The last day to make an offer is June 30th, 2018, as I will decide who will take the business by June 30th. But I will need a 10% non-refundable deposit paid by July 13th, 2018 from the people who make the best offer (and are chosen). The new owner does not need to take over the whole business by July 13th, 2018 and does not need to make the full payment by then. But I will need a good percentage of the payment before I can give up the ownership of the business (which may be later in the future). And we can work out a monthly payment plan for the remaining percentage of the business cost.
Flower Gift Korea is for sale. And this blog post outlines the following info:
Due to unforeseen circumstances, I am selling the business that I have built with my wife and will leave South Korea to live in Canada. If I had the choice I would stay in South Korea and continue this awesome lifestyle I have made for myself, but, I don’t have that privilege.
Flower Gift Korea is more than just a profitable business to me. It has been an amazing tool that has allowed me to help others connect with their loved ones in South Korea. I have personally delivered thousands of orders and have seen so many happy faces. And I have got to set foot into countless entertainment agencies and seen multiple Korean celebrities when delivering flowers and gifts to them. It was and truly is rewarding to be able to play a part in mending, building, and maintaining very special relationships worldwide.
Flower Gift Korea was started in early April of 2016 while I was running my English Gyosoopso. It was started as a side business, but by December 2016, we purchased a store front and went all in with the flower business because we knew it was going to do well, and due to circumstances, we had to close down our English gyosoopso located in Seocho-gu, Seoul. Fast forward just two years and we are easily making six figures in sales a year, and this is with minimal work. Of course there are days in the year where we work a lot, but for the most part, the work allows for a lot of freedom, and is super easy.
There are a few reasons why I want to sell Flower Gift Korea. Of course I would like to profit off of all the hard work I put in, but I want to see someone take it over and further grow it because I want to use Flower Gift Korea in the future. You see, I will be living in Canada with my wife, but I would like to send flowers to my in-laws who will be living in South Korea. And I believe that Flower Gift Korea plays a very important role in maintaining and building relationships worldwide.
So I am looking for someone who knows the value of the business and is looking to further build a business that has a really good reputation, and is very profitable. You can also check out my post about Flower Gift Korea reaching two years for more information about the business. And another post that is related to Flower Gift Korea. Also, don’t forget to checkout the Flower Gift Korea website by going to https://www.flowergiftkorea.com
I won’t get very specific, as there are a lot of specifics, but will of course share all I know with the person or people who buy the business from me, but I want to give you an idea of what kind of work you (or your employees) will have to do.
So, here is what kind of work to expect. And I will of course teach the new owners how to do everything:
-Buying what is necessary for all of the products sold on FlowerGiftKorea.com
-Preparing the gifts and flower designs
-Delivering the Gifts and Flower Designs
-Marketing and Customer Service
For an in-depth look into what my typical day at Flower Gift Korea looks like, you can check out this post where I talk about my daily grind. At that time I was grinding and working really hard, but things have gotten a lot easier.
I shared generally what needs to be done, but you will need to hire or have someone on your team who can do the above takes. And for deliveries, we have a partnership with one of the biggest delivery services in Korea and you will obviously inherit that delivery service partnership if you become the new owner of Flower Gift Korea. We use our partner to ship things in boxes, but we do not ship flowers, cakes, baskets, and plants in boxes because we want to maintain our quality. And I advise you to follow suit, but if you become the new owner, you can do as you please. And most of the flowers are delivered by me, Tony. You can also pay other services to make the deliveries, which we do at times, or you can just opt to deliver them yourself.
The best thing about Flower Gift Korea is that it has allowed me to enjoy an awesome lifestyle. Our store does not have set hours and on most days we finish by 3pm. We could finish by 1pm if we paid other delivery services to complete the deliveries, but I chose not to because I wanted to keep more of the money that was earned through sales. We do however sometimes make deliveries on Sundays, but there is usually a lot less traffic. And whenever my wife and I have a delivery to make on a Sunday, we use that as an excuse to go on a mini vacation or go somewhere nice to have a nice dinner.
So as I mentioned, the lifestyle is amazing. Imagine doing literally nothing and having electronic payment notifications popping up in your email as you sleep! That is what happens with Flower Gift Korea. Most of our customers are people in the US, so we usually wake up to new orders waiting to be processed, meaning, when we wake up, there is more money in our PayPal or 2checkout account (online payment systems I can teach you about). These two online payment systems are what we currently use, but the new owner can choose to add new ones if they please.
And though money is important, my wife and I enjoy living with freedom more, so we have chosen to maybe make less sales so that we can live a comfortable life.
So this might be the most important and interesting section. But before I share our numbers, I want to share how much more money Flower Gift Korea will make as it naturally grows. It took me a few months to get on to page on one of google and we are now on the radar of a lot of people who send flowers to loved ones in Korea. But there is so much more potential for growth. First of all, we no longer try to sell plants at our store front as of early 2018. When we were trying to sell plants and flowers to people in the neighborhood (or to walk-in customers), we were making more or less an extra 1 million one in sales from store sales a month. And I believe that if the new owners tried, they could make even more. I also had an email marketing campaign strategy in the works, but haven’t gotten to that. And we haven’t even touched on the fact that influencer marketing is real huge and can do huge things for Flower Gift Korea. Actually, we had a deal to get a guest post on a Seoul related blog for a cost, but we had to cancel it, like literally just a week ago. I mean, we were just about to go through with the sponsor blog post before my wife and I realized we had to sell the business and start over again in Canada. So anyhow, if the right person or people take over Flower Gift Korea, I really see it growing and growing.
So here are the numbers I am going to share.
*Numbers are approximate as of May 29, 2018 (7:00pm)
Approximate Sales Jan 2018 – May 2018: $80,000 US
Approximate Sales in Last 12 Months: $150,000 US
Approximate Projected Sales Next 12 Months: $180,000 – $200,000 US (could be higher)
Approximate Profit in Last 12 Months: $95,000 – $100,000 US
Approximate Asking Price for Business: 100 Million Won – 150 Million Won (Or best offer)
The asking price includes the shop we have in Yangjae-dong, the furniture (shelves, tables, etc), our flower fridge, and whatever inventory is present at the shop when we make the change of ownership. The shop is located on the first floor of a somewhat quiet area. It is easily accessible by car with parking in the back and is about an 8 minute walk to a subway station. If there are a bunch of people who make offers, I will most likely go with the highest offer. And since we won’t be in need of the shop or furniture once we are in Canada, we will go with the highest offer regardless of whether or not the buyer is going to take over our current shop and furniture.
*Regarding the shop: You will still have to pay for a deposit and rent. The deposit is 10 million won (You get that back). And rent is 715,000 won a month (after taxes). These payments are separate from the business offer being made, so please keep this in mind.
The best person (or people) to take over flower gift Korea should have the following traits:
Willingness to learn new things
Willingness to serve their customers
Willingness to work super hard
There are a bunch of skills required to run Flower Gift Korea, and if the new owners possess the skills, then they will not have to hire any full time workers. My wife and I run Flower Gift Korea by ourselves. We have only hired part-time help during busy times, which has only been two times in the year. It could have been a few more times, but my wife and I chose to work a little harder and keep more of the money that was being made.
But in a nutshell here are some skills you will need to have (or have to learn):
Someone needs to be able to make the products being sold (can be taught)
Someone needs to know how to use the WordPress WooCommerce English Website (can be taught by me)
Someone needs to know how to use Paypal and 2checkout (super easy to use)
Someone needs to be able to deliver the products (will teach how we did it)
Someone needs to be able to buy flowers and supplies from Korean suppliers (we will introduce our suppliers and where we buy our items)
Someone needs to be able to communicate with the English speaking and Korean speaking customers
Someone needs to keep the social media accounts up to date (for marketing purposes – easy to keep up to date)
All of these skills are not difficult to learn.
We will help the new owners learn how to use everything and operate Flower Gift Korea, so there is no need to worry too much. But you’ll be at an advantage if you have some or most of the skills mentioned above.
As I said, I do not want to sell my business. I played with the thought of hiring people and managing it from Canada, but it just isn’t at that point yet. We were literally going to hire our first full time employee in a few months, but due to circumstances, we are forced to sell the business. I believe that if someone buys the business, then they will work that much harder to maintain and grow Flower Gift Korea. The funny thing is that the next 12 months of Flower Gift Korea are going to be much better than the previous 12 months. From year 1 to year 2, we have almost doubled our sales, and at the very least, sales will 1.5X in sales. Whoever buys this business will most likely make all of their money back within 1-2 years, and that’s just maintaining it. If the right person buys it, they can grow it even more than I could have ever managed. My wife and I like living a quiet life. We do no have a presence on Youtube and we just post social media posts a few times a week. And another thing, we spend so little money on marketing it’s not even funny. We actually spent about $10 on ads for the month of May and that’s it. Honestly, this is a great opportunity for someone to have a nice lifestyle in Korea, make a good living, and help people connect with loved ones in South Korea. And I will do all I can to make the transition smooth because I want the new owners to succeed, because I need a business like Flower Gift Korea to exist so I can stay connected to my family in South Korea.
For more details (about numbers and anything more specific about the business), please call me on my iPhone at 010-4181-7814 or email me at email@example.com If you are really serious about buying the business, the best thing would be to schedule a time with me to come to the flower shop and see how things are. But please, let’s schedule a time in advance because as I mentioned, Flower Gift Korea does not have set store hours at the moment. So I would hate for you to arrive to a closed store. Just to let you know, I plan on making a decision within the next few months, so don’t be shy to contact me and ask questions.