Business Exits By Industry
Selling a Custom Bridal Gowns Business
A lot can go wrong during the sale of a custom bridal gowns business even if the seller has previous business sales experience. With little room for error, your business sale has to feature the flawless execution of concepts that are driving today's business-for-sale marketplace.
Dire economic forecasts have forced many custom bridal gowns business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
The economy hasn't squashed the market for custom bridal gowns businesses. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your custom bridal gowns business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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. The more people who know that the business is on the market, the riskier the sale becomes. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the custom bridal gowns business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Average Preparation Time
There are no effective shortcuts for selling a custom bridal gowns 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. At a minimum, plan on spending six months preparing your custom bridal gowns business for the marketplace. 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.
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