Owner To Owner Podcast

PART 2 - Carolyn Fryer from Fish Creek on lessons she learned selling the local General Store and Newsagency.

Episode Summary

PART 2 - Carolyn Fryer from Fish Creek took on the challenge to buy, revitalise and sell a business that was vitally important to the locals. It took way longer than she imagined, and this episode she shares her personal experiences and tips for other regional business owners thinking about selling.

Episode Notes

#regionalsmallbusinesses are at the centre of healthy #localeconomies, both as a supplier of goods or services and as an employer. It's in everyone's interest that these #businesses successfully transfer from one #owner to another.  #Owners of #regionalbusinesses face additional hurdles when selling their business. 

In this 3 part series #owners of #regionalbusinesses share their own personal experiences from going through a #businesssale process.

This first interview (over 2 weeks) is with Carolyn Fryer from #FishCreek in #SouthGippsland who bought, revitalised, and, eventually, sold the Fish Creek General Store and Newsagency. Over the 2 weeks we cover;

• her plan of moving back to @FishCreek to #retire having bought a #smallfarm
• being approached by some #local people about purchasing the Fish Creek General Store and Newsagency, which was having a bit of a struggle and looked like it might close which would have been quite devastating for the small town (a nail in the coffin)
• the devastating impact on rural towns when they lose their general store and their newsagency
• saying yes, taking on the challenge thinking it would be "interesting" and that she could "turn it around fairly quickly", offload it, go back to the farm
• putting off your retirement plans
• the 6-year project - 2.5 years to revitalise and 3.5 years to  to sell it  (having assumed 6 months). So I ended up being there for six years - way longer than she had anticipated
• the weight felt and challenges faced by Carolyn when approached by some people who wanted to take over and 'ditch' the grocery and newsagency - as much as she wanted to sell and get out she wouldn't do that to the town, otherwise, I would have defeated the purpose of going in there to maintain this service for the locals
• keeping staff in the loop and motivated during uncertainty
• keeping the business improvements going
• #stickybeaks regularly commenting "this is a lovely business"
• her business career and buying and selling businesses in the order of 10 businesses over the years
• her recommended #stepstoselling and the need to allow a lot more time and to be patient

@kerrcapital