Every pawn shop owner has an idea of the dollar value of his or her business, but without the assistance of objective third parties, it is practically impossible to know whether that number is correct.
Selling your pawn shop is an undertaking you should never attempt on your own. To determine what your business is really worth, at the very least, you will need an accountant, a lawyer, and an exit strategy expert that can perform valuations based on your financial data and the unique characteristics of your shop or shops.
Enlisting the help of outside individuals does not imply that you don’t know your own business or aren’t capable of negotiating your own deal; it just means that you recognize that by enlisting outside help, you’re going to be much more likely to get what your business is actually worth. Qualified accountants, attorneys, and financial advisors are people that every legitimate business needs at one time or another. There is no better time to make the most of the qualified professionals and resources available to you than when you’re ready to sell.
Your Accountant
If you have an in-house accountant, use that person to organize your books. Make sure that in addition to having experience in the pawn industry, any CPA you use is able to advise you on personal and corporate tax matters.
Your Lawyer
You don’t need a lawyer to negotiate the sale of your pawn shop. (Your exit strategy expert will help you do that.) However, you do need one to review your closing agreement and leases relative to state law.
Your Exit Strategy Expert
Exit strategy experts like those at Stallcup Group are the people who analyze your financial data, your shop’s tangible and intangible assets, and the current market in order to help you put an accurate value on your business. At Stallcup Group, our knowledge of how the national pawn companies approach negotiations and the tactics their buyers use to lower sale prices gives us a significant advantage throughout the closing process. Experience in these areas and an unparalleled number of successfully closed acquisitions set us apart from other financial advisors. If you are planning on using the funds from the sale of your business to make new acquisitions, you will also want Stallcup Group to review any non-compete agreements.
While it may be tempting to sell your shop on your own, the truth is it’s just not worth the trouble. Before you pick up the phone and call a major pawn company to find out what they believe your business is worth, contact Stallcup Group. We’ll make sure you won’t ever have to wonder whether your final agreement reflects the very best deal you could have gotten for your shop or shops.
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