Exit Planning Techniques By Market
Selling a Fur Novelties and Accessories Business
Over the past few years, the fur novelties and accessories business marketplace has been a shaky environment for sellers. Here's what you'll need to know to sell a fur novelties and accessories business whem market conditions threaten a successful business sale.
In any economy, there is a right way and a wrong way to sell a business.
But at Gaebler, we see fur novelties and accessories businesses still selling at a brisk pace. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Selling Time
Hoping for a quick fur novelties and accessories business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
Working with Appraisers
An experienced appraiser is part and parcel of a successful fur novelties and accessories business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
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 fur novelties and accessories 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.
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