Family run store may close after 35 years

Soldato
OP
Joined
29 Dec 2012
Posts
4,080
Rent it out. Get someone to sign a long lease 24/25 years and your sorted. Rent review every 3 years.

Just as an example one of ours is £75k for a 25 year lease then £25k per year rent.

Sitting on your bum in the house collecting £500 a week for doing nothing.

All repairs need to be done by the leaseholders and it has to be handed back in a fit state.

This is scheme shops. Where people don't have cars or many large shops nearby within walking distance. In and around Glasgow. Some a 30 minute drive from the city centre so not huge towns.
I think we will need to have a realistic talk and see what my parents want to and what can can be done but this maybe the best option less of a headache.


Yeah thats the problem, we have shop withing 1 mins walking distance from each other and most people also have cars, we are also in a small town in yorkshire and the spending is not great.
 
Soldato
Joined
27 Dec 2005
Posts
17,281
Location
Bristol
I can pretty much visualise your shop having obviously never seen it.

It sounds like you need SO much advice but focus on the basics. What do your potential customers want and why would they come to you? Simple as that.

Nobody here will be able to answer any of those questions without a huge amount of detail surrounding where you're based, the local market, competition etc.
 
Soldato
Joined
18 Jan 2003
Posts
5,995
Location
Expat in the USA
Welcome to what every single business owner faces. Competition. So you had it sweet for a number of years, however now competition has become more fierce. Either make yourselves more attractive than the competition, or close your doors. Another dilema of many business owners. Putting all that work only to discover the business is not making money.
 
Associate
Joined
22 Mar 2009
Posts
468
Location
Down town gaza/Lah'darn
One business that always does very well is short dated food set part of store aside for it you can get from cash and carrys/wholesalers and many places like tesco's even just need to get in the flow.
Know a few turning over a grand a weekend in the markets doing it.
Saves your place.
 
Soldato
Joined
9 Mar 2012
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10,072
Location
West Sussex, England
The trouble with being a general store is being a generalist you're focusing on what sells but those are likely to be the most competitively fought over price wise. Better to be a specialist for something where you can have a higher margin on the things that others don't carry. It's not so much what sells above everything else but whether it has profit.
 
Soldato
Joined
11 Jun 2003
Posts
10,795
Location
Hampshire
It's a tough situation. I understand the emotional attachment to family business.

Ultimately, you need to look at this from the outside. Forget sentimentality, get advice and make the best financial decision available to you.

Work is just a means to have a good life, your family is infinitely more important than the bricks and mortar you sell things from.
 
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