Exit Planning Tips
Selling a Housewares Store
Your housewares store is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. 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.
In a down economy, many housewares store sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of houseware stores that are actually for sale.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your housewares store on the market.
Moving On
The decision to sell your housewares store can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a housewares store negotiation. 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. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Hiring an Attorney
There is no way around the requirement to hire professional legal assistance when you sell your housewares store. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your housewares store more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
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