Business Exits By Industry
Selling a Chrome Plating Business
Many business leaders say that now isn't the time to try to sell a chrome plating business. But in reality, now may be the perfect time to sell a chrome plating business.
Personal and professional concerns surround the sale of a chrome plating business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your chrome plating business a success.
In today's market, there is still plenty of room for chrome plating businesses that demonstrate solid earning capacity and a robust market position.
Post-Sale Details
The way you exit your chrome plating business is just as important as the way you sell it. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Preparing Your Chrome Plating Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Profitable chrome plating business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your chrome plating business, the amount of preparation you perform will have direct correlation on asking and sale prices. Additionally, you'll need time to compile financials and other information that buyers will expect to receive.
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