Exit Planning Techniques By Market
Selling a Furniture Refinishing and Repair Equipment and Supplies Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the furniture refinishing and repair equipment and supplies business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a furniture refinishing and repair equipment and supplies business during challenging economic times.
Today's furniture refinishing and repair equipment and supplies business buyers tend to be more skeptical than most about the nation's economic outlook.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a furniture refinishing and repair equipment and supplies business.
Family Business Sale Tips
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your furniture refinishing and repair equipment and supplies business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
Average Timeframes
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their furniture refinishing and repair equipment and supplies business. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. On average, it takes a minimum of six months to prepare a furniture refinishing and repair equipment and supplies business for sale and many sellers spend a year or more positioning their business to command a higher price. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Advantages of Hiring a Broker
Brokers give furniture refinishing and repair equipment and supplies business sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Share this article
Additional Resources for Entrepreneurs