Tough economic times have seen an increase in Internet sites touting their new found expertise in retail store closings. Many of these companies prior to 2009 had no experience in the specialized field closing a retail business. Finding an experienced store closing consultant is crucial to closing your retail business profitably.
The difference between closing your business profitably or closing at a loss can be the result of hiring the best store closing specialist. The traditional “going out of business sale” can be a profitable undertaking with a carefully planned exit strategy. A hasty store closing can result in the liquidation of assets that might otherwise have been sold at a profit by the business owner. Using the Internet can be a helpful tool but you will want to speak with anyone you are considering hiring and check references to see if they more than just a flashy advertising billboard style web page, or a seasoned professional who can truly help you.
During this economic downturn numerous fly-by-night store closing specialist have appeared on the Internet. These newly minted specialists rarely have any retail experience and are more often than not looking for a fast rather that profitable store closing. There are important questions you need to ask the prospective retail crisis manager. How many years have you worked in the retail industry? Have you ever owned a retail business? How many profitable store closings have you implemented? Do you have references? May we speak with those on your reference list?
Long time store closing specialists The Waldoff Group have been in the retail industry since the 1950s and offers sage advice. “You need to find a company that will develop realistic goals based on your situation, your problems, your needs and your desires. You need a retail crisis specialist who is solutions driven, able to devote the time and effort to addressing your problems while you continue to operate your business.” Waldoff continued “A well planned and well executed store closing takes planning, which includes many hours of time. Well planned involves timing, merchandised correctly, advertised wisely, working with the stores management and personnel in a manner to maximize results.”
Many store closing consultants present information that infers closing your business is a promotional event. Their services revolve around custom signs, lead generation and video production. Closing a business is for the owner not a media event, but the end of their life’s work. It is a personal loss that requires individualized hands on solutions not cookie cutter rhetoric.
It is a major step to admit to yourself “I need to close my retail store”. Finding a retail specialist who has the years of experience combined with proven individualized strategies should be your first step. Your retail store is not “just another closing”. It is personal and deserves the best solutions for a profitable outcome.
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