Business Exits By Industry
Selling a Compasses Business
With the economy limping along, many compasses business owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a compasses business. Here's why . . ..
Dire economic forecasts have forced many compasses business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to compasses businesses that exhibit strong financials and potential for future growth.
Dealing with Buyers
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood compasses business sellers with questions and requests, often to the point of becoming a nuisance. The questions compasses business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
What to Expect in a Compasses Business Sale
Prepare yourself to feel a broad range of emotions when you sell a compasses business. From hopefulness to remorse, it's all part of exiting of your company. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Accurate expectations, a solid strategy and a strong support system can be valuable resources for coping with the personal impact of the sale.
How to Increase Sale Price
There are no simple ways to sell a compasses business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
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