Exit Planning Tips
Selling a Hats and Caps Retail Business
Is the economy still a little shaky for a business sale? Sure it is. Yet hats and caps retail businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Dire economic forecasts have forced many hats and caps retail business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Many business owners don't know that hats and caps retail businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your hats and caps retail business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Working with Appraisers
Next to your broker, a skilled appraiser is the person most capable of adding value to the price of your hats and caps retail business. Armed with a professional appraisal, both you and your broker can enter the negotiation stage with confidence. 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.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. In a hats and caps retail business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Share this article
Additional Resources for Entrepreneurs