Business Exits By Industry
Selling a Cabinet Hardware Business
No one said selling your business in a depressed economy would be easy. Fortunately, a cabinet hardware business sale isn't as scary as it seems.
According to the experts, there is currently a large volume of shadow inventory in the cabinet hardware business market -- businesses that are waiting to be listed until the economy recovers.
There is no simple way to sell a business. But the most prepared cabinet hardware business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Working with a Professional Accountant
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Negotiation 101
It's critical to negotiate from a position of strength. In a cabinet hardware business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. 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. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Current Market Conditions
No one plans to sell a cabinet hardware business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. Like it or not, the time to sell your cabinet hardware business may be right now, as long as your willing to adequately prepare your business for the marketplace.
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