Exit Planning Techniques By Market
Selling a Furniture Refinishing and Repair Business
The decision to sell your furniture refinishing and repair business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
You need to get a good price for your furniture refinishing and repair business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Despite the overall mood of the marketplace, furniture refinishing and repair businesses are still an attractive investment, especially when sellers have invested time and energy in preparing their companies for a sale.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your furniture refinishing and repair business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a furniture refinishing and repair business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. Time after time, sellers who hire qualified brokers are more satisfied with the sales process - and the price they receive for their furniture refinishing and repair businesses.
Sale Preparation Timeframes
There are no effective shortcuts for selling a furniture refinishing and repair business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a furniture refinishing and repair business can rarely be ready for the marketplace in less than six months. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
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