Niche Exit Planning Strategies
Selling a Dry Cleaners Business
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But dry cleaners businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a dry cleaners business sale works.
To sell a dry cleaners business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Turning the Tables: Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. You can also choose to exclude certain items like equipment or inventory from the deal if the buyer isn't willing to meet your price expectations. By selling excluded assets on the secondary market, you can compensate for an anemic sale price.
Understanding Market Timing
Worried about timing? Believe it or not, this could be an advantageous time to put a dry cleaners business up for sale. With interest rates at all-time lows, it's easy to see why dry cleaners businesses are an appealing investment opportunity for savvy investors. As the interest rates rise, it will be more difficult for buyers to make the numbers work in their favor. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Although you will pay a fee for brokerage, it's generally worth it because the end result will be a higher sales prices and more favorable terms.
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