Picking the Wrong Buyer… My First Lesson Learned
So a few years back, I thought I finally found someone to take over my sandwich shop. Was excited! Dude seemed nice, talked big game about his ‘vision’. Signed things way too quick ’cause I just wanted out. BIG mistake. Turns out his ‘vision’ meant firing all the staff I’d trained for years – folks depended on those jobs. And my regulars? Hated the new vibe. Place folded in under a year. Should’ve dug deeper. Learned the hard way: just ’cause they have cash doesn’t mean they fit the business.
Skipping the Nitty-Gritty on Paper? Recipe for Disaster
My second try – a small cafe this time. Got an offer. Felt relief washing over me. Started relaxing… thought “Hey, lawyers got this.” Almost missed HUGE gaps in the agreement. Big one? Responsibility for existing contracts. Almost got stuck paying a supplier bill six months AFTER I left! My lawyer caught it, thank goodness. But wow, that adrenaline rush scared me straight.
- Checked their finances? Nah. Just took their word.
- Supplier contracts? Nearly skipped ’em.
- The lease terms? Barely glanced.
Never again. Now I poke holes in every single line.
The Messy Handover Trap
Thought the hard part was signing papers. Wrong. Final handover day for that cafe came, and it was chaos. Train the new owner? I kinda rushed it. Showed them how the espresso machine kinda sorta works for like 15 minutes. Left supplier contact sheets scribbled on a napkin. Got frantic calls later asking where the water shutoff valve was! Embarrassing. Felt unprofessional. Customers noticed the dip in quality too. Burned some goodwill.
Now? I block out TWO whole weeks for training. Make binders. Checklists. Everything. Even show ’em how to charm my crankiest regular.
What Actually Works (Learned By Screwing Up)
Okay, enough mess-ups. Here’s how I do it now when selling:
- Interview buyers like they’re interviewing ME. Grill ’em about staffing, their plans, their values.
- Trust NO ONE on finances. Make ’em prove it. Bank statements. Credit reports. The works.
- Hire a lawyer who ONLY does business transfers. A real pitbull. Worth every penny.
- Treat training like it’s your baby’s first day at kindergarten. Detailed, patient, written down.
Feels messy sharing these screw-ups, but man, business transfers are sneaky. Easy to trip on stuff you never thought mattered. Hope this saves someone the headaches I earned!