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A year later the owner decided to liquidate his second store and use Wingate again. He knew Wingate would get the best return possible. Starting inventory was a little over $2,040,000 and another $617,000 was added when the first day of our Pre-Showing sales ran over $152,000 by far the biggest day the store had ever had! Total inventory cost ran $2,658,000, and reported sales ran over $3,000,000 plus the sales of fixtures and equipment. Our customer incentive program had 7,736 customers participating which helped generate additional customer traffic and stimulate sales without giving additional discounts. This helped us hold media advertising expense to a little under $25,000 or .008%! This sale was even more profitable than the first sale. The owner stated: “We are now two for two with two home runs.”
When selling your business, buyers will typically discount your largest asset off of wholesale prices. When conducting a store closing sale you end up discounting your largest asset off of retail prices. We were able to exit our business with much more than we ever could have dreamed of due to the help of Wingate.