Business Exits By Industry
Selling a Custom Jewelry Retail Business
No one said selling your business in a depressed economy would be easy. Fortunately, a custom jewelry retail business sale isn't as scary as it seems.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to custom jewelry retail businesses that exhibit strong financials and potential for future growth.
Working with Appraisers
An experienced appraiser is part and parcel of a successful custom jewelry retail business sale. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your custom jewelry retail business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a custom jewelry retail business can translate into a dead deal. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Share this article
Additional Resources for Entrepreneurs