Business Exits By Industry
Selling a Clothing and Accessories Cleaning and Repair Business
The sale of a clothing and accessories cleaning and repair 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.
The economy isn't the only thing that is uncertain these days. So are clothing and accessories cleaning and repair business buyers, many of whom are waiting to pull the trigger on their next acquisition.
Undaunted by economic conditions, many clothing and accessories cleaning and repair business sellers are achieving their sale goals through deliberate sale strategies.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. You can also choose to exclude certain items like equipment or inventory from the deal if the buyer isn't willing to meet your price expectations. By selling excluded assets on the secondary market, you can compensate for an anemic sale price.
Working with Appraisers
Next to your broker, a skilled appraiser is the person most capable of adding value to the price of your clothing and accessories cleaning and repair business. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Sale Preparation Timeframes
There are no effective shortcuts for selling a clothing and accessories cleaning and repair business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a clothing and accessories cleaning and repair business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
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