Erik owned several retail bridal stores, which he had purchased after a career as an executive in the retail clothing industry, after being downsized from a large department store chain.
To fully retire, Erik knew that the business still needed his vision, strategy, and buyer expertise to thrive. In fact, he felt that the business only ran well when he was in the building. This common phenomenon is known as The Babysitting Factor. In Erik’s case, this prevented him from selling the business because no savvy buyer ever wants to buy a business in chaos.
When he discovered the Half-Retire System, Erik was able to reconfigure his entire business so he could remove himself, the business owner, from day-to-day operations.
By shifting things around, Erik rarely needed to work store hours anymore, which allowed him the freedom to have a more flexible schedule. More importantly, it increased the value of the business when he was ready to sell it.
Retail businesses can be very tough to sell, so when Erik received an offer that was 20% higher than the business appraisal, he was overwhelmed with joy. The buyer had immediately realized that they were buying a highly functioning business and not just a job. That’s what separated his business from the rest available and attracted a high-paying buyer.
“I Half-Retired for several years but decided to fully retire and sell my stores. I was able to quickly and easily sell my locations for more than the appraisal because the business ran well without me. Thanks, Half-Retire!”