Business Exits By Industry
Selling a Curios Business
We hear from a lot of business owners who are timid about listing their curios business. Despite the mood of the market, we think there are still opportunities to receive a good price for your curios business. Here's what you need to know . . .
Market timing is a perennial problem for business sellers.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your curios business.
Sale Preparation Timeframes
There are no effective shortcuts for selling a curios business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a curios business can rarely be ready for the marketplace in less than six months. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. 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 curios business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
When to End Negotiations
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. It's not unusual for a curios business sale negotiation to reach an impasse over price or other concessions. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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