A change of lifestyle
Discussion
Not sure where to post this, so mods feel free to move to somewhere better.
The shop in the village (Patterdale in the Lake District - at the foot of the route up Striding Edge/Helvellyn, next to Ullswater, one of the most beautiful lakes for sailing, just beneath the Kirkstone Pass, etc.) has been successfully run for years by a fantastic couple. I understand it generates a good income, with year round custom from walkers doing the Coast-to-Coast route as well as locals. But the couple are approaching retirement age and for the last year or two have been looking to sell up and retire. Despite using a number of local agents they’ve had no interest (it’s still on Rightmove) and if the shop closes it’ll be a real loss to the community.
I might well be wrong here, but surely this is the kind of thing that might appeal to someone who’s had a rethink recently and fancies a complete change of lifestyle to come and live and work in one of the most scenic parts of the country? Could it just be that advertising locally isn’t putting the opportunity out to those who might be interested?
So I thought I’d put it to the combined commercial wisdom of PH - where would be the best place to publicise this to try to reach, say, someone who had done their bit in the rat race and wanted to consider something different? How would you get this ‘out there’ to the right people?
I have absolutely no personal interest in this, and no connection with the shop owners, except as someone who values the contribution of the shop as a focus for the community and would like it to continue - and would very much welcome suggestions!
The shop in the village (Patterdale in the Lake District - at the foot of the route up Striding Edge/Helvellyn, next to Ullswater, one of the most beautiful lakes for sailing, just beneath the Kirkstone Pass, etc.) has been successfully run for years by a fantastic couple. I understand it generates a good income, with year round custom from walkers doing the Coast-to-Coast route as well as locals. But the couple are approaching retirement age and for the last year or two have been looking to sell up and retire. Despite using a number of local agents they’ve had no interest (it’s still on Rightmove) and if the shop closes it’ll be a real loss to the community.
I might well be wrong here, but surely this is the kind of thing that might appeal to someone who’s had a rethink recently and fancies a complete change of lifestyle to come and live and work in one of the most scenic parts of the country? Could it just be that advertising locally isn’t putting the opportunity out to those who might be interested?
So I thought I’d put it to the combined commercial wisdom of PH - where would be the best place to publicise this to try to reach, say, someone who had done their bit in the rat race and wanted to consider something different? How would you get this ‘out there’ to the right people?
I have absolutely no personal interest in this, and no connection with the shop owners, except as someone who values the contribution of the shop as a focus for the community and would like it to continue - and would very much welcome suggestions!
Lexicos said:
Not sure where to post this, so mods feel free to move to somewhere better.
The shop in the village (Patterdale in the Lake District - at the foot of the route up Striding Edge/Helvellyn, next to Ullswater, one of the most beautiful lakes for sailing, just beneath the Kirkstone Pass, etc.) has been successfully run for years by a fantastic couple. I understand it generates a good income, with year round custom from walkers doing the Coast-to-Coast route as well as locals. But the couple are approaching retirement age and for the last year or two have been looking to sell up and retire. Despite using a number of local agents they’ve had no interest (it’s still on Rightmove) and if the shop closes it’ll be a real loss to the community.
I might well be wrong here, but surely this is the kind of thing that might appeal to someone who’s had a rethink recently and fancies a complete change of lifestyle to come and live and work in one of the most scenic parts of the country? Could it just be that advertising locally isn’t putting the opportunity out to those who might be interested?
So I thought I’d put it to the combined commercial wisdom of PH - where would be the best place to publicise this to try to reach, say, someone who had done their bit in the rat race and wanted to consider something different? How would you get this ‘out there’ to the right people?
I have absolutely no personal interest in this, and no connection with the shop owners, except as someone who values the contribution of the shop as a focus for the community and would like it to continue - and would very much welcome suggestions!
Is that the shop opposite the White Horse? The one that sells lots of Wainright stuff? I did the C2C a couple of years ago and remember it as a useful little place. Apart from the pub and a couple of B&Bs I don't remember seeing any other shops so it must do a reasonable trade.The shop in the village (Patterdale in the Lake District - at the foot of the route up Striding Edge/Helvellyn, next to Ullswater, one of the most beautiful lakes for sailing, just beneath the Kirkstone Pass, etc.) has been successfully run for years by a fantastic couple. I understand it generates a good income, with year round custom from walkers doing the Coast-to-Coast route as well as locals. But the couple are approaching retirement age and for the last year or two have been looking to sell up and retire. Despite using a number of local agents they’ve had no interest (it’s still on Rightmove) and if the shop closes it’ll be a real loss to the community.
I might well be wrong here, but surely this is the kind of thing that might appeal to someone who’s had a rethink recently and fancies a complete change of lifestyle to come and live and work in one of the most scenic parts of the country? Could it just be that advertising locally isn’t putting the opportunity out to those who might be interested?
So I thought I’d put it to the combined commercial wisdom of PH - where would be the best place to publicise this to try to reach, say, someone who had done their bit in the rat race and wanted to consider something different? How would you get this ‘out there’ to the right people?
I have absolutely no personal interest in this, and no connection with the shop owners, except as someone who values the contribution of the shop as a focus for the community and would like it to continue - and would very much welcome suggestions!
It's half a million quid tho...
You're needing to find someone with the ability to stump up that sorta cash.
Wants to live in a house above the shop
And run a shop
I imagine it's a fairly small pool of people unfortunately.
I don't imagine managing a post office, and a shop in a busy tourist area is a particularly 'slow down' kinda offering.
Lovely part of the world tho.
You're needing to find someone with the ability to stump up that sorta cash.
Wants to live in a house above the shop
And run a shop
I imagine it's a fairly small pool of people unfortunately.
I don't imagine managing a post office, and a shop in a busy tourist area is a particularly 'slow down' kinda offering.
Lovely part of the world tho.
i4got said:
Is that the shop opposite the White Horse? The one that sells lots of Wainright stuff? I did the C2C a couple of years ago and remember it as a useful little place. Apart from the pub and a couple of B&Bs I don't remember seeing any other shops so it must do a reasonable trade.
Is it not the White Lion? I remember when there was a petrol station next door to it. And the post office used to do breakfasts - it was a fantastic meal before Helvellyn. If the OP does go for this, I retire in 9 months if he ever wants holiday cover!
SD.
shed driver said:
i4got said:
Is that the shop opposite the White Horse? The one that sells lots of Wainright stuff? I did the C2C a couple of years ago and remember it as a useful little place. Apart from the pub and a couple of B&Bs I don't remember seeing any other shops so it must do a reasonable trade.
Is it not the White Lion? I remember when there was a petrol station next door to it. And the post office used to do breakfasts - it was a fantastic meal before Helvellyn. If the OP does go for this, I retire in 9 months if he ever wants holiday cover!
SD.
Dan_1981 said:
It's half a million quid tho...
You're needing to find someone with the ability to stump up that sorta cash.
Wants to live in a house above the shop
And run a shop
I imagine it's a fairly small pool of people unfortunately.
I don't imagine managing a post office, and a shop in a busy tourist area is a particularly 'slow down' kinda offering.
Lovely part of the world tho.
This.You're needing to find someone with the ability to stump up that sorta cash.
Wants to live in a house above the shop
And run a shop
I imagine it's a fairly small pool of people unfortunately.
I don't imagine managing a post office, and a shop in a busy tourist area is a particularly 'slow down' kinda offering.
Lovely part of the world tho.
The OP calls it a "Change of lifestyle". Not sure what a prospective buyer would be changing from, but what they'd get would be long hours, hard work and limited fiscal reward, in a rural, pretty part of the world - with not much entertainment or options for leisure time compared with your typical urban setting.
I'm guessing the vendors need to attract people who will focus on the "rural" and "pretty", and be quite naive about all the other aspects.
Round my neck of the woods that market is served by the "lifestyle" mags: "My Cornwall", "I love Cornwall", "Cornwall today", Cornwall living", "Cornwall atrophying", etc. Are there equivalent publications local to you?
Alternatively, and I know this sounds daft, I'd suggest they talk to some property agents in that there London. Surely there has never been a better time to attract dreamers who are looking for "escape"? There must be plenty of companies who specialise in the rural retreat. If nothing else try searching for "second home in the cotswolds" and see what that throws up. Agents with that clientele might well be interested in something a little left field (from their perspective) which might get a tickle.
As Dan says so eloquently, the challenge is finding a buyer with the necessary cash who is either sufficiently unaware of what's involved, or is happy to take it all on.
If it’s a small shop then you either employ trusted staff with all the costs that that implies (and I do mean trusted).
Or resign you and your wife to working 6-7 days 52 weeks a year.
Opening hours 8.30 -6pm So that’s a 6am start at least to get the papers/bread etc sorted out. That’s a 12 hour day right away. Then you have the trips to the cash and carry. And running the Post Office with all the record keeping that involves.
It’s a change of life but it’s not a picnic by any means.
From my perspective, as a business owner of a similar operation albeit in the Scottish Highlands, the turnover is very low although given the stock I imagine the gross margin is higher then a typical store. Your gross profit could be as low as 36k or somewhere between 50/60k. That's the difference between employing someone on the weekends to make it a lifestyle opportunity and the post office salary almost covers that. I work in mine 2 days a week so I can focus on other business/family time. The hours are short like mine and it's easy money. I take 20mins to set up mine in the mornings and 5mins to lock up and everything is delivered. It's not advertised with a specialist transfer agency which is where I look so it may not be getting much exposure. People are looking for this sort of thing at the moment according to the agencies. Not something I would buy but and also a bit of a gamble. With that turnover you don't have a lot of wiggle room although it could've traded at this level for 10yrs which would alleviate a lot of the risk.
Edited by TCS1 on Friday 9th October 08:48
I spot a paradox.
Lovely and profitable little business in a glorious part of the country with an emphasis on local but welcoming (and useful) to all.
Local people either don't have the funds to buy the business and those that do are likely to have no desire to buy it.
I can see it appealing to someone further afield who may indeed be looking for a change in lifestyle but ... they won't be 'local' which could well devalue the virtues that exist at the moment. And someone with the money to invest is likely to have the gumption to recognise this.
Have they considered the 'Community Shop' route? - where local people all chip in and buy it.
Lovely and profitable little business in a glorious part of the country with an emphasis on local but welcoming (and useful) to all.
Local people either don't have the funds to buy the business and those that do are likely to have no desire to buy it.
I can see it appealing to someone further afield who may indeed be looking for a change in lifestyle but ... they won't be 'local' which could well devalue the virtues that exist at the moment. And someone with the money to invest is likely to have the gumption to recognise this.
Have they considered the 'Community Shop' route? - where local people all chip in and buy it.
TCS1 said:
From my perspective, as a business owner of a similar operation albeit in the Scottish Highlands, the turnover is very low although given the stock I imagine the gross margin is higher then a typical store. Your gross profit could be as low as 36k or somewhere between 50/60k. That's the difference between employing someone on the weekends to make it a lifestyle opportunity and the post office salary almost covers that. I work in mine 2 days a week so I can focus on other business/family time. The hours are short like mine and it's easy money. I take 20mins to set up mine in the mornings and 5mins to lock up and everything is delivered. It's not advertised with a specialist transfer agency which is where I look so it may not be getting much exposure. People are looking for this sort of thing at the moment according to the agencies. Not something I would buy but and also a bit of a gamble. With that turnover you don't have a lot of wiggle room although it could've traded at this level for 10yrs which would alleviate a lot of the risk.
Thanks for this - v useful insight. Apologies for ignorance but what transfer agencies do this kind of thing - a quick google hasn’t turned up much that seems relevant...Edited by TCS1 on Friday 9th October 08:48
ARHarh said:
If it is not selling it is overpriced, end of. Everything has a price it sells at.
ThisIt’s finding someone with a large amount of cash (banks won’t lend) who wants to work harder than they probably did when they were salaried working elsewhere.
I have a similar dilemma with my business that i run single handed, speciality retail but which makes a very very high level of income for the area. It’s worth a decent 6 figure sum on the basis that someone else can unlock it in the morning , walk in and make money everyday. It’s been established since the 1950s and is one of the longest trading companies in the area but what happens when I want to check out ? I am not going to give it away for nothing and I need some wonga to fund some retirement goals.
Ziplobb said:
ARHarh said:
If it is not selling it is overpriced, end of. Everything has a price it sells at.
ThisIt’s finding someone with a large amount of cash (banks won’t lend) who wants to work harder than they probably did when they were salaried working elsewhere.
I have a similar dilemma with my business that i run single handed, speciality retail but which makes a very very high level of income for the area. It’s worth a decent 6 figure sum on the basis that someone else can unlock it in the morning , walk in and make money everyday. It’s been established since the 1950s and is one of the longest trading companies in the area but what happens when I want to check out ? I am not going to give it away for nothing and I need some wonga to fund some retirement goals.
We came to the conclusion that, when the time comes, we will employ a professional manager and keep the divis.
The multiple of EBITDA that the market will pay is too low to justify selling.
StevieBee said:
I spot a paradox.
Lovely and profitable little business in a glorious part of the country with an emphasis on local but welcoming (and useful) to all.
Local people either don't have the funds to buy the business and those that do are likely to have no desire to buy it.
I can see it appealing to someone further afield who may indeed be looking for a change in lifestyle but ... they won't be 'local' which could well devalue the virtues that exist at the moment. And someone with the money to invest is likely to have the gumption to recognise this.
Have they considered the 'Community Shop' route? - where local people all chip in and buy it.
Thank you - I absolutely see where you’re coming from, but in fact (and perhaps counterintuitively) I don’t think the outsider thing would be an issue here - because of its location many people move in to the village from elsewhere, and I think the current shop owners themselves were ‘offcomers’ a decade or two ago. Lovely and profitable little business in a glorious part of the country with an emphasis on local but welcoming (and useful) to all.
Local people either don't have the funds to buy the business and those that do are likely to have no desire to buy it.
I can see it appealing to someone further afield who may indeed be looking for a change in lifestyle but ... they won't be 'local' which could well devalue the virtues that exist at the moment. And someone with the money to invest is likely to have the gumption to recognise this.
Have they considered the 'Community Shop' route? - where local people all chip in and buy it.
For someone who was prepared to put in the time to make it work, it could be an opportunity to grow a successful business while living in a beautiful place - but, as others have said, the pool of people who could/would do this is small and I guess finding them is difficult.
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