Last Updated on January 17, 2024 by Umer Malik
So, you’ve spent years building your Shopify store, and now, you think you may be ready to sell it? Well, you’re certainly not the first store owner to have been there, because there are Shopify stores for sale, put up by dozens of people online. But for you, personally, this is undoubtedly a major financial decision. And you want to make sure you get it right because you only get to put up your Shopify stores for sale once.
Before you go ahead, it’s always a good idea to read up on all the wisdom you can get about selling your Shopify store. And on that note, here are 3 key dos and don’ts that you need to keep an eye on when you’re ready to sell your business.
Table of Contents
The Dos
Do keep your financials organized
Potential buyers will certainly want to take a good look at your Shopify store’s financial statements. So, ensure that you keep your financials organized and up to date. Your paperwork also needs to be intact, particularly with regard to your store’s inventory and its suppliers. This gives buyers a clear picture of the supply chain management and helps them evaluate their purchases.
Your books of accounts also need to be in order, so interested buyers get a good idea of your Shopify store’s profitability. This also makes it easier for you to attract the right buyers.
Do sell for the right reasons
There may be many reasons to put up Shopify stores for sale. Some store owners may sell their business to encash its growth and reap the rewards of years of effort. Others may want to pursue other entrepreneurial avenues, and yet others may simply want to take time off. Whatever your reason for selling your Shopify store may be, ensure that you aren’t doing it out of pressure or for the wrong reasons.
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This may lead to regret later, and you certainly don’t want that. Only put your Shopify stores for sale when you genuinely believe it’s time to do so, either because you need to encash your efforts or because you may want to use the proceeds to pursue a new business opportunity.
Do sell through the right channels
You can put up Shopify stores for sale and execute the same via many different channels. For starters, you could opt for a private sale, which gives you a greater degree of freedom over the transaction. Or, you could list your Shopify stores for sale on online marketplaces. Brokers and acquirers can also help you make the sale.
Each channel has its own advantages, so make sure that you pick the option that you are most comfortable with. This helps you make the sale in a smoother and more effective manner.
The Don’ts
Don’t sell your store short
Selling your Shopify store hastily is never a good idea. Always ensure that you have a minimum price threshold in mind. This is simply the price below which you will not sell your Shopify store. Or, in other words, it’s the smallest sum for which you’re willing to execute the sale. This should be an amount you’d be happy taking home. And once you’ve set your threshold price, you can negotiate your sale accordingly.
Don’t overlook the importance of expert valuation
Speaking of selling your store for what it’s worth, it’s important to never overlook how helpful valuation can be. Get your Shopify store valued by an expert and use that to your advantage. Professional valuation factors in your store’s business age, its products inventory, the traffic diversity, and the level of recognition your brand has garnered. All in all, this ensures that you get a fair price when you put up your Shopify stores for sale.
Don’t forget to have an exit plan in place
It’s also vital to have an answer to the key question of what you wish to do with the proceeds from your sale. If you are selling your Shopify store for personal reasons, you may already have an end-use for the amount obtained. However, if you are simply selling to explore other greener pastures, ensure that you have a plan in place before making the sale. Entrepreneurs and store owners who are not prepared for this often feel a sense of regret over their sales. A solid plan helps you avoid this pitfall.
Summing up
So, are you planning to list your Shopify stores for sale? In that case, keeping these tips in mind and practicing them when the time comes can make selling Shopify stores easier by a large margin. It may seem like a major decision – one that you may be afraid to take. But for the right reasons and with the right expert guidance, you can ensure that you sell your Shopify store for what it’s worth – or maybe more!
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