Exit Planning Tips
Selling a Horse Tack Business
A good business is about more than dollars and sense. To make your horse tack business 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.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a horse tack business, capital restrictions are holding them back.
Despite the conventional wisdom, we believe current economic conditions are right for selling a horse tack business. Here's how to do it . . .
When Is the Right Time to Sell?
When is it the right time to sell your horse tack business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling horse tack business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the horse tack business marketplace. The inventory of what we consider to be quality horse tack businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Leveraging External Resources
At some point, you're going to need help selling your horse tack business. The enlistment of a qualified business broker is an excellent first step. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. If you aren't sure what to look for in a serious buyer, ask your broker for advice. Never provide detailed information about your horse tack business until the prospect has been qualified as a serious buyer.
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