - Articles and tools
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