Exit Planning Techniques By Market
Selling a Fishing Tackle Repair Business
Looking for shortcuts? You won't find them when you sell a fishing tackle repair business. In this industry, a business sale takes time, effort and dedication. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Selling a fishing tackle repair business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to fishing tackle repair businesses that exhibit strong financials and potential for future growth.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. Information is the key to a great fishing tackle repair business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Current Market Conditions
No one plans to sell a fishing tackle repair business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your fishing tackle repair business as attractive as possible so to buyers right now.
When the Sale Goes Off-Course
Many fishing tackle repair business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your fishing tackle repair business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
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