Exit Planning Tips
Selling a Home Furnishings Business
Maybe you're counting on your home furnishings business to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
These days, the small and medium-sized business market is more confusing than ever before. Capital is scarce and many buyers simply can't afford the entry requirements for a home furnishings business.
Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell a home furnishings business, you can - even in today's economy. With the right information and strategy, you could be well on your way to a successful sale
Selecting a Broker
A good business broker is your best bet for a fast and profitable business sale. In the home furnishings business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling home furnishings businesses.
Preparing Family Members
You're ready to sell your home furnishings business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a home furnishings business has to include ample communication and shared decision-making.
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. The more people who know that the business is on the market, the riskier the sale becomes. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. Consider informing your key employees first, followed by the rest of your workforce later in the process. 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.
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