When a retailer approaches me to talk about succession planning, here’s how a typical conversation goes:
Retailer: My store grosses about $1 million a year. What’s the most I can get for my store?
Me: Sounds like you've built up a successful business. Congratulations, but I believe you are asking the wrong question.
Retailer: What do you mean?
Me: I mean a much better question to ask is: Under the right terms and conditions, assuming we get everything right regarding the running of our business, over the next numbers of years, with solid reoccurring cash flow and earnings, what’s