Exit Planning Techniques By Market
Selling a Floors and Flooring Equipment and Supplies Business
With the economy limping along, many floors and flooring equipment and supplies business owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a floors and flooring equipment and supplies business. Here's why . . ..
You need to get a good price for your floors and flooring equipment and supplies business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to floors and flooring equipment and supplies businesses that exhibit strong financials and potential for future growth.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
After the Sale
The way you exit your floors and flooring equipment and supplies business is just as important as the way you sell it. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Selling a Floors & Flooring Equipment & Supplies Business to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your floors and flooring equipment and supplies business, a sale to an employee is probably not a possibility.
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