Exit Planning Techniques By Market
Selling a Fishing Bait and Tackle Business
Don't believe anyone who tells you it's easy to sell a fishing bait and tackle business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
In a down economy, many fishing bait and tackle business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of fishing bait and tackle businesses that are actually for sale.
Despite the conventional wisdom, we believe current economic conditions are right for selling a fishing bait and tackle business. Here's how to do it . . .
Business Assets
It's incumbent on buyers to commission their own appraisal of your fishing bait and tackle business's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your fishing bait and tackle business.
Working with a Professional Accountant
Accountants lay the financial groundwork for a business sale. Most fishing bait and tackle business have significant tax consequences requiring the input of a qualified accountant. A professional audit can ease buyer concerns and amp up the value of your financial presentation. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Average Preparation Time
It's critical to properly plan for the sale ofa fishing bait and tackle business. For starters, the financials need to demonstrate a track record of profitability and growth. 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 fishing bait and tackle business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
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