Niche Market Exit Planning Tips
Selling a Box Lunches Business
At first glance, an unstable economy would seem to be an unfriendly atmosphere for a box lunches business sale. But in reality, now may be the perfect time to sell a box lunches business.
Economic data is scary stuff for small business owners. But quarterly data dumps don't impact box lunches business sales nearly as much as sale strategy.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to box lunches businesses that exhibit strong financials and potential for future growth.
Sale Documents
We run into a lot of box lunches business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . By the time the deal reaches the final contract, many of its features are set in stone. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a box lunches business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
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