Editor’s note: David DeKeyser and his wife Rebecca Cleveland owned and operated The Bike Hub in De Pere, Wisconsin, for nearly 18 years. Last year, they sold the business and real estate to another retailer based in a nearby community. BRAIN will be publishing a series of articles written by DeKeyser in the coming weeks. The first two articles will focus on successful retail exit plans.
If you own a bike shop, congratulations! As a recently retired shop owner who is still very interested in what’s going on in bicycle retail, I know there are as many ways to get a shop going as there are ways to operate. I also learned that financially we all have to work with the same 100 pennies in every dollar. There is no black magic when it comes to financial matters.
There are many ways to enter this business, but, with some minor variations, there’s a fairly finite list of ways you’ll get out. And that’s what my first columns for BRAIN will focus on.
Logically, there are three likely financial scenarios when it comes exit time: