Selling a Business Advice
Selling an Ice Cream Cone Shop
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a ice cream cone shop sale isn't as scary as it seems.
These days, the small and medium-sized business market is more confusing than ever before. Although there are plenty of entrepreneurs who want to buy an ice cream cone shop, capital restrictions are holding them back.
There is no simple way to sell a business. But the most prepared ice cream cone shop sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Preparing for What's Next
The decision to sell your ice cream cone shop can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
When to End Negotiations
The negotiation stage of an ice cream cone shop can seem never-ending. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. In an ice cream cone shop sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Signs You're in Over Your Head
Many ice cream cone shop are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your ice cream cone shop is priced out of the market. Hire a broker and conduct a professional appraisal ASAP.
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