Exit Planning Tips
Selling a Hand Painted and Crafted Furniture Business
You've invested time, effort, and creativity into building your hand painted and crafted furniture business. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
In any economy, there is a right way and a wrong way to sell a business.
Undaunted by economic conditions, many hand painted and crafted furniture business sellers are achieving their sale goals through deliberate sale strategies.
Sale Costs
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your hand painted and crafted furniture business. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Attorneys, accountants and appraisers work for a flat fee that can range from hundreds to thousands of dollars. If you need to compensate employees to assist with the sale, their services should also be considered.
Average Timeframes
Hoping for a quick hand painted and crafted furniture 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. Before you can list your hand painted and crafted furniture business, you'll need to invest as much as a year in preparing it for prospective buyers. 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.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based hand painted and crafted furniture business sale can be more complicated than selling to a stranger. 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. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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