Tips to Improve Exit Planning
Selling a Jewelry Engravers Business
A good business is about more than dollars and sense. To make your jewelry engraving business what it is today, you've had to fully invest yourself in its success. 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.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a jewelry engraving business.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to jewelry engraving businesses that exhibit strong financials and potential for future growth.
Preparing for What's Next
The decision to sell your jewelry engraving business 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.
Closing Strategies
Today's jewelry engraving business buyers expect sellers to offer concessions to persuade them to close the deal. Although a lower asking price is the ultimate seller concession, a price reduction isn't the only way to attract serious buyers. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young jewelry engraving business owner, they can be critical launching points for their ownership journey.
Advantages of Hiring a Broker
Brokers give jewelry engraving business sellers distinct advantages in the marketplace. First-rate brokers are extremely skilled at communicating your company's strengths to prospective buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
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