Exit Planning Tips
Selling a Household Linens Retail Business
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a household linens retail business sale isn't as scary as it seems.
Market timing is a perennial problem for business sellers.
To achieve your goals, you'll need to know the market as well as key business selling techniques. Since your future goals depend on the outcome of your sale, you'll need to have your head in the game from Day One.
Pre-Sale Checklist
The pre-sale checklist for a household linens retail business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
How to Increase Sale Price
There are no simple ways to sell a household linens retail business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their household linens retail businesses.
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