NOLN sat down with Valvoline’s Will Turkington, Director of Corporate Development, and Jeff Malicote, Senior Director of Business Development, to discuss our options for preparing to leave the business and help you decide what might be best for your situation.
Leasing Your Space
If you’re ready to exit the business but want to maintain ownership of your real estate, leasing might be the best choice for you.
If you own the land and building where your business is located, you may want to consider becoming a landlord. This is a particularly great option if your real estate has been passed down through your family. By selling the business and leasing your property, you get to leave the busy day-to-day work of running a shop while still retaining the real estate and receiving consistent income. You’ll also eliminate the stress of property taxes, insurance, and any building maintenance.
“We can arrange a long-term lease with the owner as a part of the transaction,” said Turkington. “There's a lot of value in that for the former business owner because the rent check that they will receive every month is recurring income. We view it as a long-term relationship, and we commit to taking good care of the property so you don’t have to.”
If, after a few years, you decide being a landlord is not for you, there is also the option to end the lease and sell the building and real estate.
“You’re not locked into being a landlord for 30 years,” said Turkington. “There's a lot of flexibility to sell the land and building whenever you wish and reinvest your capital elsewhere. It’s a wonderful opportunity.”
Joining Valvoline Express Care
If you are ready to start phasing out of ownership but still want to be involved in your shop, joining a program like Valvoline Express Care might be a smart choice.
The program is built to help your business grow while the owner has complete control over their store. An outside perspective from an experienced team of operators can help you see what ways you can improve your business and help set you up for a successful future.
“We have what we call Express Care Business Advisors, who have spent an average of 15 years in the business and who are consulting with independent owners,” said Malicote. “It’s not about telling them what to do. It's about telling them what we see in the business and industry, and then giving them access to tools that can help them make the most out of these opportunities.”
Planning an exit from your business and the industry is a big decision. What may be the right choice for others might not be right for you. Understanding your options for the next phase of your investments or retirement and what they involve can help you make an informed decision and feel confident about the future of your business.
If you’ve decided it’s time for a change, contact the Valvoline Quick Lubes Team. 859-357-7303 or visit www.valvolinequicklubes.com