or Connect
ChefTalk.com › ChefTalk Cooking Forums › Professional Food Service › Professional Pastry Chefs › Hi, I am Michele and I have sold my business.
New Posts  All Forums:Forum Nav:

Hi, I am Michele and I have sold my business.

post #1 of 14
Thread Starter 
This has been a long and weird journey.
I started my shop four years ago when it was bought at auction and my youngest of three was 2.
After building and building the business, I realized there is more to life than baking, training, cleaning, fixing, paying, organizing, delegating, delivering, ordering, returning, meeting, negociating, planning, juggling and decorating.
The stress level was hurting me on every level of my life including my children and home.
If I had another 50 hours a week and one more year, this business would humm, but I would surely be at the Mayo Clinic with an IV in my arm in a padded cell.
So I decided to sell.
Being that I have a big mouth an love to nework, I set out to find a buyer.
The first thing was to tell my family and lo and behold, they were down with it. My father offered any help he could give and my brother in law gave me stellar legal advice.
I then started telling my vendors, why? because they know EVERYBODY and have contacts with distributers who know EVERYBODY else!
The culinary schools got the heads up to post in there career centers and then I started telling my contemperartys and the ball started rolling....
I showed to several prospective buyers but they were not ready to negociate on any level.
Well long story short, I have a friend with a big mouth and he told a few folks too! Found, one vastly talented cake designer needed to expand his workshop and voila! After six months of discussion, planning and re hashing, it is no longer mine, the shop has a new energized owner with a great future!!!

If I can help anyone out there who is thinking of buying or selling a baking business, I am happy to!

PS, I joined a gym and am looking to relocate to the mellow southwest US.
:bounce:
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
post #2 of 14

You will be missed.

Gee...after all that searching for a buyer it came down to 'a friend with a big mouth' to find a buyer for you? He/she must have been so gratified to be able to help you out.
post #3 of 14
I have a question.
Was is worth it?
Your post seems a little nagetive, but on the other hand, if you had another year, things might have been better.
You know I have been doing this a little longer. I always thought that the sale of my business would be my payday/retirement. I've gotten some advice lately, that there is just not a lot of cash out there to buy a business and that if I intended to get what I want, I would need to finance. I cringe at that idea. I'm now looking at maybe pass on the business and keep it running with a positive cash flow for me. I have also been offered an opportunity to join a commitee regulating and overseeing the pastry program at a local culinary school. My family is very positive about entering a teaching position. This will also put an extra burden on them though. I'm 50 and have always wanted to be completely retired at 55. This move will probably not let me do this.
What do ya think?
FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
Reply
FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
Reply
post #4 of 14
Please be advised, the Southwest isn't as mellow as some folks will lead you to believe.
The general "vibe" has changed greatly in the last 40 years.
And not for the better...
I might be suffering from CDO.
It is just like OCD, except the letters are in alphabetical order.
Just as they should be...
Reply
I might be suffering from CDO.
It is just like OCD, except the letters are in alphabetical order.
Just as they should be...
Reply
post #5 of 14
I have to differ, I left NYC, threw away my watch and have been able to prosper in the South.
Pan
FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
Reply
FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
Reply
post #6 of 14
Pan,
Is that South, or Southwest?
By Southwest, I'm particularly referring to the Phoenix area, where we've been inundated with folks trying to escape their "issues", who come to find out that they've brought them with them without realizing it...
The South (east of the Mississippi) may be a different ballgame, probably without the "Californication" (selling grossly over priced homes there, and paying far more than a home is worth here, thereby driving the median price and affordability index through the roof...)
(sorry, I'll quit with the hijacking...)
I might be suffering from CDO.
It is just like OCD, except the letters are in alphabetical order.
Just as they should be...
Reply
I might be suffering from CDO.
It is just like OCD, except the letters are in alphabetical order.
Just as they should be...
Reply
post #7 of 14
Thread Starter 

I have many thanks to give my big mouth'd friend!

and lunch is just the beginning!:lol:

Pan, I am so happy to not have the huge stress on my system, you have no idea. I did not opt for holding a note as I thought it would forever tye me to something I was willing to let go. As far as the money issue goes, I am not in any debt because of the busines, which is what I thought would happen when I first decided to close. (I thought I would have to take a loan to satify my debts and finish out my lease and etc....)
One years gross plus a little extra for all the equipmnet and that was enough for me to take care of a few things. I am not walking on gold paved streets by any means and I think it was a fair amount for another business to make the investment in their future! ( this new owner is fantasicly talented and I wish only success!)

I think teaching is the ticket!!!


DMT By SouthWest I mean the Dallas area. I met with Panini and the Mrs., they have a terrific biz. What I loved about the area are the schools are very good, there are alot of amenities for the kids (fields, parks, college tuition is reasonable) the homes are large and I could find work!
My only issue is my family and friends are here in NY and it will be tough on my kids to move......
the saga contiues.................:crazy:
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
post #8 of 14
Thread Starter 

It's a good thing

When I say big mouth, it's a good thing!
Self promotion and networking is part of it.
Just wanted to clarify :bounce:
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
bake first, ask questions later.
Oooh food, my favorite!


Professor Pastry Artswww.collin.edu
Reply
post #9 of 14
Michele, if that's what you want to do, you did it, and have no regrets, then I'm happy for you.

Pan, I think in about another 5 years I'll be in the same position as you. Took me 9 years to build up my biz to where it is now, made alot of sacrifices, mental, physical, an family. I mean, we took our first real holidays as a family only last year. If I could sell for what I wanted it to sell for, I'd do it in a heartbeat, why?

Mount Everest. Guys climb it because it's there. My wife and I beat all odds by making our biz a success. Now that we finally have a little time, bank isn't chasing us for money, and neither the landlord..., and we actually have some very good and reliable staff, we have to ask ourselves what's next? Only up or down, and we don't feel like going down. Then again we 're too pooped to take our begging bowl back off the shelf, draw up new plans, hire more people, purchase new and larger equipment/ infrastructure, hatch new advertising campaigns...

What we really need is a good 3rd partner, but those kind of people are very hard to find, especially 9 years into the biz. Sorry to say there's not too many people I'd trust with my client list and banking info-irregrdless of their credentials-- other than my kids-- who are too young. But I can't see myself doing the un-maginable and shoe-horn them in.

I'm happy to say that I have very few regrets in my life. As a matter of fact the only one I really have is not asking a certain girl to a dance way back in Grade 11....
...."This whole reality thing is really not what I expected it would be"......
Reply
...."This whole reality thing is really not what I expected it would be"......
Reply
post #10 of 14
wow, good for you.
My mom lived in Sugarland, suburbia to Houston. Very feminine town.
I'm sure you'll find a good place to land.
St. Louis could use a good bakery, our pace is not southern slow but certainly not north hyper. All of the cultural institutions are FREE. STL take care of their kids. 4 seasons......
If you're looking and haven't made up your mind, check out STL.
cooking with all your senses.....
Reply
cooking with all your senses.....
Reply
post #11 of 14
So for those of you with experience buying/selling restaurant businesses is it something you would recommend?

A friend of mine just purchased a restaurant and seems to be enjoying it. Her jumping right into the fire has got my mind considering doing the same.

OPinions? Advice?
post #12 of 14
Come to Minnesota. :) Still reasonable to set up homestead here.
post #13 of 14
Find a mom & pop to work in for a few weeks, see how it feels, then really think hard if this is for you.
...."This whole reality thing is really not what I expected it would be"......
Reply
...."This whole reality thing is really not what I expected it would be"......
Reply
post #14 of 14
Michele,
Congratulations on making what sounds to be a very healthy decision!:bounce: Too much stress can eat away at your life as well as your body. And at some point you've got to ask yourself what's really important to you. But acting on the answer to that isn't always so easy. Over the past few years I've changed careers (still in the process of that, actually :D), and it was the right decision for the right reasons. Less stress has equaled less money but a happier life as well as a healthier one.
So here's to you and your new life! :beer:
Emily

______________________

"If you are not killing plants, you are not really stretching yourself as a gardener." -- J. C. Raulston, American Horticulturist
Reply
Emily

______________________

"If you are not killing plants, you are not really stretching yourself as a gardener." -- J. C. Raulston, American Horticulturist
Reply
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Professional Pastry Chefs
ChefTalk.com › ChefTalk Cooking Forums › Professional Food Service › Professional Pastry Chefs › Hi, I am Michele and I have sold my business.