Business Exits By Industry
Selling a Cotton Goods Converters Business
Although a cotton goods converters business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a cotton goods converters business.
There is no simple way to sell a business. But the most prepared cotton goods converters business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your cotton goods converters business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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. On the one hand, confidentiality is critical for a successful cotton goods converters business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Pre-Sale Checklist
The pre-sale checklist for a cotton goods converters business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
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