Exit Planning Techniques By Market
Selling a Furniture Store
A good business is about more than dollars and sense. To make your furniture store what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
If you plan on selling your furniture store quickly, prepare to be disappointed.
At Gaebler, we're seeing furniture store sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
How to Identify Prospective Buyers
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for furniture stores than other buyers.
Sale Documents
In a furniture store sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
When to End Negotiations
The negotiation stage of a furniture store can seem never-ending. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. A lull in negotiations may be part of the buyer's strategy. Then again, it may be a sign that the search for common ground is a lost cause. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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