Exit Planning Techniques By Market
Selling a Floors and Flooring Installation, Refinishing and Resurfacing Business
Over the past few years, the floors and flooring installation, refinishing and resurfacing business marketplace has been a shaky environment for sellers. Here's what you'll need to know to sell a floors and flooring installation, refinishing and resurfacing business whem market conditions threaten a successful business sale.
Dire economic forecasts have forced many floors and flooring installation, refinishing and resurfacing business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Starting a floor covering business? Make sure you read this article!
Many business owners don't know that floors and flooring installation, refinishing and resurfacing businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Benefits of Third-Party Assistance
At some point, you're going to need help selling your floors and flooring installation, refinishing and resurfacing business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your floors and flooring installation, refinishing and resurfacing business, you can avoid painful tax and legal complications both before and after closing.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Sellers typically overvalue their companies compared to the rest of the marketplace. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
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. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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