Exit Planning Techniques By Market
Selling a Floor Refinishing Supplies Business
With the economy limping along, many floor refinishing supplies business owners are hesitant to put their businesses on the market. Don't be deterred by economic uncertainty. There are plenty of reasons why this is the right time to put your floor refinishing supplies business on the market.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
If you're ready to move on, now is the right time to sell your floor refinishing supplies business.
Economic Considerations
When you sell a floor refinishing supplies business, there are a number of variables you need to consider. Interest rates, spending, inflation, and other variables directly influence how long your floor refinishing supplies business will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. A much better approach is to focus on the factors that always attract buyers and investors. When it comes to selling a floor refinishing supplies business, successful sales sales often boil down to the business itself - not the economy.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the floor refinishing supplies business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Signs You're in Over Your Head
Many floor refinishing supplies 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. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. If that occurs, it's time to bring in the professionals to get your sale back on track.
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