Tips to Improve Exit Planning
Selling a Jacket and Suit Store
We hear it all the time: 'This economy is a hostile environment for a business sale.' However, jacket and suit stores haven't been deterred. In fact, we think this economy is a ripe environment for a jacket and suit store sale.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
In today's market, there is still plenty of room for jacket and suit stores that demonstrate solid earning capacity and a robust market position.
Finding Jacket & Suit Store Buyers
Buyers of jacket and suit stores run the gamut. Some are seasoned jacket and suit store veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. To cover all your bases, you'll need to conduct a broad buyer search process. Many sellers achieve success by listing their jacket and suit stores in multiple channels. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Preparing Your Jacket & Suit Store for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Profitable jacket and suit store listings are the culmination of a preparation process that began months or even years ahead of time. Even though it may take years to adequately position your jacket and suit store, the amount of preparation you perform will have direct correlation on asking and sale prices. Additionally, you'll need time to compile financials and other information that buyers will expect to receive.
When the Sale Goes Off-Course
Many jacket and suit store are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
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