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Selling a Chess Equipment and Supplies Business
The sale of a chess equipment and supplies business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
Most chess equipment and supplies businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Sale Preparation Timeframes
There are no effective shortcuts for selling a chess equipment and supplies business. For starters, the financials need to demonstrate a track record of profitability and growth. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey chess equipment and supplies business operation. At a minimum, plan on spending six months preparing your chess equipment and supplies business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Selling a Chess Equipment & Supplies Business to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based chess equipment and supplies business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Broker vs. No Broker
Anyone who has ever sold a chess equipment and supplies business has eventually needed to decide whether to use a business broker or go it alone. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your chess equipment and supplies business much less painful. A highly skilled broker can compensate for his commission by selling your business for a significantly higher price than you could achieve on your own. But whether you use a broker or not, you may want to list your chess equipment and supplies business on BizBuySell.com and other popular online business-for-sale listing sites.
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