Exit Planning Tips
Selling a Hawaiian Wear Retail Business
You've invested time, effort, and creativity into building your Hawaiian wear retail 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.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Qualified buyers are constantly looking for attractive Hawaiian wear retail businesses. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Average Timeframes
Hoping for a quick Hawaiian wear retail business sale? You may be disappointed. 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. Before you can list your Hawaiian wear retail 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.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the Hawaiian wear retail business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Most Hawaiian wear retail business have significant tax consequences requiring the input of a qualified accountant. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
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