I haven't posted in awhile, due to some personal medical issues I've been trying to get solved. Well, long story short, I was officially diagnosed on Friday with full-blown Celiac's Disease, among a few other issues. Here's where I need help. I started a small cupcake/cake business in 2008, which I operate part-time. I have another part-time job also. Four years ago, I rented a small commercial space, gutted it and renovated it into a very nice full commercial kitchen, licensed through the Dept of Ag, etc. I put about $30,000 into the 300 square foot space from flooring, ceiling tiles, wall board, plumbing, electrical to equipment, etc.
Now my doctor tells me that I shouldn't be anywhere near flour or flour dust, including the kitchen. I asked him what I should do since I own a bakery and he said that he hates to tell me this, but the best thing to do would be to sell it. Until I can sell it, I need to wear a mask and gloves to work in there. I'm guessing customers won't be thrilled to walk in and see me wearing a mask. They'll probably think I have the flu or something.
My question is, how the heck do I go about trying to sell my business? I have zero experience in selling a business. Running it, yes I can do that. Selling it, I have no idea. I don't even know how to determine an appropriate asking price. I'm not looking to make a profit on it, just recover some of my costs. All of the equipment and appliances are less than 4 years old and the kitchen is very high end and super nice. It's small, but perfect for a 1-2 person business. I'd like to sell it turn-key, as I will no longer be able to use it and it's the perfect set-up for a cupcake/cake business.
I would really appreciate any advice on this subject. Thanks so much!
Maybe if you post the location there would be a CC member who would be interested.
I didn't know if that would be allowed on here or not, that's why I didn't post the location in the original post. The kitchen is in Hastings, MN. About 15 minutes southeast of St Paul.
I have numerous weddings already booked for this summer, so if I could find someone who wanted to open a cake/cupcake business, this would be a great turn-key opportunity for them. I would be willing to work with the new owner also to make it a seamless transition for my customers.
I would speak to an accountant - they often have clients looking to buy businesses, and maybe they could at least refer you in the right direction. Also, you could place an ad in an industry publication in the classifieds - that would target those interested in baking.
Good luck to you!
Location is the most important factor, while selling a business. If your business is in a very good neighborhood, then the asking price for your business would be high. Similarly, the present bookings and appointment also make a difference in price. Read more about selling a Commercial property here.