Niche Exit Planning Strategies
Selling a Department Store
Planning and execution can dramatically influence the price you receive for your department store.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a department store sale works.
The economy hasn't squashed the market for department stores. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Why Confidentiality Matters
Highly publicized department store sales are risky department storesales. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Successful sales walk a fine line between total confidentiality and aggressive promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Maintaining Objectivity
For most owners, the hardest part of selling a department store is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Selecting a Broker
Good business brokers inevitably produce better business sales. During the selection process, look for brokers with a proven track record of successful department store sales. Take our word for it -- department stores are unique businesses and you need a broker who understands how to properly market your department store to prospective buyers. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling department stores.
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